Ruifeng Green Energy AI Computing Holdings Limited (RF Green Energy AI Computing) reported a mixed set of interim results for the six months ended 30 June 2026. Revenue rose 5.41 % year on year to RMB 193.34 million, yet the Group swung to a substantially wider net loss of RMB 752.25 million, compared with a RMB 40.36 million loss in the prior-year period.
Financial Performance • Gross profit increased 25.66 % to RMB 56.94 million, lifting gross margin to 29.5 % (H1 2025: 24.7 %). • The operating result deteriorated to a loss of RMB 663.39 million versus a RMB 41.13 million profit a year earlier. • Two non-cash share-based payment charges—RMB 54.06 million linked to the June 2026 share issuance and RMB 637.53 million related to HKD-denominated 2026 convertible bonds—were the primary drivers of the enlarged loss. • Finance costs climbed 41.70 % to RMB 85.15 million, reflecting higher borrowing levels and default interest on legacy convertible bonds.
Segment Trends • Wind power revenue declined 43.66 % to RMB 102.21 million due to lower wind resources and increased curtailment. • Energy storage, which commenced commercial operations mid-2025, generated RMB 91.14 million, accounting for 47.10 % of group turnover. • Segment profit from energy storage turned positive at RMB 12.44 million, offsetting a RMB 12.07 million loss in wind power.
Balance Sheet and Liquidity • Net debt expanded to RMB 2.83 billion from RMB 2.25 billion at year-end 2025; total borrowings reached RMB 3.11 billion. • Liquidity ratio deteriorated to 44 % (FY 2025: 73 %), while net liabilities widened to RMB 687.73 million. • Convertible bonds of RMB 1.15 billion now account for 37 % of total borrowings, including the HK$259.70 million (RMB 0.77 billion) 2026 issue completed on 30 June 2026. • Cash and cash equivalents stood at RMB 278.52 million, up from RMB 219.34 million six months earlier, aided by a HK$23.41 million share placement and drawdowns of new loans.
Strategic Developments • The Group rebranded from China Ruifeng Renewable Energy to Ruifeng Green Energy AI Computing in early 2026, signalling its “green power + computing power + energy storage” focus. • Key milestone: acquisition of 144,840 sqm of industrial land in Xuanhua District, Zhangjiakou, for a planned 1 GW AI inference computing centre. The site targets a Power Usage Effectiveness ≤1.2 and Water Usage Effectiveness ≤1.1, integrated with wind and storage capacity to form a zero-carbon park. • The 300 MW/1.2 GWh Chabei independent energy storage plant, fully grid-connected in January 2025, continued to demonstrate commercial viability through capacity leasing and spot-market arbitrage.
Capital Actions • Completed issuance of 119.44 million new shares in June 2026, raising HK$23.41 million; fair-value uplift linked to these shares triggered a RMB 54.06 million share-based payment charge. • Concluded placement of 100.76 million shares in July 2026, post-reporting-date, securing approximately HK$55.42 million in gross proceeds. • No dividends were declared for the interim period.
Outlook Management will prioritise timely construction of the Xuanhua AI computing power centre, expand energy-storage operations, and maintain stable cash generation from the 398.4 MW Hongsong wind farm. The Group also intends to optimise its capital structure amid rising debt levels, supported by unutilised RMB 400 million leasing facilities and agreements with bondholders to defer repayments to mid-2027.