Haide Co., Ltd. 2026 Interim Report: Asset Revaluation Lifts Profit, Operating Cash Flow Turns Negative

Earnings
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Haide Co., Ltd. released its 2026 interim report on August 27. Revenue for the reporting period was 1.864 billion yuan, up 452.34 percent year on year. Net profit attributable to the parent company was 1.347 billion yuan, up 815.77 percent. Net profit attributable to the parent company excluding non-recurring items was 1.338 billion yuan, up 909.10 percent. The explosive growth was mainly driven by a significant revaluation of the fair value of non-performing assets and an expansion in disposal scale. The financial industry non-performing asset disposal business contributed revenue of 1.819 billion yuan, accounting for 97.58 percent of total revenue, with a gross margin of 85.46 percent. However, net cash flow from operating activities was negative 16 million yuan, swinging from a net inflow of 901 million yuan in the same period last year to a net outflow, mainly because net collections from the non-performing asset business declined. This shows that the earnings growth relied mainly on book revaluation rather than cash recovery. In addition, financial expenses fell 33.58 percent year on year due to lower interest expenses on borrowings from financial institutions. The company was previously fined 2 million yuan by the China Securities Regulatory Commission for information disclosure violations, and its actual controller Wang Guangxi was fined 6.8 million yuan. That case has been closed. As a licensed local asset management company, the company benefits from policy dividends such as the extension of the pilot program for batch transfers of non-performing personal loans, but it needs to guard against its reliance on capital market conditions for profit and monitor the improvement of operating cash flow.

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