Beijing Tiantan Biological Products (600161) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was RMB 1.257B, down 7.23% YoY; parent-attributable net income was RMB 129.1M, down 30.65% YoY, as VAT policy changes and lower prices for some products reduced gross profit.

• 9M revenue was RMB 3.852B, down 13.73% YoY; parent-attributable net income was RMB 428.0M, down 47.72% YoY.

Financial highlights

• 9M total profit was RMB 750.5M, down 44.30% YoY; operating profit was RMB 754.8M versus RMB 1.354B in 9M 2025.

• 9M adjusted net income, excluding non-recurring items, was RMB 415.4M, down 48.27% YoY; Q3 adjusted net income was RMB 130.5M, down 29.39% YoY.

• 9M operating cash flow was RMB 410.2M, up 250.88% YoY; the increase reflected higher bill-discounting proceeds.

Key financial ratios and metrics

• Q3 basic and diluted EPS were RMB 0.07, each down 30.65% YoY; 9M basic and diluted EPS were RMB 0.22, each down 47.72% YoY.

• Q3 weighted average ROE was 1.08%, down 0.52 percentage points YoY; 9M ROE was 3.59%, down 3.57 percentage points YoY.

• Total assets at quarter-end were RMB 16.806B, up 1.34% from year-end 2025; parent shareholders’ equity was RMB 11.871B, up 1.16%.