Tongxing Technology released its 2026 interim report. In the first half, operating revenue reached 783 million yuan, up 26.25% year on year, but net profit attributable to the parent company was 51.24 million yuan, down 25.50% year on year. Net profit after deducting non-recurring items was 48.63 million yuan, down 9.21% year on year, while gross margin and net margin fell to 17.35% and 6.54% respectively. Revenue from refrigeration components and products was 677 million yuan, accounting for 86.41% of total revenue, and domestic revenue accounted for 91.87%. In the first half, the company completed the acquisition of 51% stakes in Wuxi Tongwei Precision Machinery Company Limited and Bingyuan Power Xiamen Technology Company Limited. Net cash flow from operating activities was negative 67.87 million yuan, a year-on-year decrease of 339.74%, and finance expenses rose 297.19% year on year. The company will not distribute cash dividends for the first half of 2026. Among its fundraising projects, the industrialisation project for high-efficiency heat exchangers in light commercial systems has reached an investment progress of 53.69% and has been extended to 18 May 2027.
Zhejiang Tongxing Technology Co. Ltd. ANet profit attributable to parent fell 25.50% despite revenue growth, with margins declining.
