Economic Observation Network Ginkgo Education (01851) has seen revenue growth in the first half of 2026, but its net profit attributable to shareholders has declined, resulting in a decrease in gross profit margin and tight operating cash flow.

Performance and business situation:
In the first half of 2026, the revenue was 226 million yuan, a year-on-year increase of 8.3%; Among them, tuition fees amounted to 200 million yuan (+9.1%) and accommodation fees amounted to 15.748 million yuan (+8.2%), with both major categories growing synchronously 。

The net profit attributable to the parent company was 93.812 million yuan, a year-on-year decrease of -6.5%, forming a significant gap with the revenue of+8.3% 。

The key is that the gross profit margin decreased by 8.6 percentage points year-on-year to 51.8%, which the company clearly attributed to "increasing related expenses for preparing for undergraduate teaching qualification assessment" 。

Financial situation:
The net cash flow from operating activities in the first half of the year was -117 million yuan, with a decrease of approximately 84.2% in monetary funds at the end of the period compared to the beginning Behind this is the second phase expansion of Nanxi Campus (with a planned investment of approximately 87 million yuan for three new dormitories), which is a normal stage feature of the expansion period, but the liquidity safety cushion has indeed become thinner.

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