Changrun Shares disclosed its 2026 semi-annual report on the evening of August 28. The company achieved operating revenue of 1.536 billion yuan, up 9.67% year on year, but net profit attributable to the parent company was 90.6125 million yuan, down 15.55% year on year. Behind the divergence between revenue and profit lie the dual pressures of aggressive spending on e-commerce expansion and exchange rate fluctuations. During the reporting period, the company's selling expenses reached 88.7613 million yuan, a sharp year-on-year increase of 87.89%, of which market promotion expenses soared from 6.0729 million yuan in the same period last year to 50.2823 million yuan, a rise of more than seven times, mainly due to increased sales on the Amazon e-commerce platform. At the same time, financial expenses amounted to 32.8893 million yuan, compared with a gain of 5.2033 million yuan in the same period last year, and net exchange losses reached 25.8677 million yuan, in stark contrast to the exchange gain of 10.1137 million yuan in the same period last year. Net cash flow from operating activities was 95.1461 million yuan, down 15.82% year on year, while net cash flow from investing activities shifted from a net inflow of 7.1603 million yuan to a net outflow of 188 million yuan. Short-term borrowings surged from 346 million yuan to 531 million yuan, an increase of 53.39%, and trading financial assets rose from 132 million yuan to 279 million yuan, up 111.84%. The company continues to maintain a dual-driver strategy in the aftermarket and OEM pre-installation market. The annual sales scale of the first phase of its Thailand production base has exceeded 50 million US dollars, and cross-border e-commerce SKUs exceed 2,500. The book value of inventory was 529 million yuan, an increase of 40.6761 million yuan from the beginning of the period, and the balance of inventory write-down provisions was 35.1781 million yuan. Looking ahead to the second half of the year, the company faces risks such as changes in international trade policies and rising raw material prices. As of the close on August 28, Changrun Shares rose 0.27% to 14.88 yuan per share, with a total market value of about 2.827 billion yuan.
Changshu Tongrun AutoNet profit down 15.55% due to higher e-commerce spending and exchange losses.
