China Lesso’s 1H26 Profit Drops 30% on Softer Domestic Demand; Overseas Sales Share Climbs to 12%

Bulletin Express
09/28

China Lesso Group Holdings reported 1H26 revenue of RMB 11.91 billion, a 4.50% year-on-year decline, as softer Mainland demand for plastic piping offset gains abroad. Gross profit slipped 2.50% to RMB 3.43 billion, yet the gross margin edged up 0.6 ppt to 28.8% on tighter cost control and strategic raw-material sourcing.

Profit before tax fell 27.40% to RMB 0.95 billion; profit attributable to shareholders decreased 30.50% to RMB 0.73 billion, translating into basic EPS of RMB 0.24. Net margin narrowed to 5.8% from 7.5% a year earlier. EBITDA declined 17.0% to RMB 2.05 billion, with interest cover improving to 6.83 times.

Segment performance: • Plastic Piping Systems contributed 86.3% of group revenue at RMB 10.28 billion, down 5.3%; segment gross margin improved to 30.0%. • Building Materials & Home Improvement revenue inched up 1.9% to RMB 0.87 billion amid real-estate weakness. • Other businesses—including environmental, new energy, and supply-chain services—generated RMB 0.75 billion, broadly flat year-on-year.

Geographically, domestic sales accounted for 87.9% of revenue versus 91.5% a year earlier, while overseas revenue rose 36.2% to RMB 1.44 billion, lifting its share to 12.1%. Southern China remained the largest market at 43.5% of revenue.

Capital expenditure reached RMB 1.12 billion, focused on overseas factory construction and equipment purchases. Total assets stood at RMB 56.16 billion, while net debt increased 15.9% to RMB 13.42 billion; the net-debt-to-equity ratio rose to 52.8%. Cash and bank deposits fell 29.9% to RMB 4.57 billion, but interest expenses declined 19.9% to RMB 0.30 billion after debt-structure optimisation.

Management reaffirmed its six-pillar strategy—core-business focus, overseas expansion, business mix optimisation, risk control, product/customer diversification, and capital structure improvement—citing China’s planned RMB 5 trillion pipeline-network upgrade as a medium-term demand driver.

No interim dividend was declared; a final 2025 dividend of HK$0.20 per share was paid on 10 July 2026.

免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。

热议股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10