Zhuhai Winbase International Chemical Tank Terminal Co Ltd

Winbase Tank Terminal released its 2026 interim report on August 28. Due to rising credit risk in its subsidiary's commercial factoring business and a large provision for bad debts, performance swung from profit to loss. Operating revenue for the reporting period was 142 million yuan, down 17.44 percent year on year. Net profit attributable to the parent company was negative 33 million yuan, down 175.05 percent year on year. Non-GAAP net profit was negative 41 million yuan, down 208.98 percent year on year. Net cash flow from operating activities was 249 million yuan, a surge of 3,920.31 percent year on year, mainly due to the recovery of factoring receivables and receipt of government subsidies. Credit impairment losses reached negative 45 million yuan, compared with 2 million yuan in the same period last year. The wholly owned subsidiary Hengxuda Commercial Factoring Company posted a net loss of 49 million yuan for the period, becoming the main drag. The company earned about 45 million yuan in investment income through wealth management products, but this was still insufficient to cover the losses.

Winbase Tank Terminal disclosed its earnings forecast, expecting a net loss attributable to the parent company of 28.5 million to 37 million yuan in the first half of 2026, compared with a profit of 44.4411 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 38 million to 46.5 million yuan, versus a profit of 37.9706 million yuan a year earlier. The company said the decline in performance was mainly due to narrowing gross margins caused by supply-demand adjustments and intensifying regional competition in the bulk liquid petrochemical storage industry, as well as credit impairment provisions for some overdue receivables in the commercial factoring business. However, this impairment is a non-cash charge, and the company has ample cash flow, so daily operations are not affected.