WL DELICIOUS reported first-half 2026 revenue of RMB3.71 billion, a 6.7% year-on-year increase. Net profit rose 4.0% to RMB0.77 billion, while gross profit climbed 8.1% to RMB1.78 billion, lifting gross margin by 0.6 percentage points to 47.8% thanks to continued supply-chain cost reductions.

Vegetable products remained the growth engine, with sales up 15.8% to RMB2.44 billion and contributing 65.7% of total revenue. Seasoned flour products fell 9.8% to RMB1.18 billion, reflecting portfolio rebalancing and weaker traditional offline traffic. Other products, led by the new stinky-tofu line, surged 44.1% to RMB92.48 million.

Offline channels generated 87% of total sales at RMB3.23 billion, up 2.7%; online revenue jumped 43.8% to RMB482.86 million, driven by a 62.4% surge in direct-to-consumer e-commerce.

Operating cash flow reached RMB243.46 million. The balance sheet showed cash, cash equivalents and term deposits of RMB7.12 billion against borrowings of RMB1.76 billion, cutting the gearing ratio to 23.5% (31 Dec 2025: 30.1%). Capital commitments for property, plant and equipment stood at RMB236.72 million, mainly for the Nanning production base under construction.

The Board approved an interim dividend of RMB0.19 and a special dividend of RMB0.09 per share, totalling RMB680.49 million, equivalent to roughly 90% of first-half earnings. During the period the company repurchased 507,600 shares on-market for HKD3.61 million, which are held as treasury shares for future incentive schemes.

Management highlighted continued investment in automation, R&D and omni-channel expansion, with capacity utilisation at 74.6% across five Henan plants and further output to be added upon completion of the Guangxi facility.