GAPACK (00468) issues a profit warning, with an estimated mid-term net profit of approximately 3.4 million to 10.2 million yuan, a year-on-year decrease of about 87.7% to 95.9%.

GAPACK (00468) announced that it is expected to record revenue of approximately RMB 732 million to RMB 990 million for the six months ending on June 30, 2026 (2025 same period: RMB 1.007 billion), a decrease of approximately 1.6% to 27.3% compared to the same period in 2025. It is also expected to record a net profit of approximately RMB 3.4 million to RMB 10.2 million during this period (2025 same period: RMB 83 million), a decrease of approximately 87.7% to 95.9% compared to the same period in 2025. The decrease in revenue during this period is due to the gradual transfer of export orders to the international business holding subsidiary since 2025, followed by the transfer to the company, resulting in a decrease in unit price of these orders. Additionally, the total volume of these orders has also decreased. The decrease in net profit is due to (i) the fact that export orders are issued by the international business holding subsidiary rather than directly by third-party customers, resulting in a decrease in revenue and gross profit margin related to international business; (ii) accounting treatment changes regarding the investment in Greatview Holdings International Limited in March 2025, with pending court approval for access to relevant financial information, resulting in the inability to recognize investment profit share compared to the same period in 2025.