Ruifeng Green Energy AI Computing Holdings Limited announced a net loss of RMB 752.25 million for the six months ended 30 June 2026, a sharp downturn from the RMB 40.36 million loss recorded a year earlier. The reversal was driven primarily by RMB 691.58 million (USD ≈ 95 million) in non-cash share-based payment expenses linked to the June 2026 issuance of new shares and HKD-denominated convertible bonds.
Financial Performance • Revenue rose 5.4 % year on year to RMB 193.34 million (USD ≈ 26.4 million), supported by the first full half-year contribution from the company’s energy-storage operations. • Gross profit increased 25.7 % to RMB 56.94 million, lifting the gross margin to 29.5 % from 24.7 % in 1H 2025. • Finance costs expanded 41.7 % to RMB 85.15 million, reflecting higher interest on bank and other loans as well as convertible bond liabilities. • Basic and diluted loss per share widened to RMB 0.439 from RMB 0.021.
Segment Breakdown • Wind Power: Revenue fell 43.7 % to RMB 102.21 million, mainly on weaker wind resources and higher curtailment; the segment posted a RMB 12.07 million operating loss (1H 2025: RMB 61.74 million profit). • Energy Storage: The Chabei 300 MW/1.2 GWh grid-side energy-storage facility generated RMB 91.14 million in revenue and RMB 12.44 million in segment profit during its first comparable half-year of commercial operation.
Balance Sheet Highlights (30 June 2026) • Cash and cash equivalents: RMB 278.52 million. • Total assets: RMB 2.70 billion; total liabilities: RMB 3.38 billion, resulting in a negative equity position of RMB 687.73 million. • Net current liabilities widened to RMB 1.05 billion. • Borrowings climbed to RMB 3.11 billion (31 December 2025: RMB 2.47 billion), split roughly 47 % variable-rate and 53 % fixed-rate. • Debt-to-assets ratio rose to 126 % from 105 % at year-end 2025.
Capital Movements • June 2026: Completed allotment of 119.44 million new shares at HKD 0.196 each, raising HKD 23.41 million (RMB ≈ 19.44 million). • June 2026: Issued HKD-denominated convertible bonds totaling HKD 259.70 million (RMB ≈ 231.71 million) maturing in 2029, carrying a 5.5 % coupon and an initial conversion price of HKD 0.196 per share. • July 2026 (post-period): Raised HKD 55.42 million (RMB ≈ 47.98 million) via a placing of 100.76 million shares at HKD 0.55 each.
Operational Metrics • Hongsong Wind Farm (398.4 MW) recorded 639 utilisation hours in 1H 2026, down from 1,066 hours in 1H 2025. • Capital expenditure on property, plant and equipment totalled RMB 5.92 million, versus RMB 439.07 million in the prior-year period.
Liquidity Outlook Management cites unutilised financing facilities of RMB 400 million, deferral of certain bond repayments to June 2027, and recent equity fundraising as key elements supporting a going-concern assessment over the next 12 months.
Dividend No interim dividend was declared.
Strategic Focus Management will prioritise completion of its AI computing power center in Xuanhua, optimise energy-storage operations, and enhance the efficiency of its wind assets, aiming to position the group at the nexus of renewable energy, energy storage, and green computing in China.