Tonghua Grape Wine Co Ltd

ST Tongpu released its 2026 interim report, with net profit attributable to the parent company at negative 30.481 million yuan, a widening of 7.1776 million yuan compared with the same period last year. Total operating revenue was 296 million yuan, down 22.93% year-on-year, and net cash outflow from operating activities was 115 million yuan. The asset-liability ratio rose to 70.04%, gross margin fell to 18.36%, and ROE was negative 14.97%.

ST Tongpu released its 2026 interim report. Operating revenue was 296 million yuan, down 22.9% year on year. Net profit attributable to the parent swung from a loss of 23.3 million yuan in the same period last year to a loss of 30.48 million yuan, with the loss widening further. Net profit attributable to the parent after deducting non-recurring items swung from a loss of 17.74 million yuan in the same period last year to a loss of 24.55 million yuan, also widening further. Net operating cash flow was negative 115 million yuan, an improvement of 38.7% year on year. In the second quarter, operating revenue was 106 million yuan, down 43.6% year on year, and the net loss attributable to the parent was 18.96 million yuan, narrower than the loss in the same period last year. As of the end of the second quarter, total assets were 678 million yuan, down 16.2% from the end of the previous year, and net assets attributable to the parent were 204 million yuan, down 11.3% from the end of the previous year.

The wine index has fallen more than 21% over the past 90 days, with several constituent companies expecting losses in the first half of 2026. As of the close on August 21, Wind data showed the wine index at 589.4 points, down 21.18% from three months earlier and down 29.79% from its November 2024 stage high. Weilong Grape Wine, Tonghua Grape Wine, Mogao and several other stocks expect losses in the first half of 2026. Mogao expects net profit attributable to shareholders of roughly minus 31.5 million yuan to minus 23 million yuan, while Weilong expects roughly minus 15.55 million yuan to minus 10.77 million yuan. Changyu Pioneer Wine disclosed its 2026 half-year report on the evening of August 20, with operating revenue of 1.573 billion yuan, up 6.94% year on year, and net profit attributable to shareholders of 141 million yuan, down 24.29% year on year. In 2025, national output of wineries above designated size was 97,000 kiloliters, down more than 17% year on year, while output in the first half of 2026 was 43,000 kiloliters, roughly flat compared with the same period last year.