Ningbo Shanshan (600884) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 5.38 billion, up 11.99% year-over-year, with net profit attributable to shareholders surging 898.85% to RMB 331 million, driven by improved product mix and cost control in the polarizer segment and strong demand for anode materials.

• Cash flow from operating activities turned positive at RMB 127 million, compared to a negative RMB 150 million in the prior year period.

• The controlling shareholder and its subsidiary completed a court-approved restructuring, with new investors set to take control, potentially changing the company's controlling shareholder and actual controller.

Financial highlights

• Operating income: RMB 5.38 billion, up 11.99% year-over-year.

• Net profit attributable to shareholders: RMB 331 million, up 898.85% year-over-year.

• Net profit excluding non-recurring items: RMB 316 million, up 2,011.12% year-over-year.

• Basic and diluted EPS: RMB 0.154, up 926.67% year-over-year.

• Total assets at period end: RMB 45.88 billion, up 1.64% from year-end 2025.

• Shareholders’ equity: RMB 22.51 billion, up 2.51% from year-end 2025.

Outlook and guidance

• Execution of the restructuring plan may result in a change of controlling shareholder and actual controller, with future operations subject to the successful implementation of the plan and regulatory approvals.

• The company maintains independent and stable operations, with no material impact on daily business from the restructuring to date.