Changyuan Group Ltd

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Changyuan Group's 2026 interim net profit reaches 36.738 million yuan, turning from loss to profit year-on-year

Changyuan Group released its 2026 interim report, showing total operating revenue of 3.816 billion yuan, up 9.97% year-on-year, and net profit attributable to the parent of 36.738 million yuan, an increase of 379 million yuan compared with the same period last year, achieving a turnaround from loss to profit. Net cash inflow from operating activities was 114 million yuan, marking growth for three consecutive years. The asset-liability ratio fell to 75.89%, gross margin rose to 34.24%, return on equity was 1.30%, and earnings per share were 0.03 yuan.

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ST Changyuan applies to remove other risk warning, hits daily limit four minutes after open

ST Changyuan hit its daily limit about four minutes after the open on the first trading day following its application to remove the special designation. Last Friday evening, ST Changyuan announced that the circumstances triggering the other risk warning due to a negative opinion on its internal controls had been eliminated, and that no other risk warning circumstances existed, so it had applied to the Shanghai Stock Exchange to remove the other risk warning on its shares. Previously, ST Changyuan was given a warning and fined 1.6 million yuan by the Shenzhen Securities Regulatory Bureau for failing to disclose in a timely manner related-party non-operating fund occupation, and relevant personnel were fined a total of 2.6 million yuan. The company's recently disclosed 2026 semi-annual earnings forecast shows that, as revenue from smart grid equipment and energy internet technology services rose steadily, it expects net profit attributable to the parent company of 35 million to 52 million yuan, turning from a loss to a profit year on year.

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ST Changyuan Applies to Remove Other Risk Warning

ST Changyuan announced that the circumstances triggering the other risk warning have been eliminated, and there are no other circumstances that would trigger such a warning. The company has applied to the Shanghai Stock Exchange to remove the other risk warning on its shares. This application still requires review by the Shanghai Stock Exchange, and approval is uncertain.

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ST Changyuan Overhauls Top Management as State Capital Steps In to Reshape Internal Controls

ST Changyuan has completed a sweeping overhaul of its senior management team. After the new chairman, Yang, took office on July 1, the company made a concentrated round of appointments for executive president, vice presidents, chief financial officer, and board secretary. The reshuffle follows a major internal control crisis in which then-chairman Wu Qiquan misappropriated a total of 1.087 billion yuan of listed company funds, leading to an adverse opinion on the company's internal controls in its 2024 annual financial report and the imposition of ST status on its shares from April 30, 2025. The newly appointed executive president Shi Rui, CFO Yang Jing, board secretary Yang Huan, and vice president Feng Liang come from state capital systems, multiple listed companies, and within Changyuan itself, covering finance, capital, and business lines. The company expects a core net profit of 80 million to 110 million yuan in the first half of 2026, but core net profits for 2023, 2024, and 2025 were 90 million yuan, negative 668 million yuan, and negative 853 million yuan respectively, indicating lingering concerns over its operating fundamentals. Industry insiders note that the state-backed executives will need time to integrate with the existing team, systemic internal control deficiencies cannot be eradicated in the short term, and the ST label raises financing costs. The new leadership faces the dual task of improving information disclosure, restoring confidence, and optimizing business operations.

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