Wuling Motors Holdings (00305) reported interim results for the six months ended 30 June 2026.
Revenue and Profitability • Group revenue was RMB 4.00 billion, broadly unchanged year-on-year. • Gross margin edged up to 12.50% (H1 2025: 12.00%). • Net profit slipped 26.6% to RMB 63.00 million; profit attributable to shareholders dropped 33.5% to RMB 26.20 million. • Earnings per share were RMB 0.79 cent (H1 2025: RMB 1.20 cents). • No interim dividend was declared.
Segment Performance • Automotive Components & Other Industrial Services: revenue RMB 2.74 billion, down 3.3%; segment profit RMB 91.16 million. • Vehicles’ Power Supply Systems: revenue RMB 880.56 million, up 2.6%; segment profit RMB 15.94 million. • Commercial Vehicles Assembly: revenue RMB 358.57 million, up 14.6%; segment profit RMB 49.44 million. • “Others” segment (mainly property investment) contributed RMB 10.91 million profit.
Financial Position • Net current liabilities stood at RMB 344.32 million; gearing ratio improved to 65.8% (31 Dec 2025: 79.2%). • Bank balances and pledged deposits totalled RMB 2.62 billion; bank borrowings fell 22% to RMB 1.78 billion.
Operations and Outlook • Component division secured new chassis, e-axle and magnesium-alloy orders; launched unmanned logistics vehicle components. • Commercial vehicle division delivered over 2,000 on-road units and rolled out first batch of unmanned logistics vehicles in June 2026. • Power systems division sold 79,000 engines and lifted new-energy product sales 48% year-on-year. • High-pressure casting capacity ramp-up and low-altitude economy power products highlighted as growth drivers. • Management targets “high-end, digital, green and global” expansion, continued cost control and new-energy focus in H2-2026.
Associate Performance • 25.70%-owned Wuling New Energy posted revenue of RMB 774.53 million (+37%) but recorded a net loss of RMB 320.15 million; the Group’s share of loss was RMB 82.28 million.
Governance and Compliance • The Company disclosed non-compliance with Listing Rules Chapters 14 and possible non-compliance with Chapter 14A relating to structured deposits and bill-discounting transactions. • A special general meeting will be convened to seek shareholder ratification. • Internal control policies have been updated and management received training on Listing Rules. • Guangxi Automobile, the controlling shareholder, continues to provide financial support.
Other Matters • Capital expenditure commitments total RMB 284.17 million. • No early adoption of forthcoming HKFRS 18; assessment ongoing.