Economic Observation Network Huaruan Technology (002453) will experience revenue growth in the first half of 2026. The acquisition of Ryan Optoelectronics has been consolidated, but there is still a risk of loss and impairment of goodwill in its old business.

Performance and business situation:
Revenue in the first half of the year was 214 million yuan (+25.43%), with a net profit attributable to the parent company of -76.1591 million yuan, a year-on-year decrease of 16.85% in losses The most crucial thing is that the net operating cash flow has improved by 44.47% year-on-year, which is a tangible signal of business quality, not paper profits Looking at Q2 alone, the revenue was 125 million yuan (+85.34%) and the net profit was -37.864 million yuan (a decrease of 45.02%), showing a more significant improvement trend compared to the previous quarter 。

Business progress:
The 67% equity of Ryan Optoelectronics, acquired for 324 million yuan in March, has been consolidated and contributed 35.86 million yuan in safety protection business revenue in the first half of the year, with a gross profit margin of 45.01% - compared to the company's overall gross profit margin of 4.12%. This acquisition directly changes the revenue structure and shifts the company from a low gross profit chemical business to a high gross profit industrial safety track Ryan Optoelectronics' clients include BYD, CATL, Eston, etc. Its performance commitment is to achieve a cumulative net profit of no less than 120 million yuan from 2026 to 2028, and it is already being fulfilled in the first half of the year.

Industry and Risk Analysis:
The company has suffered losses for 7 out of 16 years since its listing, with a historical median ROIC of -7.98% and a low ROIC of -22.73% by 2025 The old businesses outside of Ryan Optoelectronics are still losing money, and the risk of goodwill impairment and post consolidation effects brought about by the acquisition need to be continuously tracked in the future.

The above content is based on publicly available information and does not constitute investment advice.