China Merchants Shekou Industrial Zone (001979) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached ¥23.67 billion, up 15.74% year-over-year, but net profit attributable to shareholders dropped 91.22% to ¥39.12 million due to lower gross margins and reduced investment income.

• Operating cash flow improved significantly, with net outflow narrowing to ¥3.77 billion from ¥8.79 billion in the prior year, mainly due to reduced payments for land and construction.

Financial highlights

• Revenue: ¥23.67 billion, up 15.74% year-over-year.

• Net profit attributable to shareholders: ¥39.12 million, down 91.22% year-over-year.

• Basic and diluted EPS: ¥0.004, down 90% year-over-year.

• Operating cash flow: -¥3.77 billion, a 57.12% improvement year-over-year.

• Total assets: ¥833.47 billion, down 0.23% from year-end 2025.

Outlook and guidance

• Profitability was impacted by uneven project delivery and lower gross margins in real estate, with management expecting continued volatility due to project timing.