Cathay Biotech (688065) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 874.53 million, up 12.73% year-over-year.

• Net profit attributable to shareholders was RMB 165.72 million, a 21.01% increase year-over-year.

• Operating cash flow turned negative at -RMB 20.99 million, compared to RMB 87.49 million in Q1 2025.

Financial highlights

• Total assets at quarter-end were RMB 24.56 billion, up 2.83% from year-end 2025.

• Shareholders’ equity rose to RMB 17.87 billion, a 0.97% increase from year-end.

• Basic and diluted EPS were both RMB 0.23, unchanged year-over-year.

• Gross margin improved as revenue growth outpaced cost increases.

• R&D investment was RMB 56.87 million, down 6.08% year-over-year.

Outlook and guidance

• Management highlighted increased procurement and use of bank acceptance bills as impacting cash flow.