Wuliangye (000858) Q1 2026 earnings summary

Executive summary

• Operating revenue for Q1 2026 reached RMB 22.84 billion, up 33.67% year-over-year from Q1 2025 (restated).

• Net profit attributable to shareholders was RMB 8.06 billion, an 82.57% increase year-over-year.

• Basic and diluted EPS both rose to RMB 2.0772, up 82.56% from the prior year.

• The significant growth was primarily due to a lower base in the same period last year.

Financial highlights

• Operating revenue: RMB 22.84 billion (Q1 2026) vs. RMB 17.09 billion (Q1 2025, restated), up 33.67%.

• Net profit attributable to shareholders: RMB 8.06 billion, up 82.57% year-over-year.

• Net cash from operating activities: -RMB 2.54 billion, down from RMB 15.85 billion in Q1 2025.

• Weighted average ROE: 6.50% (Q1 2026) vs. 3.26% (Q1 2025), up 3.24 percentage points.

• Total assets at March 31, 2026: RMB 198.64 billion, up from RMB 189.98 billion at year-end 2025.

Outlook and guidance

• Revenue and profit growth in Q1 2026 were mainly attributed to a low base effect from the previous year.