CHINA EARNINGS DIGEST: August 24-30, 2026

Editor's note:

Earnings of China companies reflect economic, political, industrial and trade trends affecting the bottom line. To keep you up-do-date, we are compiling a weekly roundup of earnings results from major listed companies. Stock tickers are in parentheses.

AUTO

Beijing Automotive Group (BAIC, 1958.HK) reported a net loss of 1.6 billion yuan (US$223 million) for the first half, turning from profit of 360 million yuan a year earlier. Revenue fell 30 percent to 57.7 billion yuan. The downturn was primarily driven by intense market price competition and a decline in overall vehicle sales volume. BAIC said it plans to navigate these challenges by accelerating new energy and smart driving technologies, scaling up off-road vehicle lines and expanding overseas.

BYD (002594.SZ/1211.HK), the world's largest maker of electric vehicles, reported a 20.5 percent decline in first-half profit to 12.3 billion yuan (US$1.7 billion), with revenue dropping 7.1 percent to 344.8 billion yuan from a year earlier. The company said the declines were driven by a reduction in new-energy vehicle sales domestically and foreign-exchange losses resulting from the appreciating yuan. However, gross profit increased to almost 19 percent, up 18 percent, helped by growth in overseas sales. In the six months, new energy vehicle sales reached 1.8 million units, with exports surging 68 percent to 792,000 units. Research and development investment totaled 28.9 billion yuan as the company advanced its second-generation blade battery and flash-charging systems. The company said a scaling up of foreign production facilities and deployment of its charging infrastructure globally will drive second-half operations momentum. According to extrapolated figures for the second quarter reported by the South China Morning Post, profit in the three months to June 30 rose 30 percent to 8.2 billion yuan, largely on foreign sales and more focus on higher-priced premium models. Revenue, however, slipped 3 percent to 195 billion yuan.

Great Wall Motor (601633.SS/2333.HK), one of China's leading automakers, reported a 61 percent drop in first-half profit to 2.5 billion yuan (US$372 million) on a 10.6 percent gain in revenue to 102.1 billion yuan. The company said it suffered foreign-exchange losses as a rising yuan reduced the value of overseas earnings. Export sales surged 45 percent to 289,016 vehicles, exceeding domestic sales of 286,748, which fell 22.5 percent. Spending on research and development increased 7.7 percent to 4.5 billion yuan. The company said it continued to improve its presence in core markets in Australia, the Middle East, South America, Southeast Asia and the EU, with 1,600 overseas sales channels to date. Great Wall said it is in a transition to smart driving technology. In the second quarter, extrapolated net profit fell 67 percent from a year earlier to 1.5 billion yuan, but rebounded from profit of 945 million yuan in the first quarter. The company sells passenger cars, commercial vehicles and pickup trucks under brands that include its namesake models, Haval, Tank, Wey and Ora.

Guangzhou Automotive Group (GAC, 601238.SS/2238.HK) reported a net loss of 44.67 billion yuan (US$6.25 billion) for the first half, widening 76 percent from a year earlier. Operating revenue grew 9 percent to 461.2 billion yuan. The loss reflects ongoing domestic market pressures, aggressive pricing competition and heavy strategic investments. International business, however, was a bright spot. Independent brand exports surged by 132 percent, nearing the total volume for the entire year of 2025, while overseas market revenue doubled to 14 billion yuan. GAC said it plans to focus on overseas markets for growth. It also noted that its investments in AI-driven applications such as humanoid robots, flying cars and robotaxi services have begun commercialization.

Hangzhou-based auto startup Leapmotor (9863.HK) posted a second-quarter net profit of 600 million yuan (US$88.4 million) and revenue of 27.3 billion yuan, rebounding from a first-quarter loss to drive a positive first-half bottom line. For the first half, the company recorded profit attributable to shareholders of 210 million yuan, up about 600 percent from a year earlier. Revenue rose 57 percent year on year to 38 billion yuan, driven by higher deliveries of vehicles and spare parts. Gross margin for the second quarter was 12.6 percent, an increase of 3.2 percentage points from the first quarter. However, first-half gross margin dropped 2.4 percentage points to 11.7 percent, which management attributed to rising raw material costs and changes in product mix. Vehicle deliveries for the first half jumped 61 percent to 356,487 units, bolstered by a 373 percent surge in exports. The company's international expansion, supported by localized assembly partnerships with Stellantis in Europe, Southeast Asia and South America, contributed to 27 percent of first-half sales volume.

Beijing-based new-energy vehicle startup Li Auto (2015.HK/NASDAQ: LI) reported a net loss of 1.7 billion yuan (US$251.3 million) for the second quarter of 2026, turning from profit of 1.1 billion yuan a year earlier and narrowing from a loss of 2.3 billion yuan in the first quarter. Revenue fell 15 percent from a year earlier to 25.7 billion yuan, but rose 11.7 percent from the previous quarter. Vehicle sales in the latest period dropped 16.7 percent from a year ago but gained 18 percent quarter-on-quarter. For the first half, the carmaker posted a loss of 4 billion yuan, swinging from profit of 1.7 billion yuan a year earlier. Revenue fell 13 percent to 48.6 billion yuan. The company said six-month deliveries dropped 5.1 percent to 193,472 vehicles, with gross margin falling to 9.5 percent from 20.3 percent. The company attributed its performance to the lower vehicle deliveries, lower average selling prices and a shift in product mix. In the first half, its deliveries included the new L8 and L9 model new energy vehicles. Research and development spending rose 3 percent to 5.5 billion yuan. Li Auto said it is leveraging AI throughout its manufacturing process.

Xpeng (9868.HK/US: XPEV), a leading Chinese maker of new-energy vehicles, said its second-quarter net loss widened to 1.3 billion yuan (US$200 million) from 480 million yuan a year earlier. Revenue rose 8 percent to about 20 billion yuan. For the first half, XPeng's net loss totaled 3 billion yuan, widening from 1.1 billion yuan a year earlier. Six-month revenue doubled to 32.8 billion yuan. The company delivered 165,977 units of vehicles in the first half, down nearly 16 percent from a year earlier. Despite the wider bottom-line loss, XPeng said its second-quarter gross margin improved to 20.7 percent, up 3.4 percentage points from a year earlier, supported by higher revenues from technical research and development services, and sales of parts and accessories. However, the vehicle margin for the quarter fell to 12.1 percent from 14.3 percent, which the management attributed to a transition in product generation.

TECH

Bilibili (9626.HK/NASDAQ: BILI), a popular Shanghai-based video-sharing platform, posted a net profit of 339.1 million yuan (US$ 50 million) in the second quarter, a 55 percent increase from a year earlier. Net profit margin rose to 4.3 percent from 3 percent. Revenue rose 8 percent to 7.9 billion yuan. Advertising remained the key revenue driver, surging 28 percent to 3.1 billion yuan. Bilibili Chief Executive Chen Rui credited high-quality content for enhanced user engagement. He said AI integration is enabling the company to execute its mission with greater precision and scale. Average monthly active users reached 371 million.

Biwin Storage Technology (688525.SS), a Shanghai-listed maker of Chinese flash memory and solid-state storage, reported first-half revenue of 15.6 billion yuan (US$2.3 billion), up 298 percent from a year earlier. Net profit attributable to shareholders swung to 7.2 billion yuan from a year-earlier loss. A surge in AI glasses and other edge devices drove storage product revenue to 2.86 billion, a jump of 433.5 percent. The Shenzhen-based company reported gross margin increased from 21.4 percent last year to 55 percent. Operating cash flow was negative at 6.3 billion yuan. The company listed in Shanghai in 2022 and has submitted an application for an IPO in Hong Kong.

Chinese memory chipmaker ChangXin Technology (CXMT, 688825.SS), which recently completed the Chinese mainland's biggest IPO, swung to profitability in the first half on AI demand and tight global supplies for dynamic random-access memory chips. Profit turned to 77.6 billion yuan (US$11.3 billion) from a loss of 2.3 billion yuan a year earlier. Revenue surged 874 percent to 150.3 billion yuan. Driven by accelerating global demand for high-performance computing since late 2025, global DRAM supply has failed to keep pace with demand, triggering a surge in memory chip prices. Since its founding in 2016, CXMT has established itself as China's top DRAM manufacturer and the 4th largest globally by both shipment volume and revenue. While Samsung Electronics, SK Hynix and Micron Technology collectively controlled over 90 percent of the global DRAM market share in 2025, Shanghai-listed CXMT is steadily advancing into the top tier of global suppliers, the company said in its earnings report. Yu Jia, head of China technology research at UBS Securities, noted that the imbalance of supply and demand is expected to persist through the second quarter of 2028.

China Satellite Communications Group (601698.SS), a core subsidiary under China Aerospace Science and Technology Corp, reported first-half net profit slumped 37 percent from a year earlier to 113 million yuan (US$16.8 million), while revenue edged up 0.7 percent to 1.3 billion yuan. As China's leading telecoms operator with independently controllable commercial communications-broadcasting satellites, the company said it has entered a period of intensive depreciation of fixed assets that raised its costs, and rising competition in overseas markets also cut into profits. The profit decrease slowed from the tumble of 56 percent on an annual basis in the first half of 2025.

Dobot (2432.HK), a Shenzhen-based robotics maker, reported first-half revenue doubled to 316.3 million yuan (US$46.6 million), but its net loss widened to 108 million yuan from 41 million yuan as research and development spending surged 148 percent to 101.6 million yuan. The growth story is shifting beyond traditional collaborative robots. Embodied AI robot revenue jumped more than 20-fold to 45.2 million yuan, accounting for 14 percent of total revenue. Gross margin was relatively stable at 47.4 percent, suggesting rapid expansion has not yet come at the expense of product economics.

Eoptolink (300502.SZ), one of China's top three makers of optical modules used in high-bandwidth data communications, posted doubled revenue growth in the first half, reflecting surged global demand for AI computing power. Eoptolink's revenue hit 20.9 billion yuan (US$3.1 billion) in the first half, up 100 percent from a year earlier. Net profit rose 91 percent to 7.5 billion yuan. Chinese optical-modules companies are benefiting from the rapid rollout of high-speed 800 gigabyte-per-second and 1.6 terabyte-per-second products required for massive AI infrastructure by global terminal customers.

Hengli Hydraulic (601100.SS) reported a 0.5 percent rise in first-half profit to 1.4 billion yuan (US$208.3 million) on a revenue surge of 32 percent to 6.8 billion yuan. The company's top institutional investors include the Abu Dhabi Investment Authority and Singapore fund GIC. Hengli's linear actuator products have entered mass production and delivery, with precision ball screws, linear guides and electric cylinders already supplied in volume. The products are expected to benefit from industrial automation and the electrification of construction equipment in the near term, with emerging opportunities in humanoid robots. Analysts said the market may be underestimating Hengli's transition from hydraulic components to electric actuator platforms.

Shanghai-based Hua Hong Grace Semiconductor (688347.SS/1347.HK) reported first-half profit attributable to shareholders surged fivefold from a year earlier to US$59.5 million on a 24 percent gain in revenue to US$1.4 billion. The company earlier reported that second-quarter profit surged 386 percent to US$38.6 million on record revenue of US$717.5 million, with gross margin edging up 5.6 percent to 16.5 percent. Revenue from the Chinese mainland rose 20 percent and from North America, 77 percent. Hua Hong said it expects third-quarter sales of up to US$780 million. The chipmaker said it will conduct a 7.56-billion-yuan (US$1.1 billion) private share placement to finance its all-share offer to acquire Huali Microelectronics, which has received regulatory approval and is expected to be completed in a month.

Electronics components maker Luxshare Precision's (002475.SZ/2475.HK) first-half net profit rose 18 percent from a year earlier to 7.8 billion yuan (US$1.15 billion). Revenue surged 40 percent to 174.5 billion yuan, lifted by solid performance in core businesses for consumer electronics, telecommunications, data centers and automotive electronics. Apple accounts for roughly 70 percent of the Shenzhen-based company's revenue. To diversify beyond consumer hardware, Luxshare raised its stake in German automotive cable and wiring harness specialist Leoni to 75 percent in April.

Meitu (1357.HK), a photo-editing and retouch app company, reported a 40 percent gain in first-half profit to 619 million yuan (US$91 million). Revenue grew 22 percent to 2.2 billion yuan. AI-driven productivity apps and international markets drove subscriber and revenue growth. Meitu's paid subscriber growth outside the Chinese mainland expanded at double the pace of the domestic market, with growth in East Asia, Latin America and Europe.

MiniMax (0100.HK), a leading Chinese AI developer, posted a nearly fourfold surge in first-half revenue, driven by strong demand for its models that offer lower-cost options for deploying AI at scale. The HK-listed company said its loss narrowed to US$358 million from US$402 million from a year earlier. Revenue jumped 283 percent to US$117 million. Chinese AI model developers, including MiniMax, Zhipu AI and DeepSeek, are increasingly challenging Western rivals like OpenAI by offering high-performance, cost-efficient alternatives for global developers and companies.

SenseTime (0020.HK), a Chinese AI model and infrastructure firm, reported its first six-month profit, turning to net of 620 million yuan (US$91 billion) from a loss of 1.59 billion yuan a year ago. Revenue rose 23 percent to 2.9 billion yuan. The company attributed its performance to generative AI income of 2.3 billion yuan, or 80 percent of total revenue, and a 127 percent surge in overseas income.

Chinese computing company Sugon Information Industry (603019.SS) said revenue in the first half jumped 28 percent from a year earlier 7.5 billion yuan (US$1.1 billion), delivering a one-third increase in net profit to 971.4 million yuan. Sugon said it continued to expand its product portfolio and solutions in intelligent computing, strengthening its competitiveness and improving operating quality. The company also benefited from improved performance at an invested company, which boosted its investment income during the period.

Victory Giant Technology (300476.SZ), a Chinese maker of printed circuit boards used in AI servers and other electronics, said first-half revenue rose 29 percent to 11.6 billion yuan (US$1.7 billion), while net profit attributable to shareholders increased 33 percent to 2.9 billion yuan. Headline profit growth was boosted by a 595 million yuan gain on a share placement. Profit excluding one-time items rose a slower 12.5 percent to 2.4 billion yuan. The company said demand remained strong as it expanded production into higher-value boards for AI computing, data centers and high-performance computing. But gross margin narrowed by 3 percentage points to 33.2 percent as operating costs rose faster than revenue. Finance expenses jumped nearly eightfold because of foreign-exchange losses and higher interest costs. Extrapolated figures show second-quarter profit, excluding one-time items, fell about 5.3 percent from a year earlier.

Wus Printed Circuit Co (002463.SZ), a printed circuit board maker, said first-half net profit jumped 74 percent from a year earlier to 2.9 billion yuan (US$410 million). Revenue rose 61 percent to 13.7 billion yuan. The result was driven by accelerating global AI infrastructure spending beyond traditional chips and optical components into high-end printed circuit boards.

INDUSTRY

Fosun International (0656.HK), a Chinese conglomerate spanning healthcare, tourism, consumption and insurance, said first-half profit surged 160 percent to 1.72 billion yuan (US$253 million), even as revenue edged down 0.4 percent to 87 billion yuan. The rebound was driven largely by its wealth division, where profit jumped to 1.3 billion yuan from 243.1 million yuan. Its asset-management business swung to a profit of 86.9 million yuan from a 974.8-million-yuan loss a year earlier, helped by stronger operating performance and improved capital markets. Insurance revenue rose 9.2 percent, supported by Fosun Insurance Portugal and Peak Reinsurance. The improvement, however, was uneven. Healthcare profit declined 4.5 percent, while the "happiness division" loss widened to 519.6 million yuan as weaker consumer demand weighed on Yuyuan and Lanvin Group. Industrial operating profit rose 17 percent to 3.7 billion yuan. Total debt declined 2.6 percent from the end of 2025 to 218.31 billion yuan after Fosun generated more than 12 billion yuan from asset disposals.

Sany Heavy Industry (600031.SS/6031.HK), a leading company in China's construction machinery sector, reported an 8.3 percent increase in first-half profit to 5.69 billion yuan (US$850 million) on a 20 percent rise in revenue to 53.5 billion, led by excavating and cement machinery. Gross profit margin edged up to 27.9 percent from 27.6 percent. Sany operates its business globally. Subsidiary Sany International reported a 21 percent rise in revenue to 14.8 billion yuan, driven by mining equipment. Net income fell 5.9 percent to 1.2 billion yuan on rising raw material overheads and a reduction in domestic government subsidies.

ENERGY

China National Offshore Oil Corp (CNOOC, 0883.HK), one of China's top three oil producers, posted record first-half earnings on rising production volumes and elevated global crude prices. Net profit jumped 23 percent from a year earlier to 85.8 billion yuan (US$13 billion), with revenue rising 17 percent to 242.7 billion yuan. The company produced a record 399 million barrels of oil equivalent and maintained its 2026 target of up to 800 million barrels. It said it plans up to 122 billion yuan in capital spending this year. Oil and gas sales revenue rose 20 percent to 206 billion yuan. CNOOC operates offshore rigs and exploration sites in Bohai Bay, the South China Sea, Brazil and Indonesia.

China Oilfield Services (601808.SS/2883.HK), the country's largest offshore oilfield services provider, reported first-half net profit rose 2.8 percent to 2.1 billion yuan (US$318 million), while revenue increased 1.9 percent to 23.7 billion yuan. Operating profit rose a stronger 16 percent to 3.4 billion yuan, led by drilling services, where operating profit surged 68 percent. The company attributed the improvement mainly to new overseas projects and the full utilization of high-day-rate drilling rigs in the North Sea. The gains were partly offset by foreign-exchange losses, which jumped to 556 million yuan from 96 million yuan a year earlier on the stronger yuan. International revenue rose about 8.9 percent to 6 billion yuan, compared with broadly flat domestic revenue. The company also cut first-half capital expenditure by half to 1.3 billion yuan.

China Petroleum & Chemical (Sinopec, 600028.SS/2386.HK), Asia's largest oil refiner, reported second-quarter net profit rose 5 percent from a year earlier to 8.6 billion yuan (US$1.3 billion), as stronger refining margins helped offset weakening domestic fuel demand. Revenue rose 8.3 percent to 729.9 billion yuan. For the first half, net profit increased 19.3 percent to 25.6 billion yuan, while revenue rose 2 percent to 1.4 trillion yuan. The earnings improvement was driven largely by refining and upstream operations. Refining operating profit surged 382 percent to 17 billion yuan, with margins increasing 44percent on improved profitability of jet fuel, naphtha and other products. Exploration and production operating profit rose 21.5 percent to 28.7 billion yuan. Sinopec's retail fuel business, however, remained under pressure on high gasoline prices and an accelerating consumer shift to electric vehicles. Domestic refined-product sales fell 9.2 percent, while marketing and distribution operating profit dropped 28.6 percent to 5.7 billion yuan. The company said gasoline usage on the Chinese mainland in the first half fell 7.9 percent and diesel dropped 11.5 percent.

Jingko Solar (688223.SS/US: JKS), a leading manufacturer of photovoltaic products, reported a net loss of 3.1 billion yuan (US$458 million) in the first half, widening from a loss of 2.8 billion yuan a year earlier. Revenue slumped 22 percent to 24.7 billion yuan on "weakening domestic demand and a more complicated environment in overseas markets because of protectionism." Jingko Solar said it has increased efforts in research and development, with upgraded r services that include its Tiger Neo 3 platform and TOPCon batteries.

Shenhua Energy (601088.SS/1088.HK), China's largest listed coal producer, reported first-half net profit attributable to shareholders rose 4.1 percent to 28.7 billion yuan (US$4 billion) on a revenue increase of 7.9 percent to 189.3 billion yuan. Adjusted attributable profit, excluding one-time items, rose 10.6 percent to 26.9 billion yuan. Commercial coal production fell 3.6 percent to 250 million tons, but coal sales rose 1.8 percent and the company's average coal selling price increased 4.5 percent. Electricity sales rose 5.5 percent as new generating units came online. Shenhua said disruptions in oil and natural gas shipments triggered by the Iran war led to recommissioning of coal-fired generation in several countries, pushing up global coal demand and prices. The company also noted an increase in electricity demand from internet data services and electric-vehicle charging systems.

RESOURCE

Aluminum Corporation of China (Chalco, 601600.SS/2600.HK), one of the world's biggest producers of alumina and aluminum, reported first-half net profit surged 68 percent from a year earlier to a record 11.9 billion yuan (US$1.8 billion) on higher aluminum prices and cost controls. Revenue increased 7.8 percent to 125.4 billion yuan. During the period, China imposed cap on production of electrolytic-aluminum despite high domestic and global demand. At the same time, the cost of bauxite ore, which is refined into alumina, the raw material used in aluminum making, declined. The company said its output of metallurgical-grade alumina stood at 7.4 million tons, down 14 percent, but fine alumina output gained 12.5 percent to 2.3 million tons.

Jiangxi Copper (600362.SS), China's largest miner and refiner of the metal, said first-half net income doubled from a year earlier to 8.9 billion yuan (US$1.3 billion), as record high global prices pushed revenue 20 percent higher to 307.2 billion yuan. The company said it has expanded its reserves and completed the acquisition of Ecuador-based SolGold. Copper and gold are found in tandem in geological deposits. Copper is vital in production of electrical wiring, plumbing pipes, renewable energy systems, and metal alloys like brass and bronze.

CONSUMER

Anta Sports (2020.HK), a leading global sportswear retailer, reported first-half 2026 revenue of 43.5 billion yuan (US$6.4 billion), up 13 percent year on year. Profit attributable to shareholders, excluding a gain from Amer Sports, rose 35 percent to 9.5 billion yuan. Amer is Anta's largest investment. It earlier reported a 32 percent rise in second-quarter revenue to US$1.6 billion, led by Arc'teryx, Salomon and Wilson brands. The core Anta brand showed a 4.8 percent revenue gain. FILA brand revenue rose 6.1 percent and all other brands jumped 44 percent, helped by Descente and, Kolon Sport, and the acquisition of Jack Wolfskin. Notably, Anta is acquiring a 29 percent stake in Puma for 1.5 billion euros (US$1.8 billion), making it the largest shareholder.

Meituan (3690.HK), China's largest food-delivery company, snapped three consecutive quarters of losses in the March-June period with a sixfold jump in profit from a year earlier to 2.2 billion yuan (US$317.6 million). Revenue increased 14 percent to 104.6 billion yuan, as cutthroat competition in the fast food-delivery market eased. However, the results weren't strong enough to overcome a 6.8 billion loss in the first quarter, leaving the company 4.7 billion yuan in the red for the first six months. That compares with a year-earlier profit of 10.4 billion yuan. Revenue in the six months rose 10 percent to 196 billion yuan. In the second quarter, selling and marketing expenses rose 11 percent, and spending on research and development increased 22.5 percent to 7.7 billion yuan as the company expanded its technology and AI footprint with the June release of LongCat 2.0, its next-generation proprietary large language model. The HK-listed company said in a statement that business segments returned to steady growth in the three months, on the mend from a challenging 2025 when Meituan logged an annual loss of 23.4 billion yuan as it burned through cash to defend its 70 percent market share against main rivals Alibaba and JD.com in China's fast food-delivery services. Chinese regulators stepped in to cool the competition this year.

PDD Holdings (NASDAQ: PDD), a Chinese online retailing giant that owns the Temu and Pinduoduo discount platforms, posted an 8 percent increase in revenue for the second quarter to 112.4 billion yuan (US$16.6 billion), driven primarily by an expansion in transaction services. Net income attributable to ordinary shareholders declined 11.6 percent from a year earlier to 27.2 billion yuan. Transaction services revenue rose 13 percent and online marketing services grew 3.5 percent. Operating expenses expanded 13 percent to 37 billion yuan, reflecting a 27 percent surge in research and development outlays and a 9 percent increase in sales and marketing. The company's net income was further squeezed by a 7.4-billion-yuan net loss under non-operating items. Operating cash flow showed 18.6 percent growth to 25.7 billion yuan. The company said it will continue allocating capital toward merchant support, platform trust and compliance initiatives to adapt to evolving global trade regulations.

Busy Ming Group (1768.HK), operator of snack retail brands Busy for You and Super Ming, reported first-half 2026 profit rose 155 percent from a year earlier to 2.2 billion yuan (US$333 million). Revenue climbed to 45 billion yuan, up 60 percent. The company runs on a discount bulk-buying model, sourcing directly from manufacturers and eliminating intermediaries to sell snacks at prices below traditional supermarkets. It mainly makes money by selling products to its franchised stores, a network that has grown to 26,405 stores across China from 21,948 at the end of 2025.

Chinese movie giant Enlight Media (300251.SZ) posted a 99 percent plunge in first-half net profit to 33 million (US$4.6 million), reflecting high earnings a year earlier from the box office hit film "Ne Zha 2." Revenue in the six months fell 90 percent.

Haidilao International (6862.HK), China's largest hot pot restaurant chain, said first-half profit increased 4.4 percent from a year earlier to 2.5 billion yuan (US$374 million) on a 7.9 percent gain in revenue to 22.3 billion yuan. At the end of June, the company had 1,389 restaurants, compared with 1,363 a year earlier. The delivery business was the fastest-growing business segment, with revenue jumping 121 percent to 2 billion yuan.

Qingdao-based household appliance maker Haier Smart Home (600690.SS/6690.HK), the listed arm of the Haier Group, announced first-half net profit dropped 14 percent from a year earlier to 10.3 billion yuan (US$1.5 billion) on a 2.8 percent decline in revenue to 152 billion yuan. The company cited weaker domestic consumer demand after China scaled back its subsidy program on old goods traded in for new ones, along with higher costs of raw materials such as copper and aluminum. Overseas sales were strong but the stronger yuan affected their value when converted to the company's books. Haier has been diversifying its brands. In addition to its namesake brand, Haier also markets under the labels Casarte, Leader, GE Appliances, Fisher & Paykel, Aqua, Candy and Evo.

Laopu Gold (6181.HK), a Chinese jewelry brand based on heritage-gold craftsmanship, reported a first-half revenue of 19.8 billion yuan (US$2.9 billion), up 60 percent from a year earlier, with profit surging 88 percent to 4.3 billion yuan. Its gross margin rose to 41 percent, and net margin reached 21.5 percent. The company attributed the gains partly to lower-cost inventory, a February price adjustment and growing revenue scale. Laopu's premium market position is driving the growth. Sales performance rose 61 percent, while online revenue jumped 172 percent and overseas revenue more than doubled. Goldware sales also grew at a triple-digit rate, as high-end consumers increasingly treat gold as both a luxury item and collectible. Global spot gold rose to US$4,624.87 per ounce on Tuesday, after earlier hitting its highest level since May 14, providing a favorable backdrop for the brand's premium gold jewelry business.

Chinese dairy giant Mengniu (2319.HK) said first-half profit rose 16 percent from a year earlier to 2.4 billion yuan (US$357 million) on a 7 percent rise in revenue to 44.8 billion yuan. Its liquid milk, cheese and milk formula businesses all showed growth of 30 percent. The company said its promotions during the 2026 Winter Olympics and the FIFA World Cup helped sales and lifted the company's international profile. Mengniu has focused on changing consumer trends with the introduction of new products such as lactose-free milk and campaigns combining sports and dairy products.

Midea (000333.SZ/0300.HK), a global consumer appliance and industrial technology group, posted a 1.7 percent rise in first-half profit to 26.5 billion yuan (US$3.7 billion) and a 3.5 percent revenue increase to 261 billion yuan. Earnings were fueled by robust demand across industrial and business-to-business e-commerce sectors, especially in building technology and robotics, where growth exceeded 10 percent. Midea said it will accelerate its transformation into an "AI-plus industrial technology group," with deeper AI integration across its value chain.

Mixue (2097.HK), China's largest low-cost tea chain, said first-half revenue edged up 2.3 percent from a year earlier to 15.2 billion yuan (US$2.2 billion) but profit fell 15 percent to 2.3 billion yuan. The company cited pressure from rising costs, as the cost of sales increased 4.1 percent, outpacing revenue growth as Mixue invested in higher-quality ingredients. Gross margin slipped to 30.4 percent from 31.6 percent. The company has built a multinational network selling freshly made milk tea, fruit drinks and ice cream for as little as 2-8 yuan (29 US cents to US$1.18). As of June 30, it had 63,987 stores across 17 countries, including 4,378 overseas outlets. Its signature Snow King cartoon logo has been expanded from drinks into animation, comics and merchandise.

Nongfu Spring (9633.HK), China's largest packaged water company, reported first-half profit increased 17 percent from a year earlier to 8.9 billion yuan (US$1.3 billion), while revenue gained 16 percent to 29.7 billion yuan. However, growth rates slowed from last year's record on weaker consumer spending and what the company called changing consumer trends.

China's logistics firm Sinotrans (0598.HK) reported an 8.1 percent drop in first-half revenue to 46.5 billion yuan (US$6.9 billion), with an 11 percent drop in profit to 1.72 billion yuan, as weaker cross-border e-commerce business weighed on growth. Revenue from the company's professional logistics services gained 0.7 percent, agency-related businesses rose 1 percent and its e-commerce segment dropped 68 percent. Sinotrans said it optimized scheduled cargo routes and exited some low-efficiency e-commerce logistics and platform businesses to cope with higher fuel costs and changes in European e-commerce tax policies.

Tongcheng Travel (0780.HK), a Chinese online travel platform, posted second-quarter 2026 revenue of 5 billion yuan (US$730 million), up 6.8 percent from a year earlier. Adjusted net profit rose 9.8 percent to 851 million yuan. Growth was led by a 36 percent revenue gain in its core online travel agency. Revenue from hotel bookings rose 8 percent, but fell 2.3 percent in transportation bookings as higher airfares damped demand. Tongcheng recently announced the acquisition of Chinese ride-sharing and carpooling platform Dida for about HK$1.3 billion (US$166 million) to expand integrated travel services.

Tsingtao Brewery (600600.SS), whose namesake brand is the largest-selling Chinese beer in the US, said first-half net profit was flat at 4 billion yuan (US$595 million) as revenue declined 4.1 percent to 19.7 billion yuan. Revenue from external customers on the Chinese mainland fell to 19 billion yuan from 20.8 billion yuan, while it grew to 234. 8 million yuan from 229 million yuan overseas. Tsingtao said it sold 4.5 million kiloliters of beer in the six months. Research and development spending rose 18.5 percent. The company, citing a weak consumer market in China, said it upgraded its Classic Series of brews, with White Bear and Light Dry brands showing strong growth. The Qingdao-based company, China's second-largest brewery, was founded in 1930 by German brewers.

Chinese dairy producer Yili (600887.SS) reported a 20 percent decline in first-half net profit as charges for asset impairment weighed on earnings despite signs of recovery in the dairy market. The company posted revenue of 64.3 billion yuan (US$9.6 billion), up 4.1 percent from a year earlier, while net profit fell to 5.8 billion yuan. Yili booked 2.5 billion yuan in asset impairments, including a 1.6-billion-yuan writedown on goodwill related to its infant formula unit Ausnutria Dairy. The company said China's dairy supply-demand balance is improving, with raw milk prices stabilizing after industry capacity cuts. Yili has also strengthened control over milk supplies by increasing its stake in farming company Youran Dairy.

PHARMA & HEALTHCARE

Akeso (9926.HK), a Chinese developer of antibody-based therapies, narrowed its first-half loss as sales of its flagship cancer drugs drove double-digit revenue growth. Revenue rose 28 percent to 1.8 billion yuan (US$266 million), while loss attributable to owners narrowed to 424 million yuan from 570 million yuan a year earlier. Commercial sales increased 29 percent to 1.8 billion yuan, accounting for virtually all revenue, led by the bispecific antibodies cadonilimab and ivonescimab. Newer drugs ebronucimab and ebdarokimab also contributed. Research and development spending increased 7.1 percent to 783 million yuan.

Akeso said this week that its ivonescimab drug outperformed AstraZeneca's Imfinzi in a head-to-head Phase 3 trial for biliary tract cancer. The drug has already been licensed to US firm Summit Therapeutics in a multibillion-dollar deal. The trial involved 682 patients with advanced biliary tract cancer, a deadly form of the disease that affects bile ducts attached to the liver and gall bladder. The results showed that patients taking Akeso's therapy lived longer, but Akeso didn't say how much longer.

InnoCare Pharma (688428.SS/9969.HK), a Chinese biotech company focused on cancer and autoimmune diseases, swung to a second-quarter net profit of 137 million yuan (US$19 million) from a loss of 50 million yuan a year earlier, supported by stronger drug sales and licensing income. Revenue jumped 74 percent to 608 million yuan, while drug sales rose about 42 percent to 468 million yuan. For the first half, InnoCare reported profit of 240 million yuan, turning from a year-earlier loss of 36 million yuan a year earlier. Revenue rose 56 percent to 1.1 billion yuan, including a 43 percent gain in drug sales to 918 million yuan. The company recorded 213 million yuan in revenue from collaboration deals, mainly related to milestone payments under its licensing agreement with Zenas BioPharma. Its core BTK inhibitor orelabrutinib remained the company's main commercial product, while newly launched tafasitamab and zurletrectinib began contributing to sales. InnoCare spending on research and development rose nearly 11 percent to 497 million yuan.

Innovent Biologics (1801.HK), a Chinese developer and seller of medicines for cancer and chronic diseases, said first-half profit jumped 50 percent to 1.25 billion yuan (US$186 million), while revenue rose 45 percent to 8.6 billion yuan, as product revenue grew faster than the overall business. Product sales jumped 57 percent to 8.2 billion yuan, supported by the company's cancer-drug portfolio and newer medicines in metabolic, cardiovascular, ophthalmic and autoimmune diseases. The results show that drug sales, rather than licensing payments alone, remain the main engine of Innovent's expansion. Still, licensing has materially strengthened its finances. The company had 30.2 billion yuan in cash at the end of July after signing partnerships with Takeda, Eli Lilly, Pfizer, Ollin and Spero over the previous 10 months. Innovent set a target of 35 billion yuan to 40 billion yuan in annual revenue by 2030 and said it aims to advance at least five drugs into global multiregional Phase III trials.

Shanghai Junshi Biosciences (688180.SS/1877.HK), a Chinese developer and seller of innovative medicines, reported first-half revenue of 1.7 billion yuan (US$250 million), up 4 percent from a year earlier, as sales of its flagship cancer drug rose and licensing income more than doubled. Profit attributable to shareholders turned to 21.7 million yuan from a loss of about 412.7 million yuan. The headline turnaround, however, overstated the improvement in the underlying business. Excluding one-time items, Junshi posted a loss of about 203 million yuan. Drug sales rose 33 percent to 1.4 billion yuan. Domestic sales of toripalimab, its PD-1 cancer treatment, increased 36 percent, and licensing revenue jumped 149 percent, mainly reflecting an upfront payment from Fosun Wanbang for rights to an experimental autoimmune-disease treatment. Research and development spending was about 644 million yuan.

WuXi Biologics (2269.HK), a provider of biologics discovery, development and manufacturing services, said first-half revenue rose 18 percent to 11.8 billion yuan (US$1.7 billion), while profit attributable to shareholders gained 4.3 percent to 2.4 billion yuan. The gap masked a sharper improvement in its core operations. Gross margin expanded 3.5 percentage points to 46.2 percent, which the company attributed to operating leverage, improved capacity utilization and productivity gains. North American revenue increased 14 percent by calculation to 6.9 billion yuan, while revenue from the Chinese mainland increased 51 percent to nearly 2 billion yuan from a smaller year-earlier base.

Shanghai-based biopharma company Zai Lab (9688.HK/NASDAQ: ZLAB) said its first-half loss widened to US$101.8 million from US$89.2 million a year earlier. Revenue fell 6 percent to 205.9 million, reflecting a 31 percent drop in sales of the cancer drug Zejula due to a shift in hospital use patterns. Sales of its Vyvgart drug also fell 7 percent on a pricing adjustment related to the national reimbursement program in China. Research and development spending rose 14 percent to US$127.4 million. The company earlier this month reported a second-quarter loss of US$50.8 million on revenue of US$106.3 million. Zai Lab operates in China and the US and is listed on New York and Hong Kong exchanges.

PROPERTY

Hong Kong-based developer Kerry Properties (0683.HK), which has extensive residential, retail, hotel and commercial office investments on the Chinese mainland, said first-half profit revenue dropped 33 percent from a year earlier to HK$6.7 billion (US$855 million) but profit jumped 20 percent to HK$735 million. Revenue from the Chinese mainland rose 16 percent to HK$3.6 billion from HK$3.1 billion. A 9 percent drop in underlying profit was attributed to lower interest cost capitalization following the launch of Jinling Residences in Shanghai. The company's developments in Shanghai also include the Jing'an Kerry Center, Kerry Everbright City, Kerry Parkside and Park Towers, with other major projects in Beijing, Hangzhou, Shenyang and Shenzhen. Gross profit from development properties slipped 6 percent, and hotel revenue was flat. Kerry said the overall residential market on the mainland remained week with transaction volumes, housing prices and government land sales declining. "Our development property sales in the Chinese mainland in the first half have been disappointingly slow," the company said in a statement. "The mainland continues to be characterized by a significant supply-demand imbalance where vacancy levels remain elevated."

Debt-laden Chinese property developer Vanke (000002.SZ), which continues to stave off what could be China's largest-ever default, said its loss widened in the first half to 15 billion yuan (US$2.2 billion) from 12 billion a year earlier. Revenue fell a third to 70.2 billion yuan as contracted sales plunged 48 percent. As of June 30, Vanke had debts of about 351 billion yuan, compared with cash and cash-equivalent holdings of 53 billion yuan. About 179 billion yuan of that debt is due within a year. Vanke's losses since 2024 rose to 153 billion yuan. The developer has been operating on the edge of default since a liquidity squeeze and glut of unsold homes triggered a nationwide property slump nearly six years ago, sending many developers into bankruptcy. Vanke has managed to stay afloat with loans from its largest shareholder, Shenzhen Metro, which provided more than 30 billion yuan in loans last year and another 4.5 billion yuan so far this year. The company has been renegotiating repayments with major lenders on due debt this year. A default could have serious repercussions across China's banking sector, which holds a large share of the debt.

FINANCE

Agricultural Bank of China (601288.SS/1288.HK) reported profit rose 4.9 percent to 146.4 billion yuan on an 11 percent increase in operating income to 411.1 billion. The net interest margin fell to 1.28 from 1.32, and the non-performing loan ratio dropped to 1.25 from 1.32. The bank said its credit impairment loss rose 13 percent to 110.6 billion yuan. Assets totaled 51 trillion yuan. The bank has been expanding from its origins as a rural lender into broader services that include technology, aged care and green finance nationwide.

Bank of China (601988.SS/3988.HK), which was originally founded primarily to handle foreign exchange and international finance, posted first-half profit of 123.6 billion yuan, up 5.1 percent from a year earlier. Operating income rose 8.4 percent to 357.1 billion yuan. The net interest margin increased to 1.27 from 1.26 percent, and the non-performing loan ratio fell to 1.22 from 1.23 percent. The bank reported an impairment loss of 68.1 billion yuan on assets, up 18 percent. Assets totaled 40.1 trillion yuan at June 30.

Bank of Communications (601328.SS/3328.HK) said profit rose 4 percent to 47.9 billion yuan on a 6.8 percent rise in operating income to 142.5 billion yuan. The net interest margin rose to 1.23 from 1.21 percent, and the non-performing loan ratio increased to 1.3 from 1.28 percent. The bank reported a credit impairment loss of 34.5 billion, up 5.3 percent. Assets totaled 16.3 trillion yuan.

China Construction Bank (601939.SS/0939.HK) reported first-half profit rose 4.6 percent to 169.6 billion yuan on a 10.5 percent increase in operating income to 426.3 billion yuan. Its net interest margin dropped to 1.37 from 1.4 percent, while the non-performing loan ratio declined to 1.29 from 1.31 percent. The bank reported credit impairment losses of 130 billion yuan. Assets totaled 47.32 trillion yuan.

China Life Insurance (2628.HK) reported a sharp increase in first-half earnings as stronger investment returns boosted results amid improved asset allocation. The insurer posted operating revenue of 434.3 billion yuan (US$64.6 billion), up 81.5 percent from a year earlier Net profit surged 229 percent to 134.5 billion yuan. China Life said growth was driven by deeper integration of insurance liabilities and investment strategies, as well as a 187-billion-yuan improvement in returns from its investment portfolio. New business premiums rose 12 percent to 180 billion yuan on stronger demand for insurance products.

Citic Ltd (0267.HK), one of China's largest conglomerates, involved in financial services, resources and energy, manufacturing, engineering, contracting and real estate, reported first-half net profit increased 18.3 percent from a year earlier to 70.8 billion yuan (US$10.5 billion) on a 10.7 percent revenue gain to 408.7 billion yuan. Growth in financial services was a main growth driver, rising 15 percent to revenue of 160.6 billion yuan. Net fee and commission income jumped 22 percent due to growth in the brokerage, asset management and investment banking business of Citic Securities. Citic Bank's net interest income increased 5.3 percent as its net interest margin stabilized. Revenue from its real estate business fell 12.4 percent.

Industrial and Commercial Bank of China (601398.SS/1398.HK), the world's largest bank by assets, reported first half net profit rose 3.3 percent to 173.7 billion yuan (US$25.8 billion) on a 9 percent gain in operating income to 446.2 billion yuan. Net interest income rose 8.8 percent to 341.2 billion yuan. The bank's net interest margin fell to 1.29 from 1.3 percent, and the non-performing loan ratio dropped to 1.29 from 1.31 percent. The bank said its credit impairment loss in the six months rose 22 percent to 127 billion yuan. Assets totaled 57 trillion yuan as of June 30.