Shandong Hi-Speed Holdings Group (412) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB2,638 million, up 5.4% year-over-year, but gross profit declined to RMB962 million due to higher costs.

• Net loss for the period was RMB206 million, compared to a profit of RMB476 million in H1 2025, mainly due to lower fair value gains and increased impairment losses.

• The Group completed the disposal of its entire 39% stake in VNET for US$942.2 million, generating significant gains and optimizing its asset structure.

• Strategic focus remained on electricity-computing synergy, new energy, and computing infrastructure, with 77.71% of total assets invested in strategic emerging industries.

• Total assets reached RMB68.6 billion.

Financial highlights

• Revenue: RMB2,638 million (up from RMB2,503 million year-over-year).

• Gross profit: RMB962 million (down from RMB1,205 million year-over-year).

• Net loss: RMB206 million (vs. profit of RMB476 million year-over-year).

• Cash and cash equivalents increased to RMB7,439.3 million as of 30 June 2026.

• Total borrowings stood at RMB45,123 million.

Outlook and guidance

• The group expects continued growth in new energy and computing infrastructure, focusing on quality and efficiency over scale.

• Plans to leverage AI industrialization and energy transition, deepening electricity-computing synergy.

• Prudent financial management and healthy liquidity position to support future operations.