Jingyi Co. released its 2026 interim report on August 26. During the reporting period, operating revenue reached 2.781 billion yuan, up 16.81 percent year on year, but net profit attributable to the parent company was only 3.9533 million yuan, down 63.59 percent, and non-GAAP net profit was 2.0104 million yuan, down 76.22 percent. Net cash outflow from operating activities was 249 million yuan, widening 22.56 percent year on year, showing a situation of rising revenue without rising profit and a strained capital chain. Revenue from the company's core copper tube processing business was 2.23 billion yuan, accounting for more than 80 percent of total revenue and up 18.93 percent year on year, but gross margin was only 1.38 percent, down 0.65 percentage points. Revenue from copper rod processing was 512 million yuan, up 8.51 percent, with a gross margin of 3.50 percent. The decline in performance was mainly because high copper prices pushed up operating costs, which grew 17.76 percent, outpacing revenue and squeezing gross profit. At the same time, credit impairment losses were relatively large, and research and development spending was halved to 5.74 million yuan. Accounts receivable reached 1.036 billion yuan, and its share of total assets rose to 44.81 percent. Going forward, attention should be paid to copper price fluctuations, cash flow improvement, and collection risks.
Guangdong Jingyi Metal Co LtdHigh copper prices raised costs, squeezing gross margins and causing net profit to fall sharply.
