Nongshang Environment H1 2026 Report: Computing Power Business Gains Traction, Revenue Rises but Losses Widen

Earnings
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Nongshang Environment released its 2026 interim report on August 26. Driven by sustained momentum in its integrated computing power services business, the company achieved significant revenue growth during the reporting period, though net profit attributable to shareholders showed a wider loss. Financial data shows that the company recorded operating revenue of 45.09 million yuan, up 61.37 percent year on year. Net profit attributable to shareholders was negative 29.11 million yuan, with the loss widening 133.19 percent year on year. Net profit after deducting non-recurring items was negative 26.81 million yuan, also more than doubling the loss. Net cash flow from operating activities was negative 10.43 million yuan, swinging from a net inflow in the same period last year to a net outflow. In terms of business structure, integrated computing power services have become the company's absolute core, contributing revenue of 45.35 million yuan during the period and accounting for an extremely high share of total revenue. The segment's gross margin was 17.95 percent, down 8.20 percentage points year on year but still the main source of income. Growth in this segment was mainly driven by the continued performance of Anliantong's existing computing power technical service projects, as well as incremental server sales brought by the construction progress of the Shenzhen factory production lines. By contrast, revenue from the traditional landscaping construction business contracted sharply, and due to a court mediation result, revenue was reduced by 266,300 yuan, turning negative. The main reasons for the widening loss were as follows: administrative expenses surged 78.39 percent to 29.64 million yuan, financial expenses rose 192.13 percent year on year, and research and development investment fell sharply by 96.92 percent. Looking ahead, as the Artificial Intelligence Plus initiative advances and the construction of intelligent computing centers accelerates, demand for computing power infrastructure is expected to remain high. The company's Shenzhen factory already has production capacity for 1,200 servers and 150,000 computing power cards per year. If this capacity can be effectively absorbed and utilization improved, gross margins may be enhanced. However, the company still faces severe challenges. The landscaping business has a huge stock of accounts receivable, with several of the top five debtors being general contractors such as China Construction Third Engineering Bureau, involving long collection cycles and litigation disputes. At the controlling shareholder level, equity changes have caused the company to become a state of having no actual controller, and the original actual controller's commitment to increase shareholding has not been fulfilled. If new production capacity cannot match order growth, it may bring depreciation pressure.

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