Bethel Automotive Safety Systems (603596) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 2.67 billion, up 1.38% year-over-year.

• Net profit attributable to shareholders was RMB 268.64 million, down 0.64% year-over-year.

• Main business income grew 0.88% year-over-year, with strong growth in smart electronic control and mechanical steering product sales.

• R&D pipeline expanded, with 658 ongoing projects, up 32.1% year-over-year.

Financial highlights

• Operating cash flow surged 179.34% year-over-year to RMB 118.15 million, driven by increased cash from sales.

• Gross margin remained stable as cost of sales was largely unchanged year-over-year.

• Basic and diluted EPS were both RMB 0.44, down from RMB 0.45 in Q1 2025.

• Total assets at quarter-end were RMB 17.34 billion, up 0.36% from year-end 2025.

• Net assets attributable to shareholders rose 3.18% from year-end 2025.

Outlook and guidance

• New project wins in Q1 2026 are expected to generate annualized revenue of RMB 2.519 billion.

• Continued focus on expanding domestic and international markets and optimizing customer structure.