彤程新材料集团2026年第一季度财报深度解读：营收与利润双增长，多项财务指标亮眼

核心财务数据持续向好，业绩增长超市场预期

彤程新材料集团股份有限公司（证券代码：603650）于2026年4月16日发布了未经审计的2026年第一季度财务报告。报告显示，公司一季度实现营业收入10.49亿元，同比增长22.51%，利润总额1.96亿元，同比增长11.69%，归属于上市公司股东的净利润达1.82亿元，同比增长13.83%，归母扣非净利润为1.77亿元，同比增长10.67%，展现出强劲的盈利能力。

• 经营活动产生的现金流量净额为2268万元，同比增长25.93%。
• 基本每股收益和稀释每股收益均为0.30元，同比增长11.11%。
• 公司总资产96.19亿元，较2025年末增长4.34%。
• 归属于上市公司股东的所有者权益43.21亿元，较上年末增长3.21%。

非经常性损益分析

公司本期非经常性损益合计534万元，主要包括计入当期损益的政府补助961万元，以及部分金融资产公允价值变动损失和营业外支出等。

资产负债结构稳健，流动性充裕

• 货币资金12.16亿元，流动资产合计33.07亿元，短期借款15.96亿元，一年内到期的非流动负债10.07亿元，流动负债合计35.92亿元。
• 长期借款14.13亿元，非流动负债合计16.22亿元。
• 资产负债率约54.2%，整体财务结构稳健。

现金流充裕，投资力度加大

• 经营活动现金流净额2268万元，同比大幅增长。
• 投资活动净流出1.64亿元，主因为本期固定资产、无形资产购置及投资增加，显示公司持续加大产能和研发投入。
• 筹资活动现金流净额1.99亿元，同比增长一倍有余，主要来自借款增加及子公司吸收少数股东投资。
• 期末现金及现金等价物余额5.20亿元，较2025年末增长。

股本结构与主要股东

• 报告期末普通股股东总数83,890名。
• 控股股东RED AVENUE INVESTMENT GROUP LIMITED持股47.81%，与Virgin Holdings Limited（持股13.01%）为一致行动人，两者合计持股超六成，控制权稳固。
• 公司回购专户持股0.49%，显示公司有回购行为，或对公司价值有信心。

利润表拆解及费用分析

• 营业成本、管理费用、销售费用、研发费用与去年同期均有小幅提升，配合收入端增长，费用率控制较好。
• 财务费用较去年同期提升明显，需关注公司负债端及融资成本变动。
• 投资收益达1.09亿元，主要来自联营企业和合营企业。
• 公允价值变动损失232万元，需关注后续相关资产价值波动。
• 其他综合收益本期为-5124万元，主要因权益法下可转损益的其他综合收益和外币报表折算差额波动。

对股东和投资者的重大提示及潜在价格敏感事项

• 业绩增长超市场预期：公司营业收入、净利润均实现两位数增长，显示主营业务持续向好，整体业绩表现优于行业平均水平，或将提振市场信心。
• 大股东结构稳定，回购彰显信心：控股股东及一致行动人持股比例高，公司回购股份，有望稳定市场预期。
• 投资与研发持续加大：大额投资流出、在建工程增加，表明公司正积极扩建产能和增强研发实力，未来成长性可期。
• 财务费用上升需关注：若融资成本持续上升，可能对利润端产生压力，需关注公司后续债务结构调整。
• 汇率影响：期内因汇率变动导致现金流出1436万元，公司外币业务或需更好管理汇率风险。
• 其他综合收益大幅下滑：对净资产有一定阶段性影响，需关注后续权益法下投资等公允价值波动。
• 现金流充裕保障公司运营和扩张，但投资强度大，需持续洞察后续投资回报。

总结

总体来看，彤程新材料集团2026年一季度业绩表现亮眼，营业收入、净利润、经营性现金流均实现较快增长，投资和产能扩张力度加大，控股权结构稳定，并有回购行为提升公司价值信心。投资者需关注财务费用和其他综合收益波动带来的潜在影响。整体业绩有望对二级市场股价产生积极推动作用，建议投资者给予持续关注。

免责声明

本文基于公司公开财务报告编写，内容仅作投资参考，不构成任何投资建议。投资有风险，入市需谨慎。

English Version

Red Avenue New Materials Group Q1 2026 Financial Report In-depth Analysis: Double-digit Growth in Revenue and Profit, Multiple Financial Highlights

Key Financial Data Exceed Expectations, Performance Outpaces Peers

Red Avenue New Materials Group Co., Ltd. (Stock Code: 603650) released its unaudited Q1 2026 financial report on April 16, 2026. The company posted operating revenue of RMB 1.049 billion (+22.51% YoY), total profit of RMB 196 million (+11.69% YoY), net profit attributable to shareholders of RMB 182 million (+13.83% YoY), and non-recurring net profit attributable to shareholders of RMB 177 million (+10.67% YoY), all showcasing robust profitability.

• Net operating cash flow reached RMB 22.68 million (+25.93% YoY).
• Basic and diluted EPS both at RMB 0.30, up 11.11% YoY.
• Total assets at RMB 9.62 billion (+4.34% vs 2025 year-end).
• Shareholders’ equity of RMB 4.32 billion (+3.21% vs 2025 year-end).

Non-recurring Income & Expenses

Non-recurring profit and loss totaled RMB 5.34 million, mainly from government grants (RMB 9.61 million), offset by fair value losses on some financial assets and other non-operating expenses.

Stable Asset-Liability Structure, Ample Liquidity

• Monetary funds: RMB 1.22 billion. Total current assets: RMB 3.31 billion. Short-term borrowings: RMB 1.60 billion. Non-current liabilities due within a year: RMB 1.01 billion. Total current liabilities: RMB 3.59 billion.
• Long-term borrowings: RMB 1.41 billion. Non-current liabilities: RMB 1.62 billion.
• Asset-liability ratio about 54.2%, indicating a solid balance sheet.

Strong Cash Flow, Heavy Investments

• Operating cash flow positive and up sharply.
• Net cash outflow from investing activities: RMB 164 million, mainly due to increased capex and investments, signaling ongoing capacity expansion and R&D input.
• Net financing cash inflow: RMB 199 million, over double YoY, mainly from increased borrowings and minority shareholder investments in subsidiaries.
• End-of-period cash and equivalents: RMB 520 million, up from year-end 2025.

Shareholding Structure & Major Shareholders

• Total ordinary shareholders: 83,890 as of the reporting period end.
• Top shareholder RED AVENUE INVESTMENT GROUP LIMITED holds 47.81%, with Virgin Holdings Limited (13.01%) as an acting-in-concert party, together controlling over 60% of shares, ensuring stable control.
• The company’s repurchase account holds 0.49%, indicating buybacks and management’s confidence in company value.

Profit & Expense Breakdown

• Cost, admin, selling, and R&D expenses rose moderately alongside revenue, with good cost control.
• Finance costs rose notably YoY, requiring attention to debt structure and financing costs.
• Investment income surged to RMB 109 million, mainly from associates and joint ventures.
• Fair value loss of RMB 2.32 million—investors should monitor future asset value swings.
• Other comprehensive income fell RMB 51.24 million, driven by investment-related valuation changes and forex translation differences.

Key Shareholder Alerts & Potential Price-sensitive Items

• Results outperform expectations: Double-digit gains in revenue and profit highlight robust core business strength, potentially boosting market confidence.
• Stable control structure, buybacks signal confidence: High controlling shareholder concentration and share buybacks could underpin the stock price.
• Capex and R&D ramp-up: Heavy investment and more construction-in-progress point to capacity and tech upgrades, supporting future growth.
• Rising finance costs: If borrowing costs continue up, profit margins may be pressured—watch for changes in debt structure.
• FX impact: RMB 14.36 million cash outflow due to forex, indicating some currency risk exposure.
• Sharp drop in other comprehensive income: May temporarily affect net assets; monitor future investment and valuation swings.
• Ample cash ensures operations and expansion, but heavy investment means watching for return on investment in future quarters.

Conclusion

In summary, Red Avenue New Materials delivered strong Q1 2026 performance with notable revenue, profit, and cash flow growth, aggressive investment and expansion, stable shareholder control, and buybacks signaling value confidence. Investors should watch for finance cost and other comprehensive income swings. Overall, the results may positively influence secondary market valuations, meriting ongoing attention.

Disclaimer

This article is for information purposes only, compiled from the company’s official financial disclosures. It does not constitute investment advice. Investors should exercise caution and make decisions at their own risk.

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