Beijing Tongrentang (600085) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 4.66 billion, down 11.59% year-over-year from Q1 2025.

• Net profit attributable to shareholders was RMB 471 million, a decrease of 19.07% year-over-year.

• Operating cash flow increased to RMB 942 million, up from RMB 833 million in the prior year.

Financial highlights

• Total assets at quarter-end were RMB 31.01 billion, up 1.26% from year-end 2025.

• Shareholders’ equity rose 3.14% to RMB 14.09 billion compared to year-end 2025.

• Basic EPS was RMB 0.344, down from RMB 0.425 in Q1 2025.

• Gross margin declined as cost of sales fell less than revenue.

Outlook and guidance

• Increased R&D investment is expected to continue, impacting short-term profitability.