Jiangsu Horizon Chain Supermarket Co. Ltd. (Jiangsu Horizon) reported 1H 2026 revenue of RMB 807.76 million, a 4.70% year-on-year increase, underpinned by a 24.5% rise in wholesale sales to RMB 548.94 million. Total retail general sales fell 19.5% to RMB 210.66 million and bulk retail sales contracted 27.6% to RMB 24.59 million amid softer consumer sentiment. Meal-supply revenues nearly halved to RMB 7.22 million following non-renewed catering contracts.

Gross profit slipped 7.5% to RMB 128.40 million as a heavier wholesale mix and aggressive discounting compressed gross margin to 15.9%, down 2.1 ppts. Selling and distribution costs fell 6.2% to RMB 70.44 million, while administrative and other operating expenses declined 38.3% to RMB 20.14 million, reflecting the absence of RMB 12.55 million in listing expenses booked a year earlier.

Reported net profit jumped 64.6% to RMB 22.25 million, but adjusted net profit—which excludes prior-year listing costs—dipped 14.6% to RMB 22.25 million due to lower retail profitability, foreign-exchange losses of RMB 3.40 million and a RMB 3.53 million uplift in net finance costs.

Operating cash outflow totalled RMB 11.80 million versus RMB 141.78 million a year earlier. Cash and cash equivalents fell to RMB 128.80 million from RMB 238.43 million at end-2025. The current ratio stood at 1.49, while total borrowings of RMB 586.32 million produced a gearing ratio of 77.4%, down from 81.1% six months prior.

Capital expenditure reached RMB 31.50 million, largely for property, plant and equipment. Shareholders’ equity inched up to RMB 758.00 million.

Use of IPO proceeds: HK$29.80 million had been deployed by the latest practicable date, mainly for store renovations and distribution-centre expansion, leaving HK$59.24 million unspent. The board reallocated HK$58.55 million of placing proceeds—originally earmarked for a capital injection into Haike Hongxin—to general working capital after disposing of an 18% stake in that entity for RMB 25 million on 17 July 2026.

Strategic priorities include accelerating omni-channel rollout, unmanned store expansion, ERP upgrades, and potential AI-driven retail analytics. Roll-out of a new central kitchen remains on hold pending government regularisation of land-use rights; the company continues to assess distribution-centre expansion.

No interim dividend was declared. The company reported no material litigations, no further acquisitions or disposals, and no share repurchases during the period.