Xiamen Xiangyu Co., Ltd. posted a 2.5% year-on-year increase in operating revenue for the first half of 2026, with net profit attributable to shareholders rising 3.28% from a year earlier.

The company's semi-annual report showed operating revenue reached 209 billion yuan ($30.81 billion)  in January-June, while net profit attributable to shareholders stood at 1.07 billion yuan. Non-recurring gains and losses, driven by fluctuations in the fair value of futures and foreign exchange contracts used for hedging, affected book profits, the company said.

Net cash flow from operating activities came in at -13.87 billion yuan during the reporting period, versus -2.99 billion yuan a year earlier, with the significantly wider net outflow attributed to a phased increase in stocking levels in response to commodity market cycles.

Inventory balances rose 30.98% from the end of 2025 to 41.85 billion yuan, prompting higher provisions for inventory write-downs. Total assets grew 5.78% from the end of last year to 136.12 billion yuan, while the debt-to-asset ratio rose 1.31 percentage points to 71.74%, with short-term borrowings up 76.22% from end-2025.

Segment performance diverged sharply across core commodity trading. The metals and minerals division posted gross profit of 3.23 billion yuan, surging 94.07% year on year, driven by efficiency gains after restructuring the ferrous supply chain, with iron ore and steel trading volumes rising 42% and 14% respectively. The energy and chemicals division saw hedging-adjusted gross profit climb 21.21% to 548 million yuan, with coal supply chain volumes up 12% on increased long-term contracts and overseas sales.

The new energy segment remained the main drag, posting negative hedging-adjusted gross profit of -1.19 billion yuan, though the company said it adjusted hedging strategies in the second quarter to reduce futures price volatility impact. The agricultural products division saw hedging-adjusted gross profit fall 53.77% to 248 million yuan, pressured by rising corn procurement costs.

The logistics segment generated 5.73 billion yuan in main business revenue, up 14.74% year on year, while the industry-trade integration segment posted revenue of 7.66 billion yuan, up 44.95%, with its Xiangyu HaiZhuang shipbuilding business delivering 14 vessels, securing 32 new orders and holding 132 vessels in backlog during the period.