Ningbo Tech-Bank Co Ltd

Tech-bank Food disclosed its 2026 semi-annual report, with net profit attributable to shareholders of the listed company at negative 1.543 billion yuan for the first half, swinging from a profit of 352 million yuan in the same period last year, a year-on-year decline of 538.27 percent. The company achieved operating revenue of 3.656 billion yuan in the first half, down 22.09 percent year on year, while net profit attributable to shareholders after deducting non-recurring items was negative 1.672 billion yuan, down 797.13 percent year on year. The core reason for the loss was falling hog prices. The average selling price of commercial fattened hogs was only 10.21 yuan per kilogram, down 30.78 percent year on year. Although commercial hog slaughter volume reached 3.8875 million head, up 31.41 percent year on year, the increase in sales volume could not offset the impact of the sharp decline in selling prices. The company made an inventory write-down provision of 1.089 billion yuan and a bad debt provision for receivables of 98 million yuan. Asset impairment provisions and write-offs together reduced total profit by 544 million yuan. Coupled with expenses related to idle farming capacity of 138 million yuan and interest expenses from high debt of 152 million yuan, profit margins were further squeezed. The farming segment as a whole suffered severe losses, and the food processing segment also recorded a loss. As of the end of the period, the company faced considerable debt pressure, with short-term borrowings at a high level, a relatively high scale of external guarantees, and obvious pressure on net assets.