Fullshare Holdings Limited reported interim revenue of RMB7.86 billion for the six months ended 30 June 2026, down 23% from RMB10.27 billion a year earlier, as lower wind-gear deliveries cut sales in its New Energy segment.
Gross profit slipped 2% to RMB1.89 billion, though margin improved to 24% from 19% on stronger pricing in large-megawatt wind-gear products. Research and development spending rose 31% to RMB592.57 million as the group accelerated product upgrades. Net impairment charges on financial assets and guarantees climbed 41% to RMB205.52 million.
Operating profit fell to RMB283.23 million from RMB551.14 million; finance costs eased 17% to RMB197.82 million on reduced borrowings. After a RMB75.70 million tax charge, Fullshare recorded a net loss of RMB16.04 million, reversing a RMB179.30 million profit in the prior-year period. Loss attributable to shareholders was RMB246.79 million, versus a RMB147.99 million loss a year ago; basic loss per share widened to RMB0.388.
Segment performance: • New Energy: revenue RMB7.52 billion (-25%), gross profit RMB1.81 billion, margin 24%. • Properties: revenue RMB77.32 million (-29%). • Tourism: revenue RMB153.90 million (+15%). • Healthcare, Education & Others: revenue RMB98.66 million (+139%). • Investment & Financial Services: revenue RMB10.83 million.
Liquidity and capital: • Cash and cash equivalents stood at RMB5.03 billion (-13% from year-end 2025). • Total debt was RMB11.27 billion (-3%), with a 25% gearing ratio. • Net current assets amounted to RMB4.06 billion.
Auditor’s qualified conclusion: CLA Prism Hong Kong issued a qualified review opinion, citing insufficient evidence on (1) RMB6.64 billion of trade receivables and prepayments linked to legacy trading activities in the New Energy segment, and (2) RMB1.77 billion of balances tied to an EPC project. The auditor could not confirm the nature, existence or valuation of these items, nor the completeness of related-party disclosures.
Subsequent events: • On 31 July 2026, Fullshare completed a HK$75.60 million share subscription, issuing 72 million new shares at HK$1.05 each. Net proceeds of about HK$75.00 million are earmarked for loan repayment (HK$47 million) and working capital (HK$28 million).
• Subsidiary China High Speed Transmission (CHS) amended articles of Nanjing High Speed Gear, strengthening control, and initiated further investigations into disputed trade receivables and an EPC project.
Outlook: Management will focus on stabilising core segments, enhancing cash generation, continuing recovery efforts for impaired assets, and strengthening internal controls to address auditor reservations.