Shanying International (600567) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 6.21 billion, down 8.15% year-over-year, with a net loss attributable to shareholders of RMB 497 million, compared to a net profit of RMB 32.8 million in Q1 2025.

• Gross margin declined significantly, leading to a sharp drop in profitability and negative EPS of -0.080 yuan per share.

• Operating cash flow improved 69.54% year-over-year to RMB 452 million, despite the net loss.

Financial highlights

• Total assets at quarter-end were RMB 51.57 billion, down 0.51% from year-end 2025.

• Shareholders’ equity decreased 3.56% to RMB 14.78 billion.

• Non-recurring gains totaled RMB 32.67 million, mainly from government subsidies.

• Net cash from investing and financing activities were negative, with a net decrease in cash and equivalents of RMB 57.56 million for the quarter.

Outlook and guidance

• Management attributes the loss to lower gross margins and highlights increased sales collections as a positive.