Baiyang Investment Group released its 2026 interim report on August 27. The company relied on volume and price increases in its feed and raw materials business to offset a decline in processed aquatic product exports, resulting in a reporting period marked by higher revenue but lower profit. At the same time, affected by exchange rate fluctuations and inventory impairments, net profit attributable to the parent company swung sharply into a loss, and net operating cash outflow widened significantly. During the reporting period, the company achieved operating revenue of 2.051 billion yuan, up 21.08 percent year on year. Net profit attributable to the parent company was negative 83 million yuan, turning from profit to loss compared with the same period last year. Non-GAAP net profit was negative 93 million yuan, down 1,504.91 percent year on year. Net cash flow from operating activities was negative 330 million yuan, with the net outflow widening by 65.32 percent year on year. In terms of business structure, the feed and feed raw materials business contributed combined revenue of 1.063 billion yuan, with its share rising to 51.83 percent, and feed raw materials revenue grew 41.36 percent year on year. The processed aquatic products business was hit by tariff wars, geopolitical conflicts, and renminbi appreciation, with operating revenue of 683 million yuan, down 9.47 percent year on year, and gross margin falling 6.81 percentage points to 2.04 percent. Revenue from the hog farming business surged 406.3 percent to 197 million yuan, but falling pork prices meant it did not provide effective profit support. The main reasons for the change in performance were narrower gross margins in the core business and an increase in non-operating losses. Financial expenses rose 152.34 percent to 37.35 million yuan due to exchange losses, compounded by an inventory write-down provision of 52.40 million yuan. Looking ahead, uncertainty in the global trade environment remains the main external risk, and the company needs to monitor inventory destocking and accounts receivable collection.
Baiyang Aquatic Group IncNet profit swung to a loss of 83 million yuan, with cash flow deteriorating.
