Ningbo Orient Wires and Cables Co Ltd

Orient Cable disclosed its half-year report, with first-half operating revenue reaching 5.8 billion yuan, up 30.85% year-on-year, and net profit attributable to shareholders of the listed company at 565 million yuan, up 19.41% year-on-year. The performance growth was mainly driven by a dual land-and-sea strategy, with increased market share in land cables, steady delivery of submarine cable and marine engineering projects, and higher sales revenue from high-value-added submarine cables and high-voltage cables. As of August 3, 2026, the company's order backlog stood at approximately 17.934 billion yuan. However, net cash flow from operating activities was negative 157 million yuan, compared with 714 million yuan in the same period last year, a year-on-year decrease of 122.02%, marking the first time in recent years that operating cash flow turned negative. The company explained that this was mainly due to a decrease in operating receivables received during the period. Total liabilities continued to surge, reaching 9.002 billion yuan at the end of the first half of 2026, an increase of about 1.75 billion yuan from the end of the previous year, with the asset-liability ratio rising to 51.56%, the highest level in recent years. Accounts receivable also grew significantly, reaching 4.492 billion yuan at the end of the first half, a sharp increase of 32.44% year-on-year, accounting for as much as 77.45% of current-period revenue. Inventory increased from 3.95 billion yuan at the end of the previous year to 5.121 billion yuan, and inventory write-down losses and contract performance cost impairment losses doubled compared with the same period last year.