Dynasty Digital Holdings Limited released its unaudited results for the six months ended 30 June 2026. Revenue fell 62.4% year on year to RMB245.78 million, primarily reflecting an 88.2% drop in liquefied natural gas (LNG) trading revenue to RMB56.92 million as the Group reduced volume amid weaker price differentials.
Gross profit was largely unchanged at RMB75.52 million, but the sharp contraction in turnover lifted gross margin to 30.7% from 11.5% in the prior-year period. Administrative cost controls and a RMB4.55 million net reversal of expected-credit-loss provisions further supported profitability. Operating profit before tax recovered to RMB3.97 million versus a RMB239.08 million loss a year earlier. Loss attributable to shareholders narrowed to RMB94.47 million (1H 2025: loss of RMB348.39 million), translating into a basic and diluted loss per share of RMB5.81 cents (1H 2025: RMB23.42 cents).
Segment performance • Power-plant operation & management services: revenue up 12% to RMB160.73 million; segment profit RMB29.26 million. Contracted capacity reached roughly 34 GW, with c.22 GW under operation during the period. • LNG business: revenue plunged to RMB56.92 million (1H 2025: RMB483.23 million); segment loss RMB5.71 million after the Group adopted a more cautious trading approach amid an unfavourable pricing environment. • Electricity sales: revenue remained stable at RMB28.13 million, generating a segment profit of RMB19.18 million.
Balance-sheet highlights Total assets stood at RMB6.85 billion, while total liabilities declined to RMB2.52 billion, trimming the liabilities-to-assets ratio to 36.8% (31 Dec 2025: 38.5%). Bank balances and cash rose to RMB351.76 million. Interest-bearing bank and other borrowings were RMB812.38 million, all secured, with an average rate of 1.72%–5.64% on US-dollar loans and LPR-1.25% to 2.80% on RMB loans; lease liabilities were RMB85.78 million. Net current assets improved to RMB582.01 million.
Intangible assets totalled RMB47.28 million, comprising a token warrant received from Pharos Network Technology and cryptocurrency holdings acquired via a US$3 million investment.
Capital moves • April 2026: completed a placing of 127 million shares at HK$1.05 each, raising net proceeds of about HK$131 million, earmarked for expanding digital power-operations services (HK$60 million), LNG trading (HK$15 million), debt repayment (HK$15 million) and working capital (HK$41 million). • May 2026: issued 91.74 million new shares (first tranche) to Pharos under a subscription and investment agreement; in return, Dynasty Digital received a SAFE and token warrants valued at US$24.74 million. A second tranche was subsequently cancelled owing to unfulfilled conditions.
Cash flow and financing Operating cash flow was supported by receipt of disposal proceeds from former subsidiaries and tighter working-capital management. Finance costs were broadly stable at RMB23.91 million. No interim dividend was declared.
Outlook highlights from management The Group intends to pursue a “light-asset, digitalised, and globalised” model, focusing on expanding power-plant management, leveraging digital platform “Xin Yi Lian”, and selectively participating in overseas energy-service opportunities, while maintaining prudent capital management and cost controls.
Auditor Crowe (HK) CPA Limited has reviewed the interim financial information without qualification.