According to the Zhitong Finance App, Cyrus (09927) announced interim results for the six months ended June 30, 2026. The group achieved revenue of 57.419 billion yuan, a year-on-year decrease of 7.9%; loss attributable to the owners of the company was 1,717 billion yuan, and profit of 2,941 billion yuan for the same period last year; a basic loss of 0.99 yuan per share.
Short-term performance is under pressure, and management resilience remains stable
In the first half of 2026, in the face of rising prices of upstream raw materials, the company insisted on using the five high standards of “high safety, high reliability, high performance, high quality and high value” to build high-end cars, did not pass on costs by lowering component quality standards, and stuck to high-end supply chain standards recognized by the market, causing operating profits in the first half of this year to come under phased pressure. During the reporting period, the company's gross profit margin was 21.8%, a year-on-year decrease of 4.7 percentage points. At the same time, as industrial transformation continues to deepen, automotive technology innovation is entering a new stage of multi-path parallel breakthroughs. L3 is the only path for large-scale commercialization of autonomous passenger cars. In this context, the company accrued impairment losses for some of its stock assets with limited adaptability. The combination of these two factors has put pressure on the company's profits. During the reporting period, the annual profit attributable to the owners of the Company was a loss of 1,717 billion yuan.
Despite short-term performance challenges, the company's operational resilience remains stable. In the second quarter of 2026, the company's inventory turnover was about 7.5 days, which was significantly lower than the average value of automobile companies, fully reflecting the operational efficiency advantages brought by the company's “market-based production” production model and intelligent manufacturing collaboration. As of the end of the reporting period, the company's cash reserves exceeded 73.148 billion yuan, accounting for 57.0% of total assets, interest-bearing liabilities only 3.2% of the company's total assets, and these interest-bearing liabilities were loans, of which only 398 million yuan was to be repaid within one year. The company has a healthy financial structure, abundant cash reserves, low debt pressure, and strong resilience to risks and a foundation for sustainable development. In addition, the company's property, plant and equipment amounted to 15.685 billion yuan, accounting for about 12.2% of total assets. The turnover rate of property, plant and equipment was about 3.6 times. While asset operation efficiency was high, operating leverage risk was reduced, more resources could be allocated to R&D and core business, and had stronger financial resilience in the context of increased competition in the industry.
Adhere to technological drivers and promote the implementation and transformation of core achievements
Steady operations and a healthy financial structure provide a guarantee for the company to increase investment in technology and promote the transformation of technological achievements. In the first half of 2026, the company relied on a unified platform technology base to achieve new breakthroughs in various technical fields such as underlying architecture, core systems, experiential innovation, AI and digital intelligence applications.
On the underlying architecture, the company has built a multi-dimensional redundant electronic and electrical architecture of a “global brain+backup cerebellum”. Through collaboration between central computing and regional control, it is possible to achieve global scheduling of computing power, flexible function arrangement, and full-scene security redundancy, which not only supports the continuous evolution of vehicles throughout the life cycle, but also provides a foundation for the expansion of cutting-edge technology fields.
In terms of the core system, breakthroughs have been achieved in range-extension and all-electric 800V high voltage platform technology, mass-produced 2.0T high-power range extenders and high-performance three-motors, and a smart chassis composed of wire-controlled steering, rear-wheel steering, and fully active suspension, bringing users excellent power output and driving control performance. On the body side, many new materials such as 2,200 MPa thermoformed steel, 7 series aluminum alloy anti-collision beams, and semi-solid magnesium alloy instrument panel beams (CCB) were loaded, and a 5-layer 22-heavy safety protection system for the power battery was simultaneously constructed, further improving the vehicle's weight reduction and safety level.
In terms of experience innovation, the industry's first holographic space sensing network enables full-dimensional three-dimensional sensing in the cabin. It is equipped with innovative designs such as zero-gravity seats 3.0, surround privacy dimming glass, flat swivel seats, and a vehicle fully active oxygen generation system to support flexible switching between cockpit space scenarios and provide users with a more comfortable and healthy cockpit experience.
At the same time, the company accelerates the engineering application of AI technology, uses big data to assist forward design, improve the closed loop of automated testing, and continuously improve R&D efficiency and delivery quality. The self-developed R&D digital intelligence Tianxing platform can increase R&D efficiency by more than 30%. Remote calibration technology cooperates with AI algorithms to improve calibration data quality by more than 5% and calibration efficiency by more than 50%.