Jiangsu Shagang (002075) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue fell 2.68% YoY to ¥10.00bn, while attributable net income declined 25.98% to ¥171.1m; operating cash flow dropped 99.47% to ¥10.5m.

• Q3 financial statements were unaudited.

Financial highlights

• Q3 revenue was ¥3.31bn, down 4.23% YoY; attributable net income was ¥34.0m, down 54.99%.

• Q3 net income excluding non-recurring gains was ¥15.8m, down 68.36% YoY; 9M adjusted net income was ¥108.5m, down 30.79%.

• 9M operating profit fell to ¥331.6m from ¥491.5m; total profit declined 33.87% to ¥335.8m, with lower product sales gross profit and other gains cited as drivers.

• 9M net income was ¥295.6m versus ¥427.9m; attributable EPS was ¥0.0800 versus ¥0.1053.

Key financial ratios and metrics

• 9M weighted-average ROE was 2.58%, down 0.98 percentage points YoY; Q3 ROE was 0.51%, down 0.66 percentage points YoY.

• Total assets were ¥17.36bn at Sept. 30, down 21.86% from year-end 2025; attributable equity rose 1.79% to ¥6.69bn.

• Inventory increased 36.84% to ¥2.02bn; construction in progress rose 535.02% to ¥838.5m, while cash and cash equivalents declined amid lower borrowing-related pledged deposits.