Qinghai Spring Medicinal Resources Technology Co Ltd

*ST Chuntian released its 2026 interim report, showing a net profit attributable to the parent company of negative 36.10 million yuan for the first half of the year, swinging from profit to loss. During the reporting period, the company's total operating revenue was 59.10 million yuan, down 52.67% year on year. Net profit attributable to the parent company decreased by 37.41 million yuan compared with the same period last year, a year-on-year decline of 2840.76%. Net cash flow from operating activities was negative 22.65 million yuan. The asset-liability ratio was 3.31%, and the gross margin was 42.05%, down 19.36 percentage points year on year. Diluted earnings per share were negative 0.06 yuan, down 3100.00% year on year. The company had 20,600 shareholders, and the top ten shareholders held 49.85% of the total share capital.

*ST Spring released its 2026 interim report. First-half operating revenue was 59.1 million yuan, down 52.7% year on year, and net profit attributable to the parent company was a loss of 36.1 million yuan, down 2,840.8% year on year. Second-quarter revenue was 15.3 million yuan, down 63.0% year on year, with a net loss attributable to the parent company of 19.82 million yuan. The company's main business is divided into two segments: alcoholic beverages and fast-moving consumer goods, and big health. Revenue in the alcoholic beverages and fast-moving consumer goods segment fell 91.42% year on year, while the big health segment saw sales fall short of expectations due to insufficient consumer demand. During the reporting period, the company acquired a controlling stake in Xinjiang Yixuan Intelligent Computing Technology Co., Ltd. to expand its business.

Data released by the National Bureau of Statistics on July 15 showed that in the first half of the year, the absolute retail sales of cigarette and alcohol products nationwide reached 354.7 billion yuan, up 13.2 percent year-on-year. In June alone, the absolute figure was 53.7 billion yuan, up 12.1 percent year-on-year. Boosted by this news, the A-share baijiu sector rose across the board that day. Gujing Gongjiu, Jinzhongzi Liquor, and Dahu Aquaculture hit the daily limit up. Luzhou Laojiao, Shanxi Xinghuacun Fenjiu, Shunxin Agriculture, and Jinshiyuan gained more than 5 percent. The sector's overall index rose 3.06 percent. However, the industry remains in a period of deep adjustment. As of July 15, about eight A-share listed baijiu companies had disclosed their first-half earnings forecasts. Except for Wuliangye, which is expected to report growth, the rest generally saw profit declines or losses. Tianyoude Liquor's net profit fell 76 to 84 percent year-on-year. Shunxin Agriculture's net profit fell 69.34 to 79.18 percent year-on-year. Jinzhongzi Liquor, Huangtai Liquor, Shuijingfang, and ST Spring are expected to report losses. Proactive destocking has become a common choice for liquor companies. Shuijingfang's channel inventory fell about 50 percent year-on-year. Shede Spirits controlled shipments to stabilize prices. Jiugui Liquor raised the strategic price of its 52-degree 500ml Neican liquor by 30 yuan per bottle and suspended shipments until August 15. Xiao Zhuqing, a Chinese liquor industry analyst, said consumers are shifting to affordable daily-drinking liquors priced under 100 yuan, and the premium on high-end famous brands is shrinking. Liquor companies need to face consumers directly to digest inventory.

ST Spring has disclosed its earnings forecast, expecting a net loss attributable to the parent of 32.28 million to 37.52 million yuan in the first half of 2026, compared with a profit of 1.317 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 34.55 million to 39.79 million yuan, compared with a loss of 1.7877 million yuan in the same period last year. The company's main business includes two major segments: alcoholic beverages and fast-moving consumer goods, and health products. The change in performance is mainly due to factors such as the overall poor operating conditions of the industry, shrinking consumer market, and the deep adjustment period of the baijiu industry, which have led to sales pressure and performance falling short of expectations.