Zhongke Haixun 2026 Interim Report: Core Business Scales Up, Losses Narrow but Cash Flow Under Pressure

Earnings
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Zhongke Haixun released its 2026 interim report on August 27. Supported by its technical accumulation and order backlog in the sonar equipment segment of the special electronic information industry, the company's performance showed a narrowing loss during the reporting period. The company achieved operating revenue of 105 million yuan, up 9.04 percent year on year. Net profit attributable to the parent company was negative 45 million yuan, narrowing the loss by 30.54 percent year on year. Net profit after deducting non-recurring items was negative 45 million yuan, narrowing the loss by 30.88 percent. Net cash flow from operating activities was negative 102 million yuan, with the net outflow expanding by 40.19 percent compared with the same period last year. Inventory at the end of the period reached 473 million yuan, up 39.65 percent from the beginning of the period, and its share of total assets rose to 36.56 percent. The core revenue source was the signal processing platform, which achieved operating revenue of 98 million yuan in the period, a sharp year-on-year increase of 143.24 percent, accounting for more than 93 percent of operating revenue, but its gross margin was 23.40 percent, down 11.17 percentage points year on year. The revenue growth was mainly driven by the advancement and delivery of major orders, including an information processing subsystem project with a winning bid amount of 163 million yuan and an information processing equipment development project with a winning bid amount of 288 million yuan. The narrowing loss on the profit side mainly came from increased gross profit contribution due to revenue growth, as well as a reduction of about 28 million yuan in credit impairment losses compared with the same period last year. However, administrative expenses rose 28.72 percent year on year, mainly due to higher employee compensation and severance payments. Accounts receivable at the end of the reporting period reached as high as 393 million yuan, and combined with high inventory, working capital pressure was significant.

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