HEBEI YANGYUAN ZHIHUI BEVERAGE (603156) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 2.56 billion, up 37.5% year-over-year, driven by delayed sales peak due to a later Spring Festival.

• Net profit attributable to shareholders was RMB 808 million, a 25.8% increase year-over-year.

• Operating cash flow was negative at RMB -387 million, reflecting higher cash outflows for raw material purchases.

Financial highlights

• Total revenue: RMB 2,557 million, up 37.5% compared to Q1 2025.

• Net profit attributable to shareholders: RMB 807.7 million, up 25.8% year-over-year.

• Gross margin improved, with operating profit at RMB 1,012 million, up 26.1% year-over-year.

• Basic EPS: RMB 0.6409, up from RMB 0.5095 in Q1 2025.

• Weighted average ROE: 8.53%, up 2.31 percentage points year-over-year.

Outlook and guidance

• Sales growth attributed to the shift in the sales season for walnut and dairy products due to the timing of the Spring Festival.

• Management expects continued positive impact from seasonal demand shifts.