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Kingclean Electric's 2026 interim report: equity sale offsets forex losses, non-GAAP net profit plunges
Kingclean Electric published its 2026 interim report on August 26. During the reporting period, it achieved operating revenue of 4.657 billion yuan, down 2.60 percent year on year. Net profit attributable to the parent company was 232 million yuan, down 45.80 percent year on year. Non-GAAP net profit was only 4.9846 million yuan, a sharp year-on-year decline of 98.80 percent. The company obtained investment income of about 210 million yuan by selling a 90 percent stake in its wholly owned subsidiary Precision Machinery, effectively hedging the pressure from declining core business profitability. The sharp fluctuation in performance mainly stemmed from foreign exchange losses of 389 million yuan, compared with a foreign exchange gain of 17.4626 million yuan in the same period last year. The difference of nearly 400 million yuan directly caused net profit attributable to the parent company to be cut in half. Excluding the impact of foreign exchange gains and losses, total profit grew 49.89 percent year on year, and net profit attributable to the parent company grew 36.20 percent year on year. The company's main business is divided into ODM and OEM, its own brands, and core components. Among these, the core components business has become an important growth driver. The motor business achieved breakthroughs in construction machinery and new energy vehicles, and automotive precision die-cast components secured more than 30 new project nominations.