On August 24, ZTE fell 3.02% in regular trading, trading at HKD 23.14/share, with turnover of HKD 182 million, as post-earnings selling pressure continued to weigh on the stock.

On August 21, the company disclosed its interim results for the first half of the year. Revenue reached RMB 78.03 billion, up 9.05% year-over-year, but net profit attributable to shareholders was only RMB 2.75 billion, down 45.57% YoY. Net profit excluding non-recurring items fell 45.89% to RMB 2.22 billion. Operating costs surged 20.29% to RMB 58.14 billion, highlighting a clear pattern of rising revenue without corresponding profit growth. The company announced no interim dividend distribution. Additionally, JPMorgan reduced its H-share long position from 6.59% to 5.61% at end-July, selling approximately 7.43 million shares at an average price of HKD 24.83, while Citigroup also trimmed its stake from 5.13% to 4.85%, signaling weakening institutional confidence ahead of the earnings release.

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