Shanghai M&G Stationery (603899) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 5.53 billion, up 5.44% year-over-year, with net profit attributable to shareholders at RMB 337 million, a 5.93% increase year-over-year.

• Operating cash flow dropped sharply by 86.25% year-over-year due to increased cash outflows for payables settled in the period.

• Gross margin and EPS both improved slightly compared to the same quarter last year.

Financial highlights

• Operating income: RMB 5.53 billion, up 5.44% year-over-year.

• Net profit attributable to shareholders: RMB 337 million, up 5.93% year-over-year.

• Basic and diluted EPS: RMB 0.3681, up 6.02% year-over-year.

• Operating cash flow: RMB 15.4 million, down 86.25% year-over-year.

• Total assets at quarter-end: RMB 16.77 billion, down 7.23% from year-end 2025.

Segment performance

• Office direct sales revenue grew 10.31% year-over-year; "M&G Life" retail up 14.48%, with "Jiumu General Store" up 16.11%.

• Book writing tools revenue up 4.01%, other products up 10.86%, while student and office stationery declined slightly.