Qiyunshan Food (QIYUNSHAN FOOD) released its unaudited interim results for the six months ended 30 June 2026.
Revenue and Profitability • Total revenue rose 4.4% year-on-year to RMB 167.86 million, driven primarily by stronger e-commerce sales. • Gross margin narrowed to 50.6% from 51.7% a year earlier, reflecting higher production staff costs. • Net profit fell 13.6% to RMB 20.61 million as selling expenses climbed 7.9% to RMB 43.80 million and R&D expenditure jumped 31.4% to RMB 6.68 million.
Product Mix • Hog-plum paste remained the core product, contributing 85.2% of revenue and growing 5.4% to RMB 143.06 million. • Hog-plum pellets and other products were broadly stable at RMB 19.50 million and RMB 4.84 million, respectively. • Branding and marketing services provided to Qiyunshan Oil Tea generated RMB 0.46 million, steady at 0.3% of total revenue.
Channel Performance • Offline revenue was broadly flat at RMB 143.13 million, accounting for 85.2% of total sales. • Online revenue rose 26.6% to RMB 24.27 million, lifting its share to 14.5% as the company upgraded short-video content, livestreaming and its host team.
Cash Flow and Balance Sheet • Operating cash inflow reached RMB 26.44 million, aided by inventory reduction ahead of the August harvest season. • Cash and cash equivalents stood at RMB 115.12 million, virtually unchanged from year-end 2025. • The company remained debt-free, leaving gearing at zero. • Inventories fell 27.8% to RMB 45.79 million after production consumed prior-season raw materials. • Prepayments and other receivables increased to RMB 27.03 million, mainly reflecting deferred listing expenses.
Dividend No interim dividend was declared.
Capital Commitments and Contingent Liabilities • Outstanding capital commitments for property, plant and equipment totaled RMB 2.86 million. • The company reported no material contingent liabilities as at 30 June 2026.
Post-Period Event On 26 August 2026 the board approved a plan to convert 75.00 million unlisted domestic shares into H shares under the Mainland-Hong Kong stock connect full-circulation scheme, subject to CSRC filing and Stock Exchange approval.
Outlook Management intends to accelerate capacity expansion, deepen product innovation around hog-plum derivatives, and continue omni-channel optimisation to cement its leading position in the niche fruit-snack segment.