北京首创生态环保集团2026年第一季度报告深度解析

一、核心业绩及财务表现

• 营业收入： 2026年第一季度公司实现营业收入41.94亿元，同比小幅下降1.13%。
• 利润总额： 利润总额为7.92亿元，同比增长13.67%。
• 归属于上市公司股东的净利润： 4.30亿元，同比增长7.67%。扣除非经常性损益后净利润4.10亿元，同比增长8.61%。
• 经营活动现金流： 经营活动产生的现金流量净额为4.06亿元，同比增长4.85%。
• 基本每股收益： 0.0585元，同比增长7.54%。
• 加权平均净资产收益率： 1.39%，同比提升0.08个百分点。
• 总资产： 截至2026年3月31日，公司总资产为1091.79亿元，较去年底基本持平。
• 归属于上市公司股东的所有者权益： 311.70亿元，较去年底增长1.40%。

二、非经常性损益分析

• 本期非经常性损益合计为1994万元，主要来自政府补助3016万元及部分营业外收入。
• 需注意，公司本期资产处置收益锐减，营业外收入和支出大幅减少，显示企业本期经营更加聚焦于主营业务。

三、财务结构变化及重要事项

• 应付票据： 本期归零，较去年同期下降100%，主因是子公司应付票据到期兑付完毕。
• 应付职工薪酬： 大幅减少33.28%，主要为上年度计提薪酬已支付。
• 其他收益： 同比增加41.62%，因下属项目收到政府补助增加。
• 投资收益： 大幅增长91.83%，因权益法核算项目减亏。
• 投资活动现金流： 投资活动净现金流出10.28亿元，同比大幅减少（上年同期净流出3.05亿元），主因是去年同期收到项目特许经营回购款。
• 筹资活动现金流： 筹资净流入3.46亿元，同比大增443.24%，主要源于融资净额增加。

四、股权结构及重要股东

• 公司股东户数为145,722户。
• 控股股东“北京首都创业集团有限公司”持股46.37%，无质押、冻结或限售情况。
• 其余大股东如香港中央结算有限公司、吴懿兵、国元证券等持股比例较低，前十大股东之间无已知一致行动人。
• 王钧全部持股通过信用账户持有，需关注潜在风险。

五、母公司业绩表现

• 营业收入1.46亿元，同比大增54%，但因营业成本、管理费用和研发费用等开支增加，母公司净利润为亏损3992万元（去年同期盈利4104万元）。
• 母公司期末资产总计481.26亿元，负债合计214.72亿元，所有者权益266.54亿元。
• 母公司现金流表现较弱，期末现金及现金等价物余额20.02亿元，同比减少。

六、潜在影响及投资者重点关注事项

• 公司整体收入略有下滑，但利润端表现稳健，经营效率提升显著。
• 投资收益、政府补助及经营现金流均表现良好，折射出公司内部降本增效和外部资源获取能力增强。
• 资产处置和营业外收益锐减，显示公司经营重心回归主营业务，未来业绩更依赖主营板块表现。
• 母公司亏损需引起投资者关注，可能对未来分红能力产生一定压力。
• 筹资活动现金流大增，债务结构调整和融资能力仍较强。
• 无重大异常事项或潜在大额资产减值、负面事件披露，整体经营稳健。

结论

北京首创生态环保集团2026年第一季度在收入小幅下滑的背景下，利润与现金流实现逆势增长，反映公司经营管理持续优化。随着投资收益回暖和政府补助增加，企业盈利质量有所提升，尽管母公司出现阶段性亏损，但整体资产负债结构稳健。未来需关注主营业务持续增长能力及母公司盈利修复进程。

免责声明

本文基于公司2026年第一季度报告公开信息整理，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。

English Version

In-depth Analysis of Beijing Capital Eco-Environmental Protection Group’s Q1 2026 Report

1. Key Financials and Performance

• Operating Revenue: RMB 4.19 billion, down 1.13% year-on-year.
• Total Profit: RMB 791.92 million, up 13.67% year-on-year.
• Net Profit Attributable to Shareholders: RMB 429.66 million, up 7.67%. After deducting non-recurring items, net profit is RMB 409.72 million, up 8.61%.
• Net Cash Flow from Operations: RMB 405.75 million, up 4.85%.
• Basic EPS: RMB 0.0585, up 7.54%.
• ROE (weighted): 1.39%, up 0.08 percentage points year-on-year.
• Total Assets: RMB 109.18 billion, basically flat compared to the end of 2025.
• Shareholder Equity: RMB 31.17 billion, up 1.4% from year-end 2025.

2. Non-Recurring Items Analysis

• Non-recurring profit and loss for the period totals RMB 19.94 million, mainly from government subsidies of RMB 30.16 million and some other non-operating income.
• Notably, asset disposal gains and non-operating income/expenses have dropped sharply, indicating focus shifting toward the core business.

3. Financial Structure Changes & Key Issues

• Notes Payable: Dropped to zero, mainly due to subsidiary notes maturing and being paid.
• Employee Compensation Payable: Down 33.28%, as prior year accruals were paid out.
• Other Income: Up 41.62%, thanks to increased government subsidies to subsidiaries.
• Investment Gains: Up 91.83%, as equity-accounted investments reduced losses.
• Investing Cash Flow: Net outflow of RMB 1.03 billion, a sharp YoY increase, due to a large franchise buyback received in prior year Q1.
• Financing Cash Flow: Net inflow of RMB 345.75 million, up 443.24% YoY, due to increased financing activity.

4. Shareholding Structure & Major Shareholders

• Total shareholders: 145,722.
• Controlling shareholder “Beijing Capital Group” holds 46.37%, with no pledge, freeze or restricted shares.
• Other top shareholders such as Hong Kong Securities Clearing Company, Wu Yibing, Guoyuan Securities, etc., all with minor stakes. No known acting-in-concert relationships.
• Shareholder Wang Jun holds all his shares via margin accounts, which may suggest some leverage risk.

5. Parent Company Performance

• Operating revenue RMB 145.73 million, up 54% YoY, but due to increased cost, management and R&D expenses, parent company net loss was RMB 39.92 million (vs. RMB 41.04 million profit YoY).
• Parent company total assets: RMB 48.13 billion; total liabilities: RMB 21.47 billion; equity: RMB 26.65 billion.
• Cash position: End-of-period cash and equivalents at RMB 2.00 billion, down year-on-year.

6. Potential Impacts & Investor Focus

• The company maintained profit and cash flow growth despite a slight decline in revenue, reflecting operational improvements.
• Growth in investment returns and subsidies plus increased operational cash flow highlight both internal efficiency and external resource acquisition.
• Sharp decline in asset disposal and non-operating items means future performance depends more on core business.
• Parent company loss may weigh on future dividend capacity and deserves attention.
• Financing cash flow up, indicating strong debt management and access to capital.
• No major negative events or asset impairment disclosed; operations appear stable.

Conclusion

Despite a minor revenue dip, Beijing Capital Eco-Environmental Protection Group saw profit and cash flow growth in Q1 2026, thanks to improved management, higher investment gains, and government support. While the parent company posted a loss, the overall group remains financially robust. Investors should watch for continued growth in core operations and parent company profit recovery.

Disclaimer

This article is based on the company’s Q1 2026 public filings and is for informational purposes only. It does not constitute investment advice. Investing involves risks—please act prudently.

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