东莞宏远工业区股份有限公司2026年第一季度财报深度解读

财务表现一览

东莞宏远工业区股份有限公司（证券代码：000573，证券简称：粤宏远Ａ）于2026年4月28日发布了2026年第一季度报告。公司本季度实现营业收入1.79亿元，同比增长42.60%。然而，归属于上市公司股东的净利润为4174万元，同比大幅下降63.03%。基本每股收益为0.0654元，同比下降63.03%。公司总资产为20.98亿元，较上年末仅增长0.30%，归属于上市公司股东的所有者权益为16.40亿元，增长2.63%。

影响业绩的主要因素

• 营业收入增长：主要得益于再生铅项目销售收入的增加。
• 净利润大幅下滑：归属于上市公司股东的净利润和综合收益总额均大幅下滑，主要原因在于本期转让鸿熙矿业股权取得的投资收益较去年同期转让核桃坪煤矿的投资收益大幅减少。
• 扣非后净利润大幅转正：归属于上市公司股东的扣除非经常性损益的净利润为2504万元，上年同期为-256万元，同比大幅增长1079.29%。
• 现金流状况：经营活动产生的现金流量净额为-2048万元，亏损收窄25.36%。投资活动净现金流-8263万元，主要由于本期未收到煤矿股权转让款及房地产项目股东借款。

关键事项及潜在股价影响点

1. 贵州鸿熙矿业有限公司股权转让完成

2026年1月30日，公司以2237万元的价格将持有的鸿熙矿业45%股权出售给贵州省威宁县曦源能源有限公司，本期已完成全部股权转让款的收取及相关手续。此次交易带来2237万元非经常性投资收益，直接影响本期利润。公司不再持有鸿熙矿业股权，此举有助于优化资产结构并回笼资金，未来业绩波动性或降低。

2. 猛者新寨煤矿司法拍卖进展及诉讼追偿

公司与柳向阳、猛者新寨煤矿及贵州鸿熙矿业之间的债权纠纷持续推进。2023年11月，猛者新寨煤矿获得45万吨采矿权证书。2026年1月和3月，东莞市中级人民法院在京东网络司法拍卖平台上两次拍卖该采矿权及相关资产，均因无人竞拍流拍。公司下一步将申请司法变卖程序。若能成功变现，将有望收回部分长期被拖欠的应收款及违约金，增加利润和现金流，对公司资产质量有正面刺激。

3. 资金被冻结事项

因施工方设备买卖合同纠纷，威宁县人民法院裁定冻结本公司及相关方银行存款229.6万元。公司已采取法律措施积极应诉。虽然冻结金额占公司总资产比例较小，但提醒投资者关注未来或有负债及相关风险。

4. 合作项目东莞万科瑧山悦花园项目诉讼

2026年1月，万科瑧山悦花园项目因欠付工程款被诉，涉案金额4370万元，公司持有项目公司10%股份，目前尚有未售物业用于偿还工程款。公司认为不会对整体业绩造成重大影响，但需持续关注事件进展。

5. 委托理财最新进展

公司持续以不超过7.5亿元的自有闲置资金进行低风险理财投资，截至报告期末，持有1亿元结构性存款产品。理财资金运用稳健，对公司流动性和收益能力有一定保障。

其他会计科目变动及说明

• 本期交易性金融资产增加1亿元，主要系购买银行结构性存款。
• 预付款项、应付职工薪酬、应交税费等科目大幅减少，反映公司经营活动现金流管理趋于保守。
• 长期股权投资增加82%，系与万科房地产合作项目投资收益增长。

股本结构及前十大股东

报告期末普通股股东总数为39,293人。广东宏远集团有限公司为第一大股东，持股比例19.95%；前十大股东无一致行动关系。大股东质押股份数量较高，投资者需留意未来可能的股权质押风险。

投资者须关注的潜在风险与机会

1. 公司业绩对非经常性损益依赖较大，未来如缺乏大额资产处置或投资收益，业绩波动风险上升。
2. 司法拍卖进展及重大诉讼回款具有不确定性，若能顺利回收欠款，对公司估值构成利好。
3. 理财资金体量较大，需持续关注理财产品安全性及流动性。
4. 房地产合作项目及再生铅项目的持续性和盈利能力，未来仍是业绩驱动主要因素。

结论

东莞宏远工业区股份有限公司2026年第一季度，营业收入表现强劲但利润大幅回落，主要受非经常性投资收益下滑影响。公司处于资产结构调整、积极追偿历史债权、盘活存量资金的关键阶段，短期内业绩波动与一次性事项密切相关。投资者应重点关注后续资产变现进展、重大诉讼回款及主营业务盈利能力提升的可持续性。

免责声明：

本新闻稿仅供参考，不构成任何投资建议。投资有风险，入市需谨慎。本文基于公司公开披露材料整理，数据及事件以公司公告为准。

English Version

In-depth Analysis of Dongguan Hongyuan Industrial Zone Co., Ltd. Q1 2026 Financial Report

Financial Performance Overview

Dongguan Hongyuan Industrial Zone Co., Ltd. (Stock Code: 000573) released its Q1 2026 financial report on April 28, 2026. The company achieved revenue of RMB 179 million in Q1, up 42.60% year-on-year. However, net profit attributable to shareholders was RMB 41.74 million, a sharp decline of 63.03%. Basic EPS was RMB 0.0654, down 63.03%. Total assets stood at RMB 2.10 billion, up just 0.30% from the end of last year, while shareholders’ equity increased 2.63% to RMB 1.64 billion.

Main Drivers of Performance

• Revenue Growth: Mainly driven by increased sales from the recycled lead project.
• Sharp Drop in Net Profit: Attributable net profit and comprehensive income plunged, mainly because investment income from the disposal of Hongxi Mining was much lower than the prior-year disposal of Hetao Ping Coal Mine.
• Non-recurring Profit Turned Positive: Excluding non-recurring items, net profit was RMB 25.04 million, a 1,079.29% increase from a loss in the same period last year.
• Cash Flow Status: Net operating cash outflow narrowed to RMB -20.48 million. Net cash from investing activities was RMB -82.63 million due to the absence of proceeds from asset disposals and project loans this period.

Key Issues and Potential Share Price Drivers

1. Completion of Hongxi Mining Equity Transfer

On January 30, 2026, the company sold its 45% stake in Hongxi Mining for RMB 22.37 million, with all proceeds received this period. The disposal contributed to non-recurring investment gains, but the company no longer holds any equity in Hongxi Mining. This move optimizes asset structure and recycles capital.

2. Mengzhe Xinzai Coal Mine Judicial Auction Progress and Litigation Recovery

Long-running litigation for overdue payments continues. In Nov 2023, Mengzhe Xinzai Coal Mine obtained the mining license. Two judicial auctions in Jan and Mar 2026 failed due to lack of bidders. The company will apply for judicial liquidation. If successful, there is potential for recovery of significant receivables, positively impacting profits and cash flow.

3. Asset Freeze Incident

Due to a contract dispute, RMB 2.296 million in the company’s bank accounts was frozen by court order. The company is actively responding legally. While the amount is small relative to total assets, investors should monitor for contingent liabilities.

4. Lawsuit Involving Vanke Zhen Shan Yue Project

In Jan 2026, the project company (10% owned by Hongyuan) was sued for project payments totaling RMB 43.7 million. Given the availability of unsold properties, the company expects no material impact, but investors should watch for updates.

5. Entrusted Wealth Management Update

The company continues to invest up to RMB 750 million in low-risk financial products. As of period-end, RMB 100 million was held in structured deposits, supporting liquidity and income stability.

Other Major Balance Sheet Changes

• Trading financial assets increased to RMB 100 million as a result of new structured deposit purchases.
• Large decreases in prepayments, accrued payroll, and tax liabilities reflect tighter cash management.
• Long-term equity investments increased 82%, mainly from Vanke project profits.

Shareholder Structure and Top 10 Shareholders

There are 39,293 ordinary shareholders. Guangdong Hongyuan Group is the largest with a 19.95% stake; there is no concerted action among the top 10 shareholders. The controlling shareholder has a high proportion of pledged shares, which may pose risks.

Risks and Opportunities for Investors

1. Heavy reliance on non-recurring gains means future performance could be volatile without asset disposals or investment income.
2. If judicial recovery efforts succeed, there may be significant upside for profits and cash flow.
3. Large-scale wealth management investments require continued monitoring for security and liquidity.
4. Continued profitability of core businesses such as recycled lead and real estate projects are key to future performance.

Conclusion

In Q1 2026, the company posted strong top-line growth but saw profits drop sharply due to a one-off decrease in investment income. The company is at a critical stage of asset restructuring and debt recovery. Investors should focus on the progress of asset realizations, major litigation outcomes, and the sustainability of main business profits.

Disclaimer:

This article is for reference only and does not constitute investment advice. Investing involves risks; please make decisions with caution. All data and events are based on official company disclosures.

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