Shanghai Zhijiang Biotechnology (688317) 2026 Q1 Report: Revenue Decline, Increased Losses, and Financial Highlights

上海之江生物2026年第一季度财报深度解析：营收下滑与亏损扩大引发关注

【上海，2026年4月28日讯】 上海之江生物科技股份有限公司（688317）今日发布了2026年第一季度财报。公司董事会声明保证报告内容的真实性和完整性。本季度财报未经过审计。

一、财报关键数据综述

营业收入：25,419,230.44元，同比下降20.90%，上年同期为32,134,673.50元。
归属于上市公司股东的净利润：-25,510,247.42元，较上年同期净亏损-16,017,333.00元大幅扩大。
扣除非经常性损益后的净利润：-27,145,069.41元，亏损同比扩大。
经营活动产生的现金流量净额：-3,659,740.91元，上年同期为2,001,042.18元，出现大幅下滑。
基本每股收益（EPS）：-0.15元，上年同期为-0.08元。
加权平均净资产收益率：-0.76%，同比减少0.32个百分点。
研发投入：11,586,524.45元，同比减少14.63%，但研发投入占收入比提升至45.58%（去年同期42.24%）。
总资产：3,706,726,515.21元，较去年末减少1.52%。
归属于上市公司股东的所有者权益：3,302,596,934.25元，较去年末减少1.38%。

二、造成业绩大幅波动的主要因素

销售收入显著下降：2026年第一季度营业收入同比下滑20.90%，是亏损扩大的直接原因之一。
汇兑损失增加：财报显示本期财务费用为9,376,422.37元，而上年同期为-9,565,870.98元（即有汇兑收益），汇兑损失对利润影响较大。
现金流承压：经营活动现金流净额由正转负，表明公司主业经营资金回流压力加大。
投资活动净流出持续高位：投资活动现金净流出高达89,030,640.12元，表明公司仍在持续投入，但短期对现金流形成压力。
研发投入高占比：虽然研发投入总额同比减少，但研发投入占营收比重持续上升，显示公司在加大创新与研发投入的战略方向未变。

三、非经常性损益影响

本期非经常性损益合计为1,634,821.99元，包括政府补助149,241.24元，金融资产公允价值变动及处置收益2,085,212.14元，其他营业外收入和支出-311,133.39元，所得税影响-288,498.00元。
非经常性损益对净利润虽有正面贡献，但整体亏损幅度依然较大。

四、股东结构与重要股东动态

报告期末普通股股东总数：15,499户。
前十大股东：
- 上海之江药业有限公司持股33.81%，为控股股东。
- 宁波康飞顿斯投资管理合伙企业（3.12%）、招商银行-广发价值核心混合基金（1.91%）、宁波睿道创业投资合伙企业（1.51%）等为重要机构股东。
- 实际控制人邵俊斌控制上海之江药业和宁波康飞顿斯投资管理合伙企业。
- 公司回购专用账户持股为9.05%，说明公司近期有较大规模的股票回购行为，对市场流通股本结构有直接影响。
谢显通过信用账户持有公司股份1,560,000股，普通账户持有835,000股。

五、资产负债表与现金流分析

货币资金：报告期末余额为2,422,741,216.05元，较年初下降。
短期无有息负债，长期借款为284,100,000元。
库存股大幅增加至313,174,413.04元，反映公司回购力度加大。
期末现金及现金等价物余额2,422,741,216.05元，充裕但下降明显。
汇率变动对现金影响为-15,069,979.84元，外汇风险需关注。

六、重要事项提示及对股价的潜在影响

业绩持续亏损且亏损幅度扩大，可能对市场投资者信心形成负面影响，短期内股价或面临压力。
公司大规模股票回购，有助于稳定股价、提升每股价值，显示管理层对公司长期价值的信心。
研发投入高占比，有助于公司未来创新能力建设，但短期对利润形成压力。
汇兑损失显著，公司需加强外汇风险管理，避免进一步恶化财务状况。

七、结论

上海之江生物2026年第一季度面临营收下滑、亏损扩大、现金流承压等多重挑战，尽管公司持续推进研发和股票回购，但若主营业务恢复乏力、汇率风险管控不到位，短期业绩压力较大，投资者需密切关注公司后续经营与市场环境变化。财报信息对股价具有高度敏感性，建议投资者保持谨慎。

免责声明：本文所载内容仅供参考，不构成任何投资建议或邀约。投资有风险，入市需谨慎。请投资者根据自身实际情况和专业建议判断投资决策。

English Version

Shanghai ZJ Bio 2026 Q1 Financial Report: Revenue Drop and Expanding Losses Raise Concerns

[Shanghai, April 28, 2026] Shanghai ZJ Bio-Tech Co., Ltd. (688317) released its unaudited financial results for Q1 2026. The Board ensures the report’s accuracy and integrity.

1. Key Financial Highlights

Revenue: RMB 25,419,230.44, down 20.90% year-on-year (YoY).
Net Profit Attributable to Shareholders: RMB -25,510,247.42, loss expanded from -16,017,333.00 in Q1 2025.
Net Profit Excluding Non-Recurring Items: RMB -27,145,069.41, further loss YoY.
Operating Cash Flow: RMB -3,659,740.91 vs RMB 2,001,042.18 in Q1 2025.
Basic EPS: RMB -0.15 (Q1 2025: -0.08).
Weighted average ROE: -0.76%, down 0.32 percentage points YoY.
R&D Investment: RMB 11,586,524.45, down 14.63%, but R&D as a percent of revenue rose to 45.58% (from 42.24%).
Total Assets: RMB 3,706,726,515.21, down 1.52% from last year-end.
Equity attributable to shareholders: RMB 3,302,596,934.25, down 1.38%.

2. Main Reasons for Performance Volatility

Significant decline in sales revenue is a primary reason for the expanded loss.
Exchange loss surge: Financial expenses increased to RMB 9,376,422.37 from a gain of RMB -9,565,870.98 last year.
Pressure on cash flow: Operating cash flow turned negative, indicating greater pressure on core business cash return.
High net cash outflow in investing activities: RMB 89,030,640.12, showing continued investment but short-term cash pressure.
High R&D ratio: Though total R&D spending decreased, its proportion of total revenue rose, signaling continued innovation focus.

3. Non-Recurring Gain/Loss

Total non-recurring gains were RMB 1,634,821.99, including government subsidies and fair value income from financial assets.
Despite the positive contribution, the overall loss remains sizable.

4. Shareholder Structure and Important Moves

Number of shareholders: 15,499.
Top 10 shareholders:
- Shanghai ZJ Pharmaceutical holds 33.81% as controlling shareholder.
- Other key institutional holders include Ningbo Kangfeitons, CMB-GF Value Core Fund, etc.
- Actual controller Shao Junbin controls both Shanghai ZJ Pharmaceutical and Ningbo Kangfeitons.
- The company’s repurchase account holds 9.05%, indicating significant buyback activity which affects the float.
Shareholder Xie Xian holds 1,560,000 shares via margin account, 835,000 via regular account.

5. Balance Sheet and Cash Flow

Cash balance: RMB 2,422,741,216.05, declined from year-start.
No short-term interest-bearing debt; long-term loans: RMB 284,100,000.
Treasury stock surged to RMB 313,174,413.04, reflecting aggressive buybacks.
Cash & equivalents still ample but down sharply; forex losses need attention.

6. Key Issues for Shareholders and Potential Price Impact

Escalated losses and revenue declines could hurt market confidence and share price in the short run.
Large-scale share buybacks may help stabilize the price and signal management’s confidence.
High R&D commitment builds future competitiveness but pressures near-term profit.
Significant forex losses highlight the need for better risk management.

7. Conclusion

Shanghai ZJ Bio faces multiple challenges in Q1 2026 including revenue contraction, widening losses, and cash flow pressure. While the company continues to invest in R&D and buybacks, unless core operations improve and forex risk is managed, short-term outlook remains under pressure. This report contains highly sensitive information that may affect the share price—investors are advised to monitor closely.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should exercise caution and consult professionals before making investment decisions.