MeiHua Holdings Group (600873) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 3.58% YoY to RMB 5.72bn; net profit attributable to shareholders dropped 96.00% to RMB 50.3m, reflecting lower product gross profit.

• 9M revenue declined 1.42% YoY to RMB 17.96bn; net profit fell 76.46% to RMB 712.2m.

Financial highlights

• Q3 total profit was RMB 79.0m, down 94.16% YoY; adjusted for non-recurring items, attributable net profit was a loss of RMB 16.6m.

• 9M operating profit was RMB 2.66bn; total profit was RMB 909.4m, down 73.58% YoY, and attributable net profit was RMB 712.2m.

• 9M adjusted attributable net profit was RMB 434.7m, down 78.48% YoY; basic and diluted EPS were RMB 0.25, down 76.42%.

Market and industry conditions

• Lower prices for threonine, lysine, MSG and other key products weighed on revenue, while higher raw-material prices compressed margins.

• Q3 gross margin fell to 8.01% from 17.29% YoY; 9M gross margin declined to 11.36% from 21.26%.