EVERG VEHICLE (00708.HK): Interim Turnaround with Profit of RMB 186 Million, Total Liabilities RMB 32.72 Billion

NewTimeSpace · 2026/09/17 08:00 · By Xuran Lin

On 16 September 2026, China Evergrande New Energy Vehicle Group Limited (00708.HK) announced its 2026 interim results, with revenue of approximately RMB 9 million and net profit of approximately RMB 186 million, turning around from a year-earlier loss; total liabilities were approximately RMB 32,722 million as at 30 June 2026, and trading in its shares remains suspended.

Key Highlights:

As at 30 June 2026, the Group's borrowings were approximately RMB 16,283 million, accumulated losses approximately RMB 105,277 million, capital deficiency approximately RMB 32,539 million and cash and cash equivalents only RMB 0.2 million.
Revenue came from the first sales of lithium-ion batteries of RMB 8.73 million (gross profit margin of approximately 5.98%), while technical service revenue was nil; other net gains for the period were RMB 554.57 million, mainly exchange gains on borrowings.
The Group has completed its exit from vehicle manufacturing and had overdue debts of approximately RMB 16,283 million.

NewTimeSpace News: On 16 September 2026, China Evergrande New Energy Vehicle Group Limited (stock code: 00708) announced its unaudited interim results for the six months ended 30 June 2026, with revenue of approximately RMB 9 million, up 34.07% year on year; gross profit of approximately RMB 0.5 million, down 70.03%; and net profit of approximately RMB 186 million, an increase of approximately RMB 771 million year on year. Basic earnings per share were RMB 1.713 cents.

As at 30 June 2026, the Group had total assets of approximately RMB 182 million and total liabilities of approximately RMB 32,722 million, including borrowings of approximately RMB 16,283 million and trade and other payables of approximately RMB 16,439 million.

Revenue came from the first sales of lithium-ion batteries recorded by the battery trading business during the reporting period, amounting to RMB 8.73 million with a gross profit margin of approximately 5.98%; revenue from the provision of technical services was nil (versus RMB 6.48 million in the first half of 2025). The Group has completed its exit from vehicle manufacturing and shifted to an asset-light operating model. The profit for the period was mainly attributable to an exchange gain on borrowings of RMB 554.57 million, while net finance costs were RMB 345.82 million.

The Group continues to face material uncertainty over its going concern status and must obtain substantial funding in the foreseeable future; the Company is in negotiations with an independent investor for financing and is discussing an overall debt restructuring with the liquidators of China Evergrande Group (in liquidation). As at 30 June 2026, the Group had overdue debts of approximately RMB 16,283 million and employed seven staff. Trading in the Company's shares has been suspended since 1 April 2025 and will remain suspended until further notice.

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