Namchow Food Group (Shanghai) Co. Ltd.

Namchow Food held an online earnings call for its 2026 semi-annual report on the Shanghai Stock Exchange roadshow centre on 22 September. The company's net profit attributable to shareholders of the listed company in the first half was 2.59 million yuan, down 92.79% year on year. During the reporting period, the company achieved operating revenue of 1.467 billion yuan, down 5.68% year on year, while net profit after deducting non-recurring items was negative 9.57 million yuan, down 128.43% year on year. The company flagged the risk of intense industry competition, with more players entering the baking sector. At the same time, operating costs of 1.191 billion yuan fell only 4.37% year on year, a significantly smaller decline than the drop in revenue, squeezing gross margins. Director and general manager Lin Changyu said the company will implement its operating plan across three dimensions: market expansion, product research and development, and operational management. It will focus on emerging channels such as retail and food service, deepen its presence in lower-tier markets, and steadily expand overseas. It will also accelerate import substitution in dairy products such as whipping cream. Board secretary Su Fan said the company has launched its own whipping cream lines including Qiaobaile and Aiyichun, as well as Qiaobaile fermented butter, continuously improving its portfolio of high-end domestic baking dairy products.

Namchow Food has released its 2026 interim report, showing net profit attributable to the parent company of 2.59 million yuan, down 92.79% from the same period last year. Total operating revenue was 1.467 billion yuan, down 5.68% year on year. Net cash inflow from operating activities was 86.13 million yuan, up 150.86% year on year. The company's latest asset-liability ratio was 17.72%, gross margin was 18.80%, and diluted earnings per share was 0.01 yuan.

Kangsheng Co. announced that its chairman and general manager Wang Yajun has been subjected to bail pending trial by judicial authorities, but this does not affect his performance of duties. Upon verification, the matter does not involve the company's production and operating activities, nor does it involve the company's business, assets, or major matters that should have been disclosed but were not. As of the disclosure date of the announcement, Wang Yajun is able to perform his duties as chairman and general manager normally, the company's board of directors is operating normally, and all operational and management activities are proceeding in an orderly manner. In addition, Baofeng Energy reported a net profit attributable to the parent company of 9.728 billion yuan in the first half of the year, up 70.14 percent year on year. Quectel reported a net profit attributable to the parent company of 602 million yuan in the first half, up 27.84 percent year on year. Nanqiao Food reported a net profit attributable to the parent company of 2.5939 million yuan in the first half, down 92.79 percent year on year. A major shareholder of Shanshuishan plans to reduce its stake by no more than 4.03 percent. The actual controller of Zhilicube has completed a reduction plan involving a total of 5.0554 million shares. Zhongjian Technology faces a total fine of 3.9 million yuan for illegal information disclosure. A major lawsuit involving Radio and Television Network was settled through mediation, and the company is required to pay 70.1917 million yuan. Huayang New Materials received a notice of response and is being sued for joint payment of 58.389 million yuan in project fees. In the case involving ST Meigu as the appellee in a tort liability dispute, the second-instance court ruled to dismiss part of the lawsuit.

Namchow Food has released its 2026 half-year performance forecast, expecting attributable net profit for the first half to range from 2.0751 million yuan to 3.1127 million yuan, a year-on-year decline of 91.34% to 94.23%. The company stated that the sharp drop in performance was mainly due to a year-on-year increase in major raw material prices, which drove up production costs and led to a decline in overall gross margin and net margin. At the same time, a decrease in the revenue share of high-margin products further dragged down the gross margin.