Tianjin Binhai Teda Logistics (Group) Corporation Limited (BINHAI TEDA) reported interim results for the six months ended 30 June 2026 showing a sharp contraction in revenue but a return to pre-tax profitability.

Revenue and Profitability • Operating revenue fell 61.10% year on year to RMB 472.92 million as the Group scaled back low-margin materials-trade activities and faced weaker demand in traditional fuel-vehicle logistics. • Gross profit rose 39.92% to RMB 21.73 million, pushing gross margin up to 4.60% (H1 2025: 1.28%) on the back of staffing and cost optimisation. • Profit before tax turned positive at RMB 1.90 million versus a RMB 2.93 million loss a year earlier. • Profit attributable to shareholders slumped 82.15% to RMB 0.17 million; basic EPS fell to RMB 0.05 cents.

Segment Breakdown • Finished automobiles & components logistics: revenue RMB 263.03 million (-39.31%); segment profit RMB 4.30 million (H1 2025: loss of RMB 9.32 million) after cost cuts and personnel optimisation. • Materials procurement: revenue RMB 190.33 million (-74.94%); segment profit down 91.23% to RMB 0.20 million following deliberate downsizing of high-risk, low-margin trading. • Warehousing & multimodal transport: revenue RMB 11.93 million (-2.20%); profit RMB 0.46 million (-58.57%) amid lower occupancy and higher severance expenses. • Other services: revenue RMB 7.63 million (-27.97%); profit RMB 0.25 million (-81.22%) due to absence of a one-off fee booked last year. • Joint-venture electronic components logistics contributed RMB 4.58 million profit, down 31.17% on reduced volumes and FX losses.

Cost and Cash Position • Administrative expenses declined 18.22% to RMB 18.92 million after workforce streamlining; finance costs halved to RMB 2.89 million as borrowings were reduced to RMB 119.99 million. • Net cash generated from operations totalled RMB 3.63 million (H1 2025: RMB 17.48 million). Period-end cash and equivalents stood at RMB 242.64 million, down RMB 46.02 million from the start of the year. • Total assets were RMB 1.31 billion; equity RMB 945.92 million. Gearing ratio improved to 27.79% (31 Dec 2025: 32.96%).

Update on Tedahang Loan Recovery Tedahang Cold Chain Logistics still owes BINHAI TEDA principal of approximately RMB 83.93 million plus interest. The pledged assets, appraised at RMB 204.51 million on 26 May 2026, will be auctioned by court in late August with a starting price of RMB 180 million.

Outlook Management expects rising fuel, labour and compliance costs and continued industry competition. Strategic priorities include further digitalisation, green logistics initiatives, business-mix optimisation and expansion of multimodal transport solutions to support high-quality growth in the second half of 2026.