Shengli Oil & Gas Pipe Holdings Limited (“Shengli Pipe”) reported a sharp turnaround for the six months ended 30 June 2026. Revenue climbed 65.10% year-on-year to RMB618.77 million, driven by stronger demand from national pipeline projects and renewed supply contracts with China Oil & Gas Pipeline Network Corporation (PipeChina).

Gross profit rose 78.20% to RMB79.82 million, lifting the gross margin by one percentage point to 12.9%. The improvement reflects a higher mix of large-diameter line-pipe orders and anti-corrosion services, which together contributed 100% of revenue; SAWH pipe sales generated RMB564.50 million and anti-corrosion processing added RMB54.27 million.

Profit attributable to owners reached RMB28.95 million, reversing a RMB24.15 million loss in the prior-year period. Basic earnings per share were RMB0.75 cents, versus a loss per share of RMB0.62 cents a year earlier. The board did not declare an interim dividend.

Cash flow from operations turned positive at RMB58.99 million, compared with a RMB1.82 million outflow in 1H25. Cash and cash equivalents stood at RMB121.17 million, up from RMB90.31 million at year-end 2025. Total borrowings eased to RMB293.65 million, while the gearing ratio was broadly stable at 57.5%.

Net assets increased to RMB407.35 million; net current assets reached RMB12.77 million, reversing a deficit at the end of 2025. Capital expenditure was modest at RMB2.34 million.

No interim dividend was proposed.