Maiquer Group Co Ltd

ST Maiquer released its 2026 interim report, with results swinging sharply into the red. Net profit attributable to the parent company was negative 47 million yuan, a reversal from profit a year earlier. Operating revenue was 241 million yuan, down 18.24 percent year on year. The company's core business contracted. Bakery product revenue was 140 million yuan, accounting for 58.19 percent of total revenue and down 9.53 percent year on year. Dairy product revenue was 74 million yuan, accounting for 30.91 percent and down 16.60 percent. In addition, the company recorded a loss of about 6.97 million yuan on disposal of productive biological assets, and total non-recurring gains and losses were negative 9.3669 million yuan, deepening the loss. All shares held by the controlling shareholder have been frozen, and the company faces liquidity and litigation risks.

Maiquer Group Co., Ltd. has been ordered by a court to pay Guangzhou Minghui Machinery Co., Ltd. overdue goods of 5.9549 million yuan and penalty of 724,700 yuan due to a sales contract dispute. Four pieces of equipment under the company's name, including an R-brick aseptic filling machine and a T-brick aseptic filling machine, will be publicly auctioned on a judicial auction online platform starting at 10 a.m. on August 14, 2026, with a total appraised value of approximately 12.9773 million yuan. The company stated that the above equipment is temporarily idle and will not directly affect daily operations, but the auction still carries uncertainty. In addition, Minghui Machinery had previously applied for bankruptcy liquidation of Maiquer, which the court did not accept at the time, but Minghui Machinery will apply again. In terms of performance, Maiquer expects a net loss attributable to the parent company of 45 million to 50 million yuan in the first half of 2026, turning from profit to loss year-on-year, mainly due to factors such as the elimination of inefficient assets in the farming segment leading to a decline in milk production, a drop in dairy product revenue, and increased sales expenses at bakery stores.

China's bakery sector is growing overall, but listed companies continue to report falling profits. Ganso and Maiquer recently issued first-half earnings forecasts showing losses or a swing from profit to loss. Ganso expects a net loss attributable to shareholders of 59.5 million to 71.4 million yuan for the first half, compared with a profit of 1.235 million yuan a year earlier. Maiquer forecasts a loss of 45 million to 50 million yuan, versus a profit of 1.547 million yuan a year ago. Toly Bread saw first-quarter revenue decline 2.6 percent year on year, while net profit attributable to shareholders dropped 38.3 percent. The industry's overall retail scale has reached 662.15 billion yuan, but nearly 88,000 stores have closed on a net basis over the past year amid fierce competition and shifting channel structures. Zhang Li, general manager of Bimbo China, noted that consumers increasingly prefer healthier products, short-shelf-life fresh items, small packaging, and offerings that pair with coffee and tea. Traditional hypermarket channels are shrinking, while discount stores, instant retail, and membership stores have become high-growth new scenarios. Bimbo's e-commerce channel grew more than 35 percent, and its O2O channel grew over 30 percent. Companies like Ganso and Toly Bread are seeking new growth by optimizing supply chains, expanding diverse store formats, and stepping up community-based operations and instant delivery.

ST Maiquer disclosed its earnings forecast, expecting a net loss attributable to the parent of 45 million to 50 million yuan in the first half of 2026, compared with a profit of 1.5466 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 36 million to 40 million yuan, compared with a loss of 5.8645 million yuan a year earlier. Basic loss per share is expected to be 0.2584 to 0.2871 yuan. The company said the expected loss was mainly due to the proactive elimination of inefficient biological assets, which expanded losses in the farming business, intensified competition in the dairy industry leading to declining revenue and high fixed costs, as well as a temporary increase in selling expenses from bakery store adjustments.