Oaks Electric (02580) announced interim results with net profit of 1,108 billion yuan, a year-on-year decrease of 40.8%

According to the Zhitong Finance App, Oaks Electric (02580) announced its 2026 interim results, with revenue of 17.504 billion yuan, a year-on-year decrease of 12.9%; net profit of 1,108 billion yuan, a year-on-year decrease of 40.8%; and a basic profit of 0.70 yuan per share.

The decline in revenue during the period was mainly due (among others) to continued geopolitical tension in the Middle East and weak domestic terminal consumer demand. The company's overall gross margin fell from 19.5% in the first half of 2025 to 18.1% in the first half of 2026. The decline was mainly due to the continued high cost of raw materials, the appreciation of the RMB, and the decline in gross profit from export sales. The gross margin of central air conditioners is generally higher than that of household air conditioners.