Hong Kong's Evergrande NEV swings to profit, launches battery trading as shares stay suspended

China Evergrande New Energy Vehicle

16/09/2026 23:50

Overview
Hong Kong battery trading and tech services firm's interim revenue rose 34% yr/yr after business shift
Net profit for the period reached RMB186 mln, reversing prior yr loss
Company completed exit from vehicle manufacturing, now operates asset-light battery trading and tech services

Outlook
Company plans to expand technical services business in Europe and seek new customers
Company expects battery trading business to ramp up and become an additional revenue driver
Company continues debt restructuring talks with creditors and aims to resume share trading
China Evergrande New Energy Vehicle targets approximately RMB60 mln in battery-trading sales in the first 12 months after launch

Result Drivers
BATTERY TRADING BUSINESS - First sales from battery trading generated all revenue for the period
COST CONTROL - Administrative expenses dropped 41% due to continued cost control measures
EXCHANGE GAINS - Net profit boosted by exchange gains on borrowings

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
RMB 8.70 mln
 
H1 Net Income Attributable
 
RMB 185.70 mln
 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)