Xinhua Winshare Publishing and Media Co. released unaudited results for the six months ended 30 June 2026.
Revenue and Profitability • Operating income declined 9.42% year-on-year to RMB5.01 billion. • Net profit attributable to shareholders fell 26.30% to RMB0.65 billion. • Consolidated gross margin narrowed 2.88 percentage points to 36.17%; principal-business gross margin decreased to 35.56%. • Basic earnings per share dropped to RMB0.53 from RMB0.69.
Segment Performance • Publication segment revenue slipped 3.85% to RMB1.23 billion with gross margin down to 31.00%. • Distribution segment revenue decreased 10.78% to RMB4.34 billion; gross margin declined to 29.83%. – Textbooks and supplementary materials within distribution fell 5.22% to RMB1.82 billion. – General book sales in distribution dropped 13.94% to RMB2.41 billion. • Other businesses contributed RMB0.22 billion, up 5.33%.
Cost and Expense Dynamics • Operating costs fell 5.14% to RMB3.20 billion, lagging the revenue drop and pressuring margins. • Selling expenses fell 13.68% to RMB0.60 billion; administrative expenses declined 8.13% to RMB0.69 billion. • Finance income contracted, with net finance gains of RMB63.76 million versus RMB69.21 million a year earlier.
Cash Flow and Balance Sheet • Net operating cash inflow shrank to RMB316.75 million from RMB620.73 million, reflecting lower sales and absence of last year’s tax refund. • Cash and bank balances rose to RMB9.12 billion; short-term borrowings increased to RMB37.95 million. • Gearing ratio stayed stable at 33.35%.
Dividend and Key Dates • Board proposes an interim dividend of RMB0.17 per share (tax-inclusive), totalling RMB209.75 million, subject to approval at the EGM on 22 October 2026. • H-share register closes 28–30 October 2026 for dividend entitlement; payment is scheduled on or before 22 December 2026.
Management Outlook The company plans to strengthen premium content supply, expand education services, optimise reading service channels, enhance logistics and supply-chain capabilities, and pursue measured capital operations, while addressing challenges from slower economic growth, demographic shifts, and policy changes in the education sector.
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