Mingchen Health Co Ltd Class A

Kashgar Aoshu Network Technology, a wholly owned subsidiary of Mingchen Health, has been hit with multiple new enforcement records, and its legal representative Dai Tenghui has also been listed as a person subject to enforcement and a dishonest debtor. In December 2022, Mingchen Health acquired 100% equity in Kashgar Aoshu from Xingao Technology with its own funds of 72.7 million yuan. However, Kashgar Aoshu posted a cumulative net loss of 31.4635 million yuan from 2023 to 2025, failing to meet the commitment made at the time of acquisition of a cumulative net profit of no less than 72.7 million yuan over three years. Under the agreement, the original shareholders are required to compensate 104 million yuan in cash. To date, the company has received 25 million yuan in compensation and says it is confident of recovering the full amount. Kashgar Aoshu's two games, "Zhenhun Street: Born to Be King" and "Realm: Blade Cry," both failed to achieve the expected results. As of the end of June 2026, its net assets stood at negative 107 million yuan. In the first half of this year, its operating revenue was 3.437 million yuan and its net loss was 3.6655 million yuan. In the first half of 2026, Mingchen Health achieved operating revenue of 896 million yuan, up 25.90% year on year, while its net loss was 5.0679 million yuan, down 112.34% year on year. Among this, online gaming revenue was 658 million yuan, accounting for 73.45% of total revenue.

Mingchen Health released its 2026 interim report. Total operating revenue was 896 million yuan, and net profit attributable to the parent company was a loss of 5.07 million yuan, a decrease of 46.13 million yuan compared with the same period last year, down 112.34 percent year on year, swinging from profit to loss. Net cash inflow from operating activities was 36.62 million yuan. The asset-liability ratio was 35.89 percent, gross margin was 57.60 percent, return on equity was negative 0.64 percent, and diluted earnings per share was negative 0.02 yuan. The number of shareholders was 12,600, and the top ten shareholders held 50.34 percent of total share capital.