Jiangsu King's Luck Brewery Joint-Stock Co. (603369) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 4.32 billion, down 15.23% year-over-year from Q1 2025.

• Net profit attributable to shareholders was RMB 1.38 billion, a decrease of 15.76% year-over-year.

• Operating cash flow increased by 48.10% year-over-year to RMB 2.11 billion.

Financial highlights

• Total assets at March 31, 2026, were RMB 27.50 billion, up 6.18% from year-end 2025.

• Shareholders’ equity rose 8.36% to RMB 17.95 billion compared to year-end 2025.

• Basic and diluted EPS for Q1 2026 were RMB 1.1108, down from RMB 1.3186 in Q1 2025.

• Gross margin and operating profit margin declined in line with lower revenue and profit.

Outlook and guidance

• Management attributes the increase in operating cash flow to higher customer prepayments.