ST Jinling released its 2026 interim report. The company completed bankruptcy restructuring and optimized its business structure, divesting low-efficiency assets and focusing on high-end fluid machinery. However, due to a smaller consolidation scope and the impact of debt restructuring, it still reported a loss for the period. Financial data show that revenue was 256 million yuan, down 30.83% year on year. Net loss attributable to the parent was 861 million yuan, wider than a year earlier. Non-GAAP net loss was 33 million yuan, narrowing 79.40% year on year. Net cash flow from operating activities was negative 343 million yuan, with the outflow widening. Total assets fell to 1.795 billion yuan at period-end, down 56.47% from the end of last year. Net assets attributable to shareholders of the listed company turned positive at 1.3 billion yuan, mainly due to restructuring investment inflows and debt forgiveness. During the reporting period, the company's business structure underwent a fundamental adjustment. Industrial boiler manufacturing and related EPC and EMC businesses were removed from the consolidation scope. Its main products now focus on high-end fluid machinery equipment such as industrial blowers, centrifugal compressors, and steam turbines. Compressor revenue was 71.06 million yuan, up 60.07% year on year, with gross margin up 7.41 percentage points to 22.76%, making it the core growth engine. Steam turbine revenue was 22.31 million yuan, up 62.47% year on year, but gross margin remained negative. Revenue from traditional blowers, a former strength, was 95.73 million yuan, down 33.34% year on year. The sharp revenue decline was mainly due to a smaller consolidation scope after implementing the restructuring plan. The large net loss attributable to the parent mainly stemmed from non-recurring items, including about 847 million yuan in debt restructuring losses. Excluding that factor, the non-GAAP net loss narrowed significantly, showing that core business profitability is recovering. In addition, the company rebuilt its supply chain, promoted centralized procurement, and reduced costs through technology. Period expense ratios fell markedly, with administrative expenses down 56.78% and selling expenses down 39.06% year on year. Currently, the state is promoting large-scale equipment upgrades and energy-saving and carbon-reduction retrofits. Industrial high-efficiency fans and compressed air energy storage are benefiting from policy tailwinds, providing structural market opportunities for the company's core products. With resource support from its new controlling shareholder Huitongda, the company is expected to improve in credit repair, market expansion, and financing channels. However, it still faces challenges including raw material price volatility, slow accounts receivable turnover, and an unresolved delisting risk warning.
JiangSu Jin Tong Ling Fluid MachStill reports a net loss of 861 million yuan and wider cash outflow, despite narrowed non-GAAP loss.
