Qingshan Paper released its 2026 interim report. In the first half, operating revenue reached 1.233 billion yuan, up 1.9% year on year, but net profit attributable to the parent was only 40.2298 million yuan, down 28.26% year on year. Net operating cash flow was as high as 252 million yuan, surging 480.13% year on year, mainly due to reduced cash paid for goods and employee compensation. Accounts receivable surged 163.56% to 231 million yuan, far outpacing revenue growth. The company explained that customer payments had not yet come due within the credit period. In addition, investment in the capital-raising project for increasing stake in Narcissus Pharmaceutical was only 4.0219 million yuan, with an investment progress ratio of just 0.82%. The 490 million yuan in raised funds remained idle, and the project was suspended in April 2025.
Fujian Qingshan Paper Industry Co LtdNet profit fell 28.26% and accounts receivable surged 163.56%, indicating deteriorating profitability and cash flow quality.
