Zhejiang Dingli H1 Revenue Up 24.86%, Net Profit Down 5.95% on FX Losses
Zhejiang Dingli, a Chinese aerial work platform maker, reported first-half 2026 revenue of RMB 5.414 billion, up 24.86% year on year, while net profit attributable to shareholders fell 5.95% to RMB 990 million. The company attributed the profit decline to a RMB 285 million exchange loss, versus a RMB 220 million gain a year earlier. Second-quarter net profit dropped 13.9% despite 21.3% revenue growth.
On the evening of August 27, Zhejiang Dingli (603338), a manufacturer of aerial work platforms, released its 2026 interim report. During the reporting period, the company achieved operating revenue of RMB 5.414 billion, up 24.86% year on year; net profit attributable to shareholders was RMB 990 million, down 5.95% year on year; and net profit attributable to shareholders excluding non-recurring items was RMB 965 million, down 8.11% year on year. The company stated that the fluctuation in profit was not due to a weakening of its core business profitability, but rather to changes in financial expenses caused by exchange rate movements.
Exchange rate changes were the main factor affecting profit in the period. Financial data show that the company's financial expenses in the first half turned from a net income of RMB 290 million in the same period of 2025 to an expense of RMB 166 million. This included an exchange loss of approximately RMB 285 million in the current period, compared with an exchange gain of approximately RMB 220 million in the same period of 2025, resulting in a swing of more than RMB 500 million in profit impact.
On a quarterly basis, the company recorded second-quarter operating revenue of RMB 2.957 billion, up 21.3% year on year, and net profit attributable to shareholders of RMB 537 million, down approximately 13.9% year on year. While revenue growth momentum continued, the year-on-year decline in net profit widened compared with the first quarter.
In terms of profitability, the company's gross margin for the first half of 2026 was 32.97%, down 2.78 percentage points year on year; the second-quarter gross margin was 32.27%, up 0.28 percentage points year on year. Overall, gross margin remained relatively stable.
Regarding global operations, overseas sales accounted for a relatively high proportion of the company's main business revenue. On the expense side, selling expenses fell 16.22% year on year in the first half, while administrative expenses fell 35.23%. In research and development, the company invested RMB 136 million in the first half, maintaining a stable R&D intensity.
In terms of cash flow and asset position, net cash flow from operating activities in the first half was RMB 315 million, compared with a net outflow of RMB 134 million in the same period of 2025, turning from net outflow to net inflow. As of the end of June 2026, total assets stood at RMB 18.142 billion, up 4.54% from the end of 2025; net assets attributable to shareholders were RMB 11.780 billion, up 3.28% from the end of 2025. The debt-to-asset ratio was 35.05%, the weighted return on equity was 8.39%, and basic earnings per share were RMB 1.95. Accounts receivable at the end of the period were RMB 3.970 billion, up 34.95% from the beginning of the period, increasing in line with business expansion.
Zhejiang Dingli said it will continue to deepen its presence in construction, industrial, and commercial application scenarios, advance the unmanned and intelligent upgrade of aerial work platform products, and leverage product differentiation to mitigate the impact of exchange rate fluctuations and industry competition.