Hengli Petrochemical (600346) Q1 2026 earnings summary

Executive summary

• Net profit attributable to shareholders surged 90.65% year-over-year in Q1 2026, driven by lower crude oil prices and higher downstream PTA and new materials prices.

• Total revenue declined 13.74% compared to the same quarter last year, reflecting market and pricing adjustments.

Financial highlights

• Operating revenue for Q1 2026 was RMB 49.19 billion, down from RMB 57.02 billion year-over-year.

• Net profit attributable to shareholders reached RMB 3.91 billion, up from RMB 2.05 billion year-over-year.

• Basic and diluted EPS both rose to RMB 0.56 from RMB 0.29 year-over-year.

• Operating cash flow dropped 41.3% year-over-year to RMB 4.55 billion.

• Total assets increased 5.46% from year-end 2025 to RMB 276.57 billion.

Outlook and guidance

• Management adopted a price-holding sales strategy in anticipation of rising chemical prices, resulting in increased inventory for Q1.