Jiangsu Yanghe Distillery ( 002304) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was ¥8.19 billion, down 26.03% year-over-year.

• Net profit attributable to shareholders was ¥2.45 billion, a 32.73% decrease year-over-year.

• Cash flow from operating activities was ¥1.94 billion, down 23.54% from the prior year.

Financial highlights

• Basic and diluted EPS were ¥1.6241, down 32.73% year-over-year.

• Gross margin declined as operating costs and expenses increased relative to revenue.

• Total assets at quarter-end were ¥60.29 billion, up 2.89% from year-end 2025.

• Shareholders’ equity rose 5.22% to ¥49.24 billion compared to year-end 2025.

• Non-recurring profit items contributed ¥18.69 million to net profit.

Outlook and guidance

• Management cited a sales downturn and lower government subsidies as key factors for the profit decline.

• R&D expenses fell 31.54% due to fewer projects.

• Financial expenses rose 61.62% due to lower deposit balances and interest rates.