Nanning Sugar Industry Co Ltd

*ST Guangtang disclosed its 2026 semi-annual report, with total operating revenue reaching 1.582 billion yuan in the first half, up 17.39% year-on-year. However, net profit attributable to the parent turned from profit to loss, with a loss of 16.0286 million yuan, compared to a profit of 9.1235 million yuan in the same period last year. Deducted non-recurring net profit was a loss of 28.0429 million yuan, versus a profit of 1.2073 million yuan a year earlier. Net cash flow from operating activities was negative 1.174 billion yuan, significantly worse than the negative 204 million yuan in the prior-year period. Basic earnings per share for the reporting period were negative 0.04 yuan.

ST Guangtang swung to a loss in the first half of 2026, with a net loss attributable to the parent of 16.03 million yuan, down 275.69 percent year on year. The company reported operating revenue of 1.58 billion yuan, up 17.39 percent, but the gross margin on self-produced sugar fell 6.26 percentage points to 9.87 percent, mainly because the average spot price of domestic white sugar kept falling and was down more than 13 percent by the end of June from its 2025 high. Short-term debt repayment capacity is under pressure, with current liabilities exceeding current assets, and net cash flow from operating activities was negative 1.17 billion yuan. ST Guangtang's core business is the production and sale of machine-processed sugar, with customers including major food companies such as Haitian Flavouring and Lee Kum Kee.