Piotech (688072) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 1.11 billion, up 56.97% year-over-year, driven by expanded mass production and customer validation in advanced process equipment.

• Net profit attributable to shareholders was RMB 570.60 million, a significant turnaround from a net loss of RMB 146.95 million in Q1 2025.

• Gross margin and profitability improved due to higher sales scale, enhanced gross margin, and lower expense ratios.

Financial highlights

• Operating income: RMB 1,112.43 million, up 56.97% year-over-year.

• Net profit: RMB 570.60 million, compared to a net loss of RMB 146.95 million last year.

• Basic EPS: RMB 2.03, up from -0.53 year-over-year.

• Operating cash flow: -RMB 519.85 million, down from RMB 10.93 million last year, mainly due to lower sales collections and increased procurement and payroll.

• R&D investment: RMB 187.80 million, up 18.39% year-over-year, representing 16.88% of revenue.

Outlook and guidance

• Continued expansion in advanced process equipment and mass production expected to drive future growth.