亚翔系统集成科技（苏州）股份有限公司2026年第一季度业绩全解及投资者关注要点

一、业绩亮点与关键财务数据

• 营业收入大幅增长：2026年第一季度，公司营业收入达到人民币11.30亿元，同比大幅增长35.38%。
• 利润爆发式提升：利润总额为3.01亿元，同比暴增232.19%；归属于上市公司股东的净利润为2.48亿元，同比增长202.41%。扣非净利润同样增长202.36%。
• 每股收益大幅提升：基本每股收益1.1621元，稀释每股收益1.1621元，均同比增长202.39%。
• 净资产收益率显著提升：加权平均净资产收益率从4.38%提升至10.27%，提升5.89个百分点。
• 资产规模上升：总资产为56.13亿元，较年初增长4.10%；归属于上市公司股东的所有者权益25.26亿元，增长9.63%。

二、业绩驱动及结构分析

• 业绩增长主要受益于新加坡市场多个项目持续推进，工程量显著高于上期。
• 新加坡项目毛利率表现良好，收入增长带动工程毛利同步提升。
• 前期账龄较长的合同资产结算回款较多，冲回的合同资产减值准备增加，有效提升利润总额。

三、现金流与财务结构变化

• 经营现金流下降：第一季度经营活动产生的现金流量净额为-2.37亿元，较去年同期大幅减少126.01%，主要因应收账款增加及应付分包商工程款到期付款所致。
• 货币资金充裕：期末货币资金仍高达34.69亿元，显示公司整体流动性强劲。
• 短期借款：本期公司新增短期借款1亿元，筹资活动现金流净额为1亿元。
• 应收账款与合同资产：应收账款8.23亿元，合同资产8.13亿元，均较年初有显著增加，说明公司业务量持续扩大。

四、非经常性损益影响

• 本期非经常性损益共计103.3万元，主要来自公允价值变动收益和政府补助，整体对净利润影响较小，不构成业绩水分。

五、股东结构及重要股东动态

• 报告期末普通股股东总数为19,518户。
• 前十大股东持股稳定，亚翔工程股份有限公司为控股股东，持股53.99%，与苏州亚力管理咨询有限公司为一致行动人。
• 前十大股东未发生质押、冻结及转融通出借股份情况。

六、汇率变动影响

• 本期受汇率变动影响，现金及现金等价物净减少5,643万元，对公司整体货币资金有一定负面影响。

七、投资者须关注的潜在风险及价格敏感信息

• 项目高度集中于新加坡：当前业绩高增长来自新加坡市场多个项目，若后续新加坡市场环境变化或项目推进不及预期，将对公司业绩产生较大影响。
• 应收账款及合同资产增加：虽回款情况改善，但应收账款和合同资产规模较大，需持续关注其回款及坏账风险。
• 经营现金流转负：尽管利润增长迅猛，经营现金流出现净流出，若持续将影响公司流动性和偿债能力，投资者需高度关注。
• 汇率波动风险：公司海外业务比重增加，汇率波动已对现金流产生影响，未来或进一步影响公司盈利能力。

八、结论与投资建议

本期业绩报告显示，亚翔系统集成科技（苏州）股份有限公司业绩实现爆发性增长，净利润同比翻两番，每股收益大幅提升，资产实力增强。但同时经营现金流转负、应收账款和合同资产规模扩大、项目集中度高等风险也需投资者高度关注。整体来看，业绩高增长具备强烈的价格敏感性，短期有望继续支撑公司股价表现，但中长期仍需关注现金流、市场拓展及海外项目推进风险。

免责声明：本文基于公司2026年第一季度财报公开信息整理，仅供投资者参考，不构成任何投资建议。投资者应结合自身实际情况审慎决策，股市有风险，投资需谨慎。

English Version

Asia Allied System Integration Technology (Suzhou) Co., Ltd. Q1 2026 Results Explained & Investor Key Points

1. Key Highlights and Financial Data

• Surge in Revenue: Q1 2026 revenue reached RMB 1.13 billion, up 35.38% year-on-year.
• Explosive Profit Growth: Total profit reached RMB 301 million, up 232.19%; net profit attributable to shareholders RMB 248 million, up 202.41%. Core net profit (excluding non-recurring items) up 202.36% YoY.
• EPS Soaring: Basic and diluted EPS at RMB 1.1621, both up 202.39% YoY.
• ROE Significant Increase: Weighted average ROE rose from 4.38% to 10.27%, an increase of 5.89 percentage points.
• Asset Base Expansion: Total assets at RMB 5.61 billion, up 4.10% from the start of the year; equity attributable to shareholders rose 9.63% to RMB 2.53 billion.

2. Growth Drivers and Structure Analysis

• Growth driven by continued progress on multiple projects in Singapore, with project volume significantly higher than the same period last year.
• Singapore projects delivered strong gross margins, with revenue growth driving project gross profit higher.
• Improved collection of aged contract assets led to significant reversal of impairment provisions, boosting profits.

3. Cash Flow & Balance Sheet Changes

• Operating Cash Flow Declined: Net cash used in operations was -RMB 237 million, down 126.01% YoY, mainly due to increased receivables and payments to subcontractors.
• Ample Cash Reserves: End-of-period cash stood at RMB 3.47 billion, indicating robust liquidity.
• Short-Term Borrowings: Company raised a new short-term loan of RMB 100 million; financing cash flow net inflow also RMB 100 million.
• Receivables & Contract Assets: Receivables at RMB 823 million and contract assets at RMB 813 million both increased, reflecting business expansion.

4. Non-Recurring Items Impact

• Non-recurring gains for the period totaled RMB 1.03 million, mainly from fair value changes and government grants. The impact on net profit is minor, indicating earnings are of high quality.

5. Shareholder Structure & Key Dynamics

• Ordinary shareholders at period end: 19,518.
• Top 10 shareholders stable; Asia Allied Engineering Co., Ltd. is the controlling shareholder with 53.99% ownership, acting in concert with Suzhou Yali Management Consulting Co., Ltd.
• No share pledges, freezes, or share lending reported for top shareholders.

6. Exchange Rate Impact

• Adverse FX movements led to a net decrease of RMB 56.4 million in cash and equivalents, a negative impact due to increased overseas exposure.

7. Investor Risks & Price-Sensitive Information

• High Project Concentration in Singapore: Current high growth is heavily reliant on Singapore projects. Any changes or slowdowns there could significantly affect earnings.
• Rising Receivables & Contract Assets: Although collections improved, the scale of receivables and contract assets is large, posing potential default risks.
• Negative Operating Cash Flow: Despite strong profit growth, net outflow from operations, if persistent, could affect liquidity and solvency. Investors should closely monitor this.
• FX Volatility Risk: With more overseas business, exchange rates are already impacting cash flows and could further affect profitability.

8. Conclusion & Investment View

The Q1 report reveals explosive growth for Asia Allied System Integration Technology (Suzhou) Co., Ltd., with profits more than tripling and EPS surging. The robust asset base and strong margins are positives. However, negative operating cash flow, large receivables, and high project concentration pose risks. The results are highly price sensitive, likely to move the stock in the short-term, but investors should watch for cash flow and project execution risks in the longer term.

Disclaimer: This article is compiled from the company’s Q1 2026 financial report for reference only and does not constitute investment advice. Investors should make decisions based on their own circumstances. The stock market involves risk; invest cautiously.

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