Shan Xi Hua Yang Group New Energy (600348) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 4.93 billion, down 15.33% year-over-year; net profit attributable to shareholders was RMB 484 million, down 18.98% year-over-year.

• Coal sales volume reached 9.26 million tons with a comprehensive coal price of RMB 457.61/ton; coal sales revenue was RMB 4.238 billion and gross profit RMB 1.819 billion.

Financial highlights

• Operating income decreased 15.33% year-over-year; total profit fell 9.34% year-over-year.

• Net profit attributable to shareholders dropped 18.98% year-over-year; basic and diluted EPS were both RMB 0.13, down from RMB 0.17.

• Operating cash flow was negative RMB 384 million, a further decline from negative RMB 344 million last year.

• Total assets at quarter-end were RMB 85.63 billion, down 2.03% from year-end 2025.

• Owner's equity attributable to shareholders was RMB 34.84 billion, down 3.60% from year-end 2025.

Outlook and guidance

• Management highlighted a decrease in coal prices and sales, impacting revenue and profit.