Beijing Hanjian Heshan Pipeline Co Ltd

Hanjian Heshan disclosed its 2026 semi-annual report on August 28. In the first half, it achieved total operating revenue of 162 million yuan, down 47.75 percent year on year, while net profit attributable to the parent company showed a loss of 18.1 million yuan, compared with a profit of 6.38 million yuan in the same period last year. The company mainly produces prestressed steel cylinder concrete pipes and other products. During the reporting period, net cash flow from operating activities was negative 70.68 million yuan, a year-on-year decrease of 41.93 million yuan. As of the end of the first half of 2026, the book value of the company's inventory was 233 million yuan, accounting for 113.74 percent of net assets, with an inventory write-down provision ratio of 7.46 percent. In addition, data from China Securities Depository and Clearing Corporation showed that as of August 21, 29.91 percent of the company's shares were pledged, and the largest shareholder, Beijing Hanjian Group, had pledged 86.64 percent of its holdings.

Han Jian Heshan disclosed its earnings forecast, expecting a net loss attributable to the parent of 11.5 million to 17 million yuan in the first half of 2026, compared with a profit of 6.3761 million yuan in the same period last year. The net loss after deducting non-recurring items is also expected to be 11.5 million to 17 million yuan, versus a profit of 6.0216 million yuan a year earlier. The company explained that the loss is mainly because newly won projects are still in the base construction or stockpiling stage in the first half of the year and have not yet generated revenue, while existing orders have largely completed delivery, resulting in expected revenue not being realized while fixed expenses continue to be incurred. According to company information, its main business is the production and sale of prestressed steel cylinder concrete pipes, reinforced concrete pipes, and concrete admixtures.