Beijing Tiantan Biological Products (600161) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 1.14 billion, down 13.36% year-over-year, with net profit attributable to shareholders at RMB 125.87 million, a 48.45% decrease compared to the same quarter last year.

• The decline in profit and revenue was mainly due to changes in VAT policy and lower prices for some products, leading to reduced gross margin.

Financial highlights

• Operating income: RMB 1.14 billion, down from RMB 1.32 billion year-over-year.

• Net profit attributable to shareholders: RMB 125.87 million, down 48.45% year-over-year.

• Total assets at quarter-end: RMB 16.68 billion, up 0.56% from year-end 2025.

• Net cash flow from operating activities: -RMB 15.51 million, a significant improvement from -RMB 301.64 million in Q1 2025.

• Basic and diluted EPS: RMB 0.06, down 48.45% year-over-year.

Outlook and guidance

• Management attributes the profit decline to VAT policy changes and product price decreases, indicating ongoing margin pressure.