Ruichang International Holdings Limited reported interim results for the six months ended 30 June 2026.
Revenue rose 25.5% year-on-year to RMB 190.49 million, driven chiefly by a 131.7% increase in sales of sulphur-recovery and VOCs-incineration equipment to RMB 91.80 million. Process burner revenue advanced 35.0% to RMB 50.73 million, partially offset by a 25.9% decline in catalytic-cracking equipment sales and a 59.8% drop in heat-exchanger sales.
Gross profit climbed 32.4% to RMB 52.84 million, lifting gross margin to 27.7% from 26.3% a year earlier. Net loss narrowed 35.2% to RMB 24.68 million, reflecting the higher gross margin and revenue scale, although selling and administrative expenses grew on head-count expansion and overseas market development.
Cash and bank balances stood at RMB 143.09 million at period-end (31 December 2025: RMB 116.83 million). Total borrowings increased to RMB 245.71 million from RMB 194.20 million, comprising RMB-denominated, fixed-rate debt; the rise mainly funded new projects. Capital commitments for property and equipment total RMB 43.54 million.
Operationally, Ruichang International secured a single overseas contract worth about USD 50 million during the first half, pushing contract backlog to a record level, up RMB 242 million versus the prior-year period. The company opened a Hong Kong office and continued to build its Dubai platform to deepen engagement in GCC markets, while expanding into Southeast and Central Asia.
Management highlighted priorities for the second half, including advancing core-product R&D, focusing on high-quality execution of overseas projects, completing trial operations at the Huangshan phosphorus-recovery plant, and enhancing data-driven cost control. No interim dividend was declared.
The board reiterated its commitment to ESG-aligned product development and confirmed that the use of IPO proceeds remains in line with the prospectus, with RMB 10.30 million of the net RMB 55.60 million raised yet to be deployed, primarily for capacity expansion.