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Shanghai M&G Stationery (603899) investor relations material
Shanghai M&G Stationery Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q1 2026 reached RMB 5.53 billion, up 5.44% year-over-year, with net profit attributable to shareholders at RMB 337 million, a 5.93% increase year-over-year.
Operating cash flow dropped sharply by 86.25% year-over-year due to increased cash outflows for payables settled in the period.
Gross margin and EPS both improved slightly compared to the same quarter last year.
Financial highlights
Operating income: RMB 5.53 billion, up 5.44% year-over-year.
Net profit attributable to shareholders: RMB 337 million, up 5.93% year-over-year.
Basic and diluted EPS: RMB 0.3681, up 6.02% year-over-year.
Operating cash flow: RMB 15.4 million, down 86.25% year-over-year.
Total assets at quarter-end: RMB 16.77 billion, down 7.23% from year-end 2025.
Segment performance
Office direct sales revenue grew 10.31% year-over-year; "M&G Life" retail up 14.48%, with "Jiumu General Store" up 16.11%.
Book writing tools revenue up 4.01%, other products up 10.86%, while student and office stationery declined slightly.
- Revenue up 3.45%, net profit down 6.12%, with strong new business growth and high dividend payout.603899
H2 20251 Apr 2026 - Revenue up 3.76% but net profit down 8.58%; strong growth in new and overseas business.603899
H2 202417 Mar 2026 - Revenue up, but net profit and margins declined amid growth in direct sales and subsidiaries.603899
Q3 202530 Oct 2025 - H1 2025 revenue fell 2.19% and net profit dropped 11.97%, with new business growth offset by core declines.603899
H1 202528 Aug 2025 - Revenue up, profit down; retail and tech segments drive growth amid margin pressure.603899
Q3 202413 Jun 2025 - Revenue up 10.95% and net profit up 4.71% year-over-year, led by new business growth.603899
H1 202413 Jun 2025 - Net profit fell 16.23% year-over-year as core stationery sales declined but retail expanded.603899
Q1 20256 Jun 2025
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