Guangdong HEC Technology Holding (600673) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 4.25 billion, up 26.95% year-over-year, while net profit attributable to shareholders dropped 57.10% to RMB 119 million due to non-recurring items and fair value changes.

• Excluding non-recurring items, adjusted net profit was RMB 351.69 million, up 22.5% year-over-year, driven by improved industry conditions and product sales.

Financial highlights

• Operating income: RMB 4.25 billion, up 26.95% year-over-year.

• Net profit attributable to shareholders: RMB 119 million, down 57.10% year-over-year.

• Adjusted net profit (excluding non-recurring items): RMB 351.69 million, up 22.5% year-over-year.

• Basic and diluted EPS: RMB 0.040, down 57.89% year-over-year.

• Operating cash flow: RMB 164 million, up 3.79% year-over-year.

Outlook and guidance

• Third-generation refrigerant market demand continues to rise, with supply-demand balance improving and prices trending upward.

• Strategic focus on differentiated products and deepening cooperation with key customers is expected to support ongoing performance improvement.