[Kaiyuan Pharma] Zhonghong Medical: 26H1 Turned Loss into Profit with Large Growth, Gloves Volume and Price Rise Plus Quality and Efficiency Improvement

English summary

Event update: July 29, company released 2026 semi-annual results forecast. 2026H1 expectation: Expected net profit attributable 140-210 million yuan (+2338%-3557% YoY); non-GAAP net profit attributable 99-148 million yuan (25H1 -13 million, turned profitable). 2026Q2 single quarter expectation: Expected net profit attributable 135-205 million yuan (25Q2 -13 million, turned profitable); non-GAAP net profit attributable 101-150 million yuan (25Q2 -25 million, turned profitable). Performance analysis: 1. Glove overseas market recovery: affected by market improvement and other factors, protective glove selling prices rose, gross margin significantly improved. 2. Lean management and cost optimization: company fine management and lean cost reduction, deep digging potential in raw material cyclical management, production and inventory control, production line transformation and upgrading, and product structure optimization, operating efficiency greatly improved. ...