[Guosheng Securities Construction] Yaxiang Integrated 1H26 Quick Comment: Performance In Line with Midpoint of Prior Guidance, Q3 Profitability Expected to Improve Significantly QoQ

English summary

In 2026H1, the company achieved total operating revenue of RMB 2.55 billion, up 51% YoY; net profit attributable to shareholders of RMB 490 million, up 205% YoY, in line with the midpoint of prior guidance. In Q2 alone, revenue/net profit attributable to shareholders were RMB 1.42 billion/240 million, up 67%/207% YoY, with confirmed production value in line with expectations (expected to be mainly contributed by the Micron project). 26H1 net margin attributable to shareholders was 19%, up 9.7pct YoY; Q2 was 17%, up 7.8pct YoY, slightly down QoQ mainly due to gross margin fluctuations (Q2 gross margin was 23.6%, down 1.4pct QoQ). The company plans an interim dividend of RMB 16.5 per 10 shares, totaling RMB 352 million, representing 72% of H1 net profit attributable to shareholders. In 2026H1, the company's overall gross margin was 24.3%, up 7.4pct YoY; ...