Shandong Homey Aquatic Development Co Ltd

Haodangjia disclosed its 2026 semi-annual report. In the first half, total operating revenue reached 803 million yuan, up 12.99% year-on-year. Net profit attributable to shareholders was 29.98 million yuan, up 21.74% year-on-year. However, deducted non-recurring net profit was only 17.19 million yuan, down 11.64% year-on-year. This metric has declined year-on-year for three consecutive years from 2023 to 2025, and the full year 2025 even recorded the first annual loss since listing. Revenue growth mainly came from sea cucumber products, with revenue increasing by about 107 million yuan year-on-year. But affected by market conditions, the selling prices of related products fell sharply, and corresponding profit decreased by 7.24 million yuan year-on-year. Net cash flow from operating activities was 108 million yuan, up 81.71% year-on-year, mainly because the holding subsidiary Shandong Haodangjia Marine Fishing Co., Ltd. received a fuel subsidy of 13.89 million yuan. This subsidy was also included in non-recurring gains and losses, an increase of 13.32 million yuan over the same period last year. The gross margins of the three main businesses were all below 25%, and the overall gross margin fell 2.95 percentage points year-on-year to 17.18%, with core profitability continuing to deteriorate. As of the end of June 2026, the company's short-term borrowings were as high as 2.31 billion yuan, monetary funds were only 564 million yuan, and the balance of cash and cash equivalents was only 44.05 million yuan. The controlling shareholder Haodangjia Group Co., Ltd. pledged 319 million shares, accounting for 59.71% of its total holdings.