FULLSHARE Holdings Limited reported an unaudited net loss of RMB16.04 million for the six months ended 30 June 2026, reversing a RMB179.30 million profit a year earlier. Loss attributable to shareholders deepened to RMB246.79 million, pushing basic and diluted loss per share to RMB0.388 (1H 2025: RMB0.232).

Revenue contracted 23% year on year to RMB7.86 billion, with the new-energy division—still the group’s dominant contributor—falling 25% to RMB7.52 billion amid lower deliveries of wind gear transmission equipment. Property rentals slipped 29% to RMB77.32 million, while tourism sales rose 15% to RMB153.90 million. Investment and financial services income increased to RMB10.83 million, and healthcare, education and other businesses more than doubled to RMB98.66 million.

Despite the revenue decline, group gross profit eased only 2% to RMB1.89 billion as gross margin improved to 24% (1H 2025: 19%), reflecting a richer product mix in the new-energy segment. Operating profit fell 49% to RMB283.23 million, and profit before tax dropped 77% to RMB59.66 million after higher research & development spending of RMB592.57 million (+31%) and a 41% jump in impairment provisions to RMB205.52 million. Other items included a RMB239.08 million net loss, driven by RMB177.21 million foreign-exchange losses and a RMB50.70 million devaluation of investment properties; the prior-year period had booked a one-off disposal gain of RMB105.66 million.

Finance costs declined 17% to RMB197.82 million on lower average borrowings. Cash and cash equivalents stood at RMB5.03 billion (31 December 2025: RMB5.79 billion), while restricted cash totalled RMB3.36 billion. Net assets were broadly stable at RMB15.11 billion, leaving the gearing ratio unchanged at 25% and the current ratio at 1.2. No interim dividend was declared.

The independent auditor issued a qualified review conclusion, citing insufficient evidence on RMB6.63 billion of fully-impaired trade receivables and prepayments linked to historical trading activities, and on balances related to an EPC project. Further independent investigations and internal-control reviews are under way.

Operationally, control issues over key subsidiary Nanjing High Speed Gear Manufacturing were resolved following amendments to its articles of association on 30 June 2026, enabling FULLSHARE’s listed subsidiary China High Speed Transmission to nominate a board majority. Post-period, FULLSHARE raised HK$75.60 million (approximately RMB69.10 million) via a 72 million-share placement completed on 31 July 2026, with proceeds earmarked for debt repayment and general working capital.