Zhejiang Huayou Cobalt (603799) Q1 2026 earnings summary

Executive summary

• Operating income for Q1 2026 reached RMB 25.80 billion, up 44.62% year-over-year, driven by increased product sales and recovery in metal prices.

• Net profit attributable to shareholders rose 99.45% year-over-year to RMB 2.50 billion, with adjusted net profit (excluding non-recurring items) up 68.76%.

• Basic earnings per share increased to RMB 1.33 from RMB 0.74, and diluted EPS to RMB 1.32 from RMB 0.70.

Financial highlights

• Total assets at March 31, 2026 were RMB 174.67 billion, up 9.55% from year-end 2025.

• Owners' equity attributable to shareholders rose 4.58% to RMB 50.51 billion.

• Net cash flow from operating activities was RMB 1.17 billion, up 15.5% year-over-year.

• Weighted average return on net assets improved to 5.05% from 3.32%.

Outlook and guidance

• Performance benefited from the recovery in nickel, cobalt, and lithium prices, and continued industrial integration advantages.