Anhui Guqi Down & Feather

Guqi Down Materials disclosed its 2026 half-year report. In the first half, it achieved operating revenue of 564 million yuan, up 5.07 percent year on year, while net profit attributable to the parent company was 92.9784 million yuan, a slight decline of 5.51 percent. Net cash flow from operating activities reached 108 million yuan, turning positive from negative a year earlier, and contract liabilities rose from 10.4513 million yuan at the end of the previous year to 39.7434 million yuan. First-half research and development expenses were 15.0952 million yuan, up 53.55 percent year on year. The share of orders with high loft and high down content climbed steadily, and the proportion of high-quality product sales increased significantly. The cumulative investment progress of the fundraising project, the first phase of the annual production capacity of 2,800 tonnes of functional down green manufacturing project, has exceeded 50 percent, and it is expected to reach the intended usable condition in July 2027. The company has also locked in long-term value through three-dimensional measures: cash dividends, share buybacks, and equity incentives. For fiscal 2025, it distributed 1.30 yuan per 10 shares, with total cash dividends of 25.87 million yuan. As of the end of July, the cumulative funds paid for share repurchases reached 19.5411 million yuan. In August, it launched a restricted stock incentive plan, intending to grant 1.02 million company shares to 35 core backbones for the first time.