China000998.CS▼2
Longping High-Tech's first-half net profit attributable to parent falls 66.41% year on year, with a net loss of 273 million yuan
Longping High-Tech released its 2026 semi-annual report. In the first half, it achieved operating revenue of 1.71 billion yuan, down 21.05% from 2.166 billion yuan in the same period last year. Net profit attributable to shareholders of the listed company was negative 273 million yuan, a year-on-year decline of 66.41%. Net profit after deducting non-recurring items was a loss of 296 million yuan, a drop of 88.35%. The swing to a loss came from dual pressure at home and abroad. In the domestic seed industry, inventories remained high, and corn prices and sales volumes both fell, with domestic corn seed revenue down 72.67%. The Brazilian subsidiary Longping Development saw its corn seed business revenue fall 38.21% due to extreme weather, rising agricultural input costs, and foreign exchange gains returning to normal levels. The subsidiary's overall revenue fell 35.77% year on year, with a net loss of 320 million yuan, dragging down overall profit. In the first half, net cash flow from operating activities was negative 839 million yuan. Although this narrowed by 10.60% year on year, it remained a large outflow, mainly because cash paid for goods and services decreased. As of the end of June, the company's total assets were 25.219 billion yuan, and net assets attributable to the parent were 6.61 billion yuan, down slightly by 0.95% and 0.92% respectively from the end of last year. Short-term borrowings increased to 5.435 billion yuan, contract liabilities were 1.754 billion yuan, and inventories were 4.639 billion yuan. The company said that in the second half it will seize the peak sales season in the fourth quarter, focus on major products such as genetically modified corn and low-cadmium rice, promote cost reduction and efficiency improvement as well as overseas marketing reform, and strive to achieve its full-year operating targets.