USAS Building System (Shanghai) Co., Ltd. (USAS Building) reported interim revenue of RMB 451.75 million for the six months ended 30 June 2026, down 68.3% year on year as a large 2025 order base was not repeated and new contracts started late in the period.

Net profit slipped to RMB 9.87 million, an 84.2% decline from the prior-year period. Basic earnings per share fell to RMB 0.01 from RMB 0.65. The board declared no interim dividend.

Gross profit contracted 57.6% to RMB 61.56 million, yet the gross margin improved to 13.6% from 10.2%, helped by a richer mix of higher-margin industrial environmental equipment and tighter cost controls. Material costs—predominantly steel plate—made up 62.8% of cost of sales versus 73.4% a year earlier.

Segment performance: • PS building subcontracting services remained the core business at RMB 317.03 million, but revenue shrank 74.6% due to lower orders from a key client and project delays. • General contracting services generated RMB 94.40 million, down 33.3% as several projects stayed in pre-construction phases. • Industrial environmental equipment rose 14.3% to RMB 40.32 million on stronger demand for machinery filtering and acoustic systems.

Operating expenses were mixed: administrative costs rose 9.1% to RMB 36.03 million, reflecting overseas expansion, while R&D spending fell 15.6% to RMB 7.85 million. Finance costs increased 8.3% to RMB 5.62 million on higher average bank borrowings. A deferred-tax credit of RMB 7.12 million turned the income-tax line into a RMB 6.10 million credit.

Cash and cash equivalents stood at RMB 254.21 million, down from RMB 419.50 million at end-2025. Bank borrowings rose to RMB 565.56 million, lifting the gearing ratio to 97.5% from 62.0%. Net assets declined to RMB 580.11 million (31 December 2025: RMB 661.92 million).

Contract assets dropped 20.8% to RMB 586.71 million, while contract liabilities increased 45.7% to RMB 66.42 million on higher customer advances. Capital expenditure reached RMB 13.90 million, primarily for plant upgrades in Shanghai, Suzhou and new production lines in Thailand.

During the period USAS Building sold a 43% stake in MEGA Construction (Jiangsu) Co. Ltd., reducing its holding to 8% and deconsolidating the subsidiary. Post-period, the company switched its compliance adviser from SPDB International Capital to Lego Corporate Finance with effect from 22 August 2026.