Grandblue Environment (600323) Q1 2026 earnings summary

Executive summary

• Achieved revenue of RMB 3.66 billion in Q1 2026, up 40.60% year-over-year, mainly due to the consolidation of Yuefeng Environmental and growth in core operations.

• Net profit attributable to shareholders rose 37.83% year-over-year to RMB 579 million, with EBITDA at RMB 1.64 billion and an EBITDA margin of 44.96%.

• Maintained strategic focus on core business, cost reduction, efficiency gains, and accelerated M&A integration amid challenging macro and industry conditions.

Financial highlights

• Operating income increased by RMB 1.06 billion year-over-year, with Yuefeng Environmental contributing RMB 1.03 billion.

• Total profit reached RMB 901 million, up 68.78% year-over-year.

• Net cash flow from operating activities was RMB 486 million, down 18.45% year-over-year due to higher tax payments and lower collections.

• Basic and diluted EPS were RMB 0.71, up 36.54% year-over-year.

• Total assets stood at RMB 62.24 billion at quarter-end, up 0.03% from year-end 2025.

Outlook and guidance

• Continued focus on core business development, cost control, and operational efficiency to sustain growth.

• Ongoing integration of Yuefeng Environmental expected to further enhance profitability and scale.