TBEA (600089) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 24.95 billion, up 6.8% year-over-year, with net profit attributable to shareholders at RMB 1.81 billion, a 13.4% increase year-over-year.

• Total assets grew 6.27% from year-end 2025 to RMB 241.4 billion, and shareholders' equity rose 3.04% to RMB 76.66 billion.

Financial highlights

• Operating income for Q1 2026 was RMB 2.55 billion, up 20.8% year-over-year.

• Basic and diluted EPS were both RMB 0.3614, up 13.4% year-over-year.

• Net cash flow from operating activities dropped 49.9% year-over-year to RMB 527 million, mainly due to lower average coal sales prices impacting energy segment cash inflow.

• Gross margin improved as revenue growth outpaced cost increases.

Outlook and guidance

• Management highlighted ongoing government support and market demand, but noted volatility in commodity prices and cash flow pressures.