盛新锂能2026年一季度业绩大增，锂盐产品量价齐升，新能源行业推动高成长

一、业绩亮点与关键财务数据

• 营业收入同比增长378.58%：公司2026年第一季度实现营业收入32.84亿元，较去年同期的6.86亿元大幅增长。
• 归属于上市公司股东净利润大幅转正：本季度净利润为4.64亿元，去年同期为亏损1.55亿元，实现了399.89%的增长。
• 扣非净利润同样大幅提升：扣除非经常性损益后净利润为6.22亿元，上年同期为亏损2.01亿元，增长409.93%。
• 每股收益0.51元，同比提升400%。
• 总资产增长13.46%，达到255亿元。
• 归属于母公司所有者权益增长4.72%至107.33亿元。

二、主要变动原因及行业动态

本季度业绩大幅增长，主要得益于新能源行业的高速发展，市场对于锂盐产品的需求持续高涨，产品销售价格较去年同期有显著提升。同时，公司印尼工厂投产并实现销售出货，进一步带动锂盐产品的销量和价格齐升。上述因素共同驱动了营业收入、净利润、扣非净利润和每股收益等关键财务指标的显著上升。

三、非经常性损益与风险提示

• 本报告期非经常性损益为-1.58亿元，主要包括：
  • 商品及外汇期货套期保值结算损失2.22亿元、公允价值变动损失0.13亿元。
  • 委托他人投资或管理资产收益2374.80万元。
  • 政府补助283.44万元。
  • 所得税影响额-0.52亿元。
• 公司说明不存在其他符合非经常性损益定义的事项。

四、现金流情况及财务结构变动

• 经营活动现金流净额为-6.67亿元，较去年同期大幅下降（去年同期为正3.46亿元）， 主要因为原材料采购、劳务支付及各项税费增加。
• 投资活动现金流净额为-1.99亿元，较去年同期有所收窄。
• 筹资活动现金流净额为15.53亿元，大幅增长， 主要由于本期取得借款和吸收投资增加。
• 期末现金及现金等价物余额为20.98亿元。

五、股东持股结构变化及回购进展

• 报告期末普通股股东总数为112,944户。
• 前十大股东持股集中度较高，控股股东及其一致行动人合计持股比例较大，且部分股份存在质押情况。
• 公司回购专用证券账户持股数量为4,159.82万股，占公司总股本的4.54%，体现了公司对自身价值的信心。
• 比亚迪等行业龙头为重要股东。

六、其他值得关注的事项

• 公司本期财报未经审计。
• 资产负债表显示公司流动性充裕，货币资金48.62亿元，资产负债率有所上升。
• 无优先股、无新的重大事项披露。

七、投资者需要关注的潜在影响及风险因素

• 锂盐产品需求高涨和价格大幅上涨，带动公司业绩爆发式增长，极可能对公司估值产生积极影响。
• 原材料采购、税费支出上升使经营现金流转负，需持续关注公司运营现金流变化。
• 非经常性损益中商品及外汇期货损失较大，表明公司仍面临一定的金融市场风险。
• 大额借款与筹资活动，若市场环境变化或利率上升，可能对业绩造成压力。
• 部分控股股东股份存在较高比例质押，若股价波动加剧，需关注可能带来的质押风险。

免责声明：本文基于盛新锂能2026年第一季度报告公开数据编写，不构成任何投资建议。股市有风险，投资需谨慎。投资者请结合自身判断和风险承受能力，理性决策。

English Version

Shengxin Lithium Energy Reports Explosive Q1 2026 Earnings—Lithium Salt Demand and Prices Surge

1. Key Financial Highlights

• Revenue up 378.58% YoY: Q1 2026 revenue reached RMB 3.28 billion, compared to RMB 686 million a year ago.
• Net profit attributable to shareholders swung to positive: RMB 464 million profit vs. RMB 155 million loss last year—a 399.89% improvement.
• Net profit excl. non-recurring items up 409.93%: RMB 622 million vs. RMB 201 million loss last year.
• EPS at RMB 0.51, up 400% YoY.
• Total assets increased by 13.46% to RMB 25.5 billion.
• Shareholder equity (attributable to parent) up 4.72% to RMB 10.73 billion.

2. Drivers of Performance & Industry Trends

The exceptional result was mainly fueled by booming demand in the new energy sector, resulting in surging demand and prices for lithium salt products. The commencement of shipments from the company’s Indonesia plant further boosted both sales volume and prices, driving revenue, net profit, and EPS sharply higher.

3. Non-Recurring Items & Risk Disclosure

• Non-recurring loss of RMB 158 million for the quarter, mainly due to:
  • Commodity and FX hedging (settlement loss: RMB 221 million, fair value loss: RMB 12.58 million).
  • Investment income from entrusted management: RMB 23.7 million.
  • Government grants: RMB 2.83 million.
  • Tax effects: -RMB 51.78 million.
• No other material non-recurring items.

4. Cash Flow and Changes in Financial Structure

• Operating cash flow negative at -RMB 667 million (vs. +RMB 346 million last year), mainly due to increased procurement, labor costs, and taxes.
• Investing cash flow negative at -RMB 199 million, narrowing from last year.
• Financing cash flow positive at RMB 1.55 billion, reflecting higher borrowings and investments.
• Ending cash and equivalents: RMB 2.10 billion.

5. Shareholding Structure & Share Buyback

• 112,944 common shareholders at quarter-end.
• Top 10 shareholders remain highly concentrated, with controlling shareholders and related parties holding a substantial stake and some shares pledged.
• Company buyback account holds 41.60 million shares (4.54% of total share capital), reflecting management’s confidence.
• BYD and other industry giants are key shareholders.

6. Other Notable Items

• Q1 report is unaudited.
• Balance sheet shows ample liquidity (RMB 4.86 billion in cash), but rising leverage.
• No new preferred shares or significant new events disclosed.

7. Potential Price-Sensitive Issues & Risks for Investors

• Surging lithium salt demand and prices have driven a dramatic earnings turnaround, likely to affect share valuation positively.
• Negative operating cash flow due to heavier procurement and tax costs; investors should monitor cash flow sustainability.
• Large losses on commodity and FX hedges pose ongoing financial risks.
• High borrowings and increased leverage could pressure future results if market or interest rates shift.
• Significant share pledging by controlling shareholders may add risk in case of share price volatility.

Disclaimer: This article is based on Shengxin Lithium Energy’s public Q1 2026 results and does not constitute investment advice. The stock market carries risks—investors must make decisions based on their own judgment and risk tolerance.

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