Harbin Air Conditioning Co Ltd

Harbin Air Conditioning released its 2026 interim report, showing a net loss attributable to the parent company of 52.54 million yuan, an increase in losses of 44.90 million yuan compared with the same period last year. Total operating revenue was 453 million yuan, down 17.45 percent year-on-year. Net cash outflow from operating activities was 152 million yuan, an increase of 124 million yuan from a year earlier. The company's latest asset-liability ratio was 71.23 percent, gross margin was 9.45 percent, return on equity was negative 6.66 percent, and diluted earnings per share was negative 0.14 yuan.

Harbin Air Conditioning’s controlling shareholder, Harbin Industrial Investment Group, has proposed removing Zhan Xuefeng from his position as a non-independent director of the company’s ninth board. If the shareholders’ meeting approves, his role as a member of the strategy committee will also lapse simultaneously. The company’s fourth extraordinary board meeting of 2026 passed the proposal with eight votes in favor, one against, and zero abstentions, and it will be submitted to the second extraordinary shareholders’ meeting of 2026 for deliberation. Zhan Xuefeng, the person involved, voted against the motion and does not accept the removal arrangement. At the same time, the board nominated Wang Zhe as a candidate for non-independent director of the ninth board. If the shareholders’ meeting approves, Wang Zhe will concurrently serve as a member of the strategy committee. After stepping down as a director, Zhan Xuefeng will retain multiple management positions in the company and its subsidiaries and does not hold any company shares. Harbin Air Conditioning expects its net profit attributable to the parent company for the first half of 2026 to be between negative 48 million and negative 57 million yuan, which would be the most loss-making half-year report in more than 20 years since its listing, compared with a loss of 7.6431 million yuan in the same period last year.