Hengdeli Holdings Limited reported a net loss of RMB33.97 million for the six months ended 30 June 2026, reversing a RMB26.03 million profit recorded a year earlier.

Revenue declined 19.4 % year-on-year to RMB253.49 million. The core High-End Consuming Accessories segment, which produces watch boxes, display fixtures and provides shop decoration services, edged up 0.9 % to RMB250.26 million. International Commodity Trading revenue plunged 95.1 % to RMB3.23 million amid subdued dry-bulk demand and tighter export policies.

Gross profit fell 20.1 % to RMB51.52 million, while gross margin held largely stable at 20.3 % (2025 interim: 20.5 %). Management attributed the swing to loss to lower sales, a wider loss contribution from associates, reduced bank interest income, smaller foreign-exchange gains and higher impairment on trade receivables.

Operating cash flow moved to an outflow of RMB12.99 million versus an inflow of RMB90.99 million a year earlier. Cash and cash equivalents plus bank deposits totalled RMB1.29 billion at period-end, exceeding total bank borrowings of RMB76.95 million and leaving the Group in a net cash position.

Total equity stood at RMB2.96 billion (31 December 2025: RMB3.10 billion). The Board declared no interim dividend.

Looking ahead to the second half, Hengdeli plans to deepen its focus on Mainland China, cautiously expand global trading and shipping activities, and pursue limited diversification into other high-end lifestyle accessory markets while maintaining cost discipline and liquidity strength.