Beijing-based Jingkelong reported a consolidated net loss attributable to shareholders of RMB149.66 million for the six months ended 30 June 2026, an increase of 37.23% from the prior-year period. Principal operating income declined 12.74% to RMB3.48 billion, while gross profit fell 25.29% to RMB256.31 million and the overall gross margin slipped 1.2 percentage points to 7.4%.

Retail revenue dropped 14.8% to RMB917.99 million, reflecting weaker same-store sales and the closure of six outlets. The segment maintained a stable gross margin of 16.7% (up 0.1 ppt). Jingkelong operated 77 stores at period-end, comprising 73 directly-run and four franchised sites with a total net selling area of 86,192.54 sq m.

Wholesale revenue decreased 12.0% to RMB2.55 billion. Chaopi Group’s gross margin narrowed to 3.9%, down 1.7 ppt, pressured by softer demand, reduced cross-border trade and lower manufacturer rebates, especially in dairy and alcohol categories.

EBIT swung to a loss of RMB123.63 million versus a RMB64.83 million loss a year earlier, as lower revenue and margins outweighed cost controls. Net finance costs eased to RMB34.95 million (-34.2% YoY) on reduced borrowing rates.

Operating cash flow remained positive at RMB209.95 million, though down sharply from RMB732.39 million in the prior period. Cash and cash equivalents stood at RMB776.37 million. Total interest-bearing debt was RMB2.40 billion, giving a gearing ratio of 76.5% (-0.3 ppt YoY).

Capital expenditure reached RMB13.01 million, focused on store refurbishments and digital initiatives, including AI-driven merchandising and membership systems. Contracted but unprovided capital commitments totalled RMB65.39 million.

During June the Shanghai court accepted the bankruptcy petition for subsidiary Chaopi International Trading (Shanghai) Co., Ltd., which has been deconsolidated. The group continues to contest a historical land-compensation dispute; retrial proceedings are ongoing.

No interim dividend was proposed.