Hainan Haiqi Transportation Group Co Ltd

Haiqi Group released its 2026 interim report, with net profit attributable to the parent company at negative 44.65 million yuan, a loss expansion of 16.87 million yuan compared with the same period last year. The company's total operating revenue was 281 million yuan, down 22.46% year-on-year; net cash inflow from operating activities was 12.38 million yuan, down 86.57% year-on-year. The company's latest asset-liability ratio was 69.17%, gross margin was 8.60%, ROE was negative 5.96%, and diluted earnings per share was negative 0.14 yuan.

Haiqi Group has issued a progress update on its major asset restructuring, under which it plans to acquire control of Hailu Duty Free after the Huating project is carved out, by paying cash and or assets to Hainan Tourism Investment. According to Hainan Tourism Investment's 2025 bond annual report, the target company, excluding the Huating project, posted a loss of about 146 million yuan in 2025. The company said that due to fierce competition in the domestic duty-free market and slowing consumer demand, there is considerable uncertainty over whether the target company's performance can improve in the future. Major obstacles remain in advancing this restructuring, and there is significant uncertainty over whether it can ultimately be completed.