China Tianrui Automotive Interiors Co., Ltd. (TR INTERIORS, 06162) posted a solid recovery for the six months ended 30 June 2026, moving back into the black on the back of double-digit topline growth and disciplined cost control.
Revenue climbed 18.8% year on year to RMB 160.86 million, driven by a 12.8% increase in heavy-truck decorative parts sales to RMB 111.39 million and a 35.0% surge in passenger-vehicle decorative parts to RMB 49.47 million. The passenger-vehicle segment expanded its contribution to 30.8% of group revenue, up from 27.1% a year earlier.
Gross profit edged up 4.6% to RMB 19.06 million, although gross margin narrowed to 11.9% from 13.5% due to lower margins in the heavy-truck segment. A 249.2% jump in other income and gains to RMB 10.66 million—largely from asset disposals and higher mould-development income—offset weaker margins.
Cost efficiencies were evident: selling and distribution expenses fell 23.0% to RMB 3.47 million, administrative expenses dropped 6.9% to RMB 17.37 million, and finance costs declined 18.0% to RMB 3.86 million. After a RMB 1.01 million tax charge, the group reported a net profit of RMB 4.02 million, reversing a RMB 5.99 million loss in the prior-year period.
Liquidity improved markedly. Cash and cash equivalents more than doubled to RMB 91.00 million, while bank and other loans fell to RMB 183.57 million from RMB 195.19 million, reducing the gearing ratio to 62.5% from 80.6%. Net proceeds of HK$54.90 million (RMB 47.70 million) were raised via a May share placement of 400 million new shares; RMB 11.30 million had been deployed by period-end, mainly toward loan repayment and working capital.
Capital expenditure was trimmed to RMB 1.76 million from RMB 7.13 million, with outstanding committed capex at RMB 27.62 million. Headcount fell to 282 from 396, and staff costs decreased 19.2% to RMB 22.29 million. No interim dividend was declared.
Looking ahead, management will continue shifting from a “single-driver” heavy-truck focus to a “dual-driver” model, leveraging the faster-growing passenger-vehicle segment while pursuing scenario-driven and energy-focused upgrades in the truck business.
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