东来涂料技术（上海）股份有限公司2026年第一季度报告深度解析

一、报告要点概览

• 营业收入：2026年第一季度营业收入达到人民币126,729,153.96元，同比增长1.58%，显示公司主营业务保持稳定增长。
• 归属于上市公司股东的净利润：净利润为22,853,671.11元，同比增长7.50%，利润增长快于收入增长，显示公司盈利能力提升。
• 扣非净利润：归属于上市公司股东的扣除非经常性损益的净利润为14,487,369.76元，同比增长5.17%，主营业务盈利质量稳健。
• 经营活动现金流：本期经营活动产生的现金流量净额为-18,796,821.45元，同比大幅下降（去年同期为3,334,635.92元），主要由于备货导致购买商品、接受劳务支付的现金增加。
• 研发投入：研发投入合计7,558,573.77元，同比增长6.42%，占营业收入比例提升至5.96%，显示公司对技术创新的重视。
• 非经常性损益：本季度非经常性损益合计8,366,301.35元，主要包括政府补助2,016,071.05元及金融资产公允价值变动损益7,960,212.04元。
• 资产与负债：报告期末公司总资产为1,721,973,338.41元，较年初增长2.14%。归属于上市公司股东的所有者权益为1,033,382,400.84元，增长4.77%。
• 每股收益：基本每股收益和稀释每股收益均为0.20元，同比增长5.26%。
• 回购股份：公司回购专用证券账户持股数为6,023,940股，占公司总股本5.00%。

二、对投资者的潜在影响及需关注事项

• 现金流压力加大：经营活动现金流净额大幅转负，表明公司短期内面临流动性压力。主要原因是公司为备货增加采购投入，这可能是订单增长的前期反映，但需持续关注现金回流情况。
• 非经常性损益占比较高：本季度非经常性损益（如政府补贴、公允价值变动）对净利润的贡献度较高，需警惕利润的可持续性问题。
• 债务水平上升：短期借款增加至557,450,369.29元，需关注公司偿债能力及财务风险。
• 公司持续高强度研发投入：研发费用占比提升，显示公司将持续在产品与技术创新上发力，这有望为公司未来业务拓展和盈利能力提升奠定基础。
• 回购股份提振信心：公司积极回购股份，显示管理层有信心于公司未来发展，对股价形成一定支撑。
• 主要股东结构稳定：控股股东及实际控制人为朱忠敏，通过直接和间接方式持有公司超过60%股份，股权结构稳定。

三、财务报表详细解读

1. 资产负债表要点

• 货币资金68,946,585.65元，较年初显著下降。
• 交易性金融资产573,155,464.50元，较年初大幅增加，表明公司持续优化资产配置。
• 存货110,635,771.64元，增长明显，主要系备货增加。
• 短期借款557,450,369.29元，较年初增长，需关注公司债务结构变化。
• 归属于母公司所有者权益1,033,382,400.84元，净资产持续提升。

2. 利润表要点

• 营业总收入126,729,153.96元；营业成本79,132,457.98元，毛利率保持稳定。
• 管理、销售、研发费用合计28,578,476.25元。
• 财务费用3,044,674.67元，同比下降。
• 其他收益2,016,071.05元，投资收益3,682,319.00元，公允价值变动收益4,277,893.04元。
• 所得税费用2,877,108.23元。
• 归属于母公司净利润22,853,671.11元。

3. 现金流量表要点

• 经营活动现金流入168,061,779.71元，现金流出186,858,601.16元，净流出18,796,821.45元。
• 投资活动净流出63,143,948.11元，主要因购建长期资产和金融投资增加。
• 筹资活动净流入58,102,214.46元，主要为新增借款。
• 期末现金及现金等价物余额68,946,585.65元，低于年初。

四、结论与展望

总体来看，东来涂料技术（上海）股份有限公司2026年一季度主营业务保持稳健增长，净利润增速优于营业收入，毛利率未见明显下滑，研发投入持续加大，显示公司对未来发展的高度重视。需要注意的是，经营现金流短期内承压，非经常性损益对利润的拉动作用明显，投资者应持续关注主营业务的盈利质量和现金流改善情况。公司回购股份、持续研发投入、股东结构稳定等因素对股价形成利好，但短期流动性和债务结构变化值得关注。整体上，本报告期业绩表现对公司股价具有一定推动作用，但投资者应保持理性，关注后续现金流和盈利质量的持续性。

免责声明： 本文仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。请以公司正式公告及相关法规为准。

English version:

In-depth Analysis of Donglai Coatings Technology (Shanghai) Co., Ltd. Q1 2026 Report

1. Key Highlights

• Revenue: Q1 2026 revenue reached RMB 126,729,153.96, up 1.58% YoY, indicating stable business growth.
• Net Profit Attributable to Shareholders: Net profit was RMB 22,853,671.11, up 7.50% YoY, showing improved profitability.
• Net Profit Excluding Non-Recurring Items: RMB 14,487,369.76, up 5.17% YoY, indicating solid core earnings.
• Operating Cash Flow: Net cash flow from operating activities was negative RMB 18,796,821.45, a significant drop from last year (positive RMB 3,334,635.92), mainly due to increased procurement for inventory.
• R&D Investment: R&D expenses totaled RMB 7,558,573.77, up 6.42% YoY, accounting for 5.96% of revenue, reflecting strong commitment to innovation.
• Non-recurring Profit & Loss: Non-recurring profit totaled RMB 8,366,301.35, mainly from government subsidies (RMB 2,016,071.05) and fair value gains on financial assets (RMB 7,960,212.04).
• Assets & Liabilities: Total assets at period-end stood at RMB 1,721,973,338.41, up 2.14% from year start. Net assets attributable to shareholders were RMB 1,033,382,400.84, up 4.77%.
• EPS: Basic and diluted earnings per share were both RMB 0.20, up 5.26% YoY.
• Share Buyback: The company’s buyback account holds 6,023,940 shares, representing 5.00% of total share capital.

2. Potentially Price-sensitive Information for Investors

• Cash Flow Pressure: Operating cash flow turned sharply negative, signaling short-term liquidity pressure, mainly due to increased inventory procurement. This may reflect anticipated order growth but requires ongoing monitoring of cash recovery.
• High Non-recurring P&L Contribution: Non-recurring items (e.g., government subsidies, fair value changes) contributed significantly to net profit, raising questions on the sustainability of profit growth.
• Rising Leverage: Short-term loans increased to RMB 557,450,369.29, highlighting the need to monitor company’s debt servicing ability.
• Continued Strong R&D Investment: R&D expenses rising as a percentage of revenue signals increased focus on innovation, potentially supporting long-term growth and profitability.
• Share Buybacks Support Confidence: Active share buybacks signal management’s confidence in future prospects and may support the share price.
• Stable Shareholder Structure: The controlling shareholder and actual controller, Mr. Zhu Zhongmin, holds over 60% through direct and indirect means, ensuring stability.

3. Detailed Financial Statement Analysis

1. Balance Sheet Highlights

• Monetary funds: RMB 68,946,585.65, down significantly from the start of period.
• Trading financial assets: RMB 573,155,464.50, up markedly, indicating ongoing asset allocation optimization.
• Inventory: RMB 110,635,771.64, up strongly due to increased stocking.
• Short-term borrowings: RMB 557,450,369.29, up from year start.
• Net assets: RMB 1,033,382,400.84, steadily increasing.

2. Income Statement Highlights

• Total operating income: RMB 126,729,153.96; Operating cost: RMB 79,132,457.98; gross margin relatively stable.
• Total management, selling, and R&D expenses: RMB 28,578,476.25.
• Financial expenses: RMB 3,044,674.67, down YoY.
• Other income: RMB 2,016,071.05; Investment income: RMB 3,682,319.00; Fair value gains: RMB 4,277,893.04.
• Income tax: RMB 2,877,108.23.
• Net profit attributable to shareholders: RMB 22,853,671.11.

3. Cash Flow Statement Highlights

• Operating cash inflows: RMB 168,061,779.71; outflows: RMB 186,858,601.16; net outflow: RMB 18,796,821.45.
• Investment cash net outflow: RMB 63,143,948.11, mainly due to increased capex and financial investments.
• Financing cash net inflow: RMB 58,102,214.46, mainly from new borrowings.
• Ending cash and equivalents: RMB 68,946,585.65, lower than period start.

4. Conclusion and Outlook

Overall, Donglai Coatings Technology (Shanghai) Co., Ltd. delivered steady topline growth and faster profit growth in Q1 2026, with stable gross margins and ongoing investment in R&D, reflecting management’s focus on future development. However, short-term operating cash flow pressures and reliance on non-recurring items for profit growth warrant investor attention. Ongoing share buybacks, strong R&D commitment, and a stable shareholder structure are positives for the share price, but liquidity and debt structure changes need monitoring. On balance, the performance this quarter is likely to support the share price, but investors should remain rational and focus on the sustainability of cash flow and core profitability.

Disclaimer: This article is for reference only and does not constitute investment advice. Investment involves risk. Please refer to official company announcements and relevant regulations.

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