EACON reported a 1H26 revenue of RMB 548.80 million, down 17.3% year on year, as it continued to pivot toward a customer-provided fleet strategy. The change in business mix boosted gross profit to RMB 103.90 million, an 8.44-times jump, lifting gross margin to 18.9% from 1.7% a year earlier.

Net loss contracted 20.2% to RMB 188.80 million; on a non-HKFRS basis (excluding RMB 4.12 million in share-based payments and RMB 16.85 million in listing expenses), adjusted net loss narrowed to RMB 167.84 million.

SEGMENT PERFORMANCE • Close-environment autonomous mining truck solutions generated RMB 539.55 million, down 18.5%. Within this, customer-provided fleet revenue slipped 13.4% to RMB 360.23 million, while company-provided fleet revenue fell 27.1% to RMB 179.32 million. • Mining digitalisation solutions revenue multiplied to RMB 6.53 million from RMB 0.55 million.

Business model realignment accelerated: customer-provided fleets represented 65.6% of segment revenue (1H25: 62.7%) and roughly 2,500 of the 3,100+ active autonomous trucks in operation.

OPERATIONS & MARKET POSITION • Active autonomous mining trucks almost doubled to 3,100+, securing an estimated 53% share of China’s market (~6,000 trucks industry-wide). • Deployed across 38 sites; nine mines now run fleets exceeding 100 autonomous trucks, and one site operates 566 units. • International expansion advanced with the first six autonomous trucks entering production at Norton Gold Fields’ Havana Pit in Western Australia—the first OEM-agnostic deployment in that market. • The Group achieved the industry’s largest single-site metal-mine project, installing 60 autonomous trucks at Tibet’s Julong Copper Mine.

FINANCIAL POSITION • Cash and equivalents stood at RMB 273.21 million (end-2025: RMB 245.45 million). • Total borrowings reached RMB 1.57 billion; gearing ratio rose to 1.96 (end-2025: 1.33). • Net cash used in operations was RMB 202.08 million; capital expenditure fell sharply to RMB 116.46 million following the asset-light shift.

DEVELOPMENT & OUTLOOK Management will deepen its dual-product focus on autonomous haulage and digital mine solutions, broaden extreme-scenario capability, scale metal-mine deployments, and accelerate overseas growth—targeting Australia, Canada and Chile while exploring emerging markets. Investments will continue in end-to-end algorithm architecture, a unified drive-by-wire platform and next-generation cab-less electric trucks (EQ100E and AT150). About 23% of IPO proceeds are earmarked for international expansion.

CORPORATE UPDATE EACON’s H-shares began trading on 8 July 2026, raising gross proceeds of HK$2.54 billion (US$324 million equivalent). An additional HK$2.41 billion in net proceeds is reserved for R&D, global market entry, talent and strategic investments.

Overall, EACON’s interim results highlight improving profitability metrics despite top-line softness, underpinned by a successful transition to a higher-margin customer-provided fleet model and ongoing international and technological expansion.