Keda Industrial Group (600499) Q1 2026 earnings summary

Executive summary

• Operating revenue for Q1 2026 reached RMB 4.73 billion, up 25.48% year-over-year, with net profit attributable to shareholders rising 69.10% to RMB 587 million.

• Growth driven by strong performance in building materials, higher sales/pricing in ceramic tiles, and increased investment income from Lanke Lithium Industry.

• Overseas projects in Peru, Côte d'Ivoire, Kenya, Guinea, and Ghana are progressing and expected to come online between 2026 and 2027.

• The ceramic machinery segment faced margin compression due to industry adjustments and external challenges, but efforts are underway to upgrade products and expand overseas.

• Lithium-ion battery materials saw solid growth in production and sales, with ongoing capacity expansion and technological upgrades.

Financial highlights

• Operating revenue increased 25.48% year-over-year to RMB 4.73 billion.

• Net profit attributable to shareholders rose 69.10% year-over-year to RMB 587 million.

• Net cash flows from operating activities surged 852.07% year-over-year to RMB 870 million.

• Basic and diluted EPS both increased 64.71% year-over-year to RMB 0.308.

• Weighted average return on net assets improved by 1.58 percentage points to 4.56%.

Outlook and guidance

• Overseas projects in glass and ceramics are expected to begin operations progressively from 2026 to 2027, supporting future growth.

• The company continues to focus on intelligent production lines, product upgrades, and overseas market expansion to counteract challenges in the ceramic machinery segment.

• Anode materials business is set to reach 180,000 tons annual artificial graphite capacity after ongoing upgrades.