吉林亚联发展科技股份有限公司2026年第一季度报告：业绩承压，控股股东股份解冻及业绩补偿到账

一、核心要点总结

• 营业收入同比下降22.21%，录得8,164.49万元，归属于上市公司股东净利润同比大幅下滑58.18%，仅为142.84万元。
• 扣非后净利润锐减93.83%，仅为20.51万元，显示主营业务盈利能力显著下滑。
• 经营活动现金流净额大幅转负，为-1,185.72万元，去年同期为4,587.41万元，反映公司回款压力较大。
• 短期借款同比大幅增长44.97%，应付票据大幅减少88.82%，合同负债增长43.32%，反映融资结构及客户预付款项变动明显。
• 控股股东大连致利投资发展（集团）有限公司部分股份解除冻结，剩余冻结股份占总股本比例仅0.45%，相关司法风险暂缓。
• 公司联营企业业绩未达承诺，已收到44.67万元业绩补偿款，业绩承诺兑现情况受到关注。

二、详细财务分析

• 收入与利润表现：
  • 本期营收8,164.49万元，较去年同期下降22.21%。
  • 归母净利润142.84万元，同比减58.18%，主要原因为回款减少、坏账准备转回减小、子公司结构调整。
  • 扣非净利润仅20.51万元，同比减少93.83%。
  • 加权平均净资产收益率为1.84%，较去年同期下滑2.92个百分点。
• 现金流与资产结构：
  • 经营活动现金流净额为-1,185.72万元，较去年同期大幅减少，主因“智慧交通”业务销售回款减少。
  • 投资活动现金流净额2,103,137.29元，主因收到处置深圳键桥数字能源技术有限公司款项，并且去年同期理财赎回金额较小。
  • 筹资活动现金流净额为1,549.62万元，主要由于本期新增借款及去年同期偿还股东借款所致。
• 资产负债变动：
  • 总资产68,569.28万元，较年初下降3.18%。
  • 归母所有者权益7,830.17万元，较年初上升1.86%。
  • 应付票据下降至1,788,570元，因票据到期承兑。
  • 合同负债增长至7,512.57万元，客户预付款增加。
  • 短期借款增加至6,123.02万元，融资压力明显。
• 费用与非经常性损益：
  • 管理费用、研发费用均因深圳键桥数字能源技术有限公司不再纳入合并报表范围而大幅下降。
  • 信用减值损失、资产减值损失同比均有大幅下降，反映应收账款回款减少。
  • 本期收到业绩补偿44.67万元，计入非经常性损益。

三、影响股价的重要事项与风险提示

• 控股股东股份冻结风险缓解：
  2025年12月，公司控股股东大连致利投资发展（集团）有限公司持有的5,226万股公司股份被冻结。2026年4月1日，50,496,331股股份被解冻，仅剩1,763,669股被冻结，占总股本0.45%。法院民事调解书显示，该司法风险已部分解除，但若后续未能妥善解决，仍可能影响公司控制权稳定性。
• 业绩承诺补偿到位、联营企业净利润未完全达标：
  2023年公司与杨威、林阳等合作设立联美达，约定2024/2025年合计净利润不低于3,400万元。实际实现3,355.33万元，低于承诺，已收到全部业绩补偿44.67万元。该事项显示部分投资项目盈利不及预期，需持续关注后续业绩兑现能力。
• 主营业务持续承压、现金流状况需警惕：
  营收与净利双降，经营现金流严重恶化，短期偿债压力提升，需关注未来回款与现金流改善情况。
• 股东结构及大股东质押、解冻变动：
  大连致利集团与键桥通讯构成一致行动人，合计持股比例较高，相关股份质押、冻结情况需投资者高度关注，可能影响公司控制权稳定。

四、股东结构与流通股东信息

• 前十大股东中，大连致利投资发展（集团）有限公司持有13.29%，全部质押/冻结；键桥通讯技术有限公司持有6.10%，也全部质押。
• 部分外资机构如高盛、UBS、摩根大通、巴克莱等持股。
• 控股股东实际控制人为王永彬，同时为键桥通讯实际控制人，两者为一致行动人。

五、结论与投资者需关注的驱动要素

当前公司面临主营业务承压、回款及现金流紧张局面，控股股东股份司法冻结风险虽暂缓但未彻底解除。公司投资项目业绩承诺未完全兑现，虽业绩补偿及时到账但显示外部业务拓展盈利能力存疑。若未来智慧交通等主业回款不能及时改善，不排除公司偿债及流动性风险进一步加剧可能。控股权稳定、流动性状况及主营业务恢复情况，均为潜在影响公司二级市场表现的重要因素，建议投资者密切关注相关进展。

免责声明： 本文仅为信息披露与投资分析参考，不构成任何投资建议。请投资者据此独立判断，注意市场风险。

English Version

Key Points from the 2026 Q1 Report: Performance Under Pressure, Share Unfreezing, and Performance Compensation Received

1. Executive Summary

• Revenue down 22.21% YoY to RMB 81.64 million; net profit attributable to shareholders down 58.18% YoY to only RMB 1.43 million.
• Net profit after extraordinary items plummeted by 93.83%, to just RMB 0.21 million, indicating a significant decline in core business profitability.
• Net cash flow from operating activities turned sharply negative, at -RMB 11.86 million, versus RMB 45.87 million in the same period last year, reflecting significant pressure on receivables.
• Short-term loans increased 44.97% YoY; notes payable dropped 88.82%; contract liabilities increased 43.32%, highlighting major changes in financing structure and prepayments from customers.
• Controlling shareholder Dalian Zhili Investment Group unfreezes most of its pledged shares, with only 0.45% of total shares still frozen, easing judicial risk.
• Performance compensation of RMB 446,700 was received as a joint venture failed to meet its earnings commitment, attracting investor attention to project returns.

2. Financial Details

• Revenue and Profit:
  • Q1 revenue: RMB 81.64 million, down 22.21% YoY.
  • Net profit attributable to shareholders: RMB 1.43 million, down 58.18% YoY due to lower collection of receivables, less reversal of impairment losses, and subsidiary structure adjustment.
  • Net profit after extraordinary items: RMB 0.21 million, down 93.83% YoY.
  • ROE: 1.84%, down 2.92 percentage points YoY.
• Cash Flow and Asset Structure:
  • Net cash flow from operating activities: -RMB 11.86 million, a significant drop mainly due to lower collections in the smart transportation business.
  • Net cash flow from investing: RMB 2.10 million, due to proceeds from disposal of Shenzhen Jianqiao subsidiary and more balanced wealth management activity.
  • Net cash flow from financing: RMB 15.50 million, mainly driven by new borrowings and less shareholder loan repayments.
• Balance Sheet Changes:
  • Total assets: RMB 685.69 million, down 3.18% from year start.
  • Shareholders’ equity: RMB 78.30 million, up 1.86% from year start.
  • Notes payable fell to RMB 1.79 million; contract liabilities rose to RMB 75.13 million; short-term loans increased to RMB 61.23 million.
• Expenses and Non-recurring Items:
  • Both management and R&D expenses dropped, mainly because Shenzhen Jianqiao is no longer consolidated.
  • Credit impairment and asset impairment losses decreased year-on-year as fewer receivables were recovered.
  • Received RMB 446,700 in performance compensation, counted as non-recurring income.

3. Price-sensitive Issues & Risks for Investors

• Judicial Risk of Controlling Shareholder Shares Eased:
  In Dec 2025, Dalian Zhili’s 52.26 million shares were frozen; as of April 2026, 50.5 million shares were unfreezed, with only 1.76 million shares (0.45% of total) still frozen. While court orders have mitigated risks, failure to resolve these issues could still affect control stability.
• Joint Venture Project Missed Earnings Commitment, Performance Compensation Paid:
  In 2023, the company set up a JV (Lianmeida) with promises of RMB 34 million in two-year profits. Actual profits were RMB 33.55 million, resulting in a compensation payment of RMB 446,700, which has been received. This signals that some external projects face profit delivery issues.
• Operating Cash Flow Stress and Core Business Under Pressure:
  With falling revenue and profit, and negative operating cash flow, there are concerns over short-term liquidity and solvency.
• Shareholder Structure and Pledge/Frozen Shares:
  Main shareholders (Zhili and Jianqiao) are acting in concert; their high proportion of pledged or previously frozen shares poses a risk to control stability.

4. Shareholding Structure Update

• Top shareholders: Dalian Zhili (13.29%) and Jianqiao (6.10%), both with all shares pledged; foreign institutions (Goldman Sachs, UBS, JPMorgan, Barclays) are among the top 10.
• Actual controller: Wang Yongbin (controls both Zhili and Jianqiao, acting in concert).

5. Conclusion & Investor Takeaways

The company faces significant challenges in its core business, cash flow, and short-term debt pressure. Although judicial risk for the controlling shareholder has eased, it is not fully resolved. The JV earnings miss and compensation prompt concerns over project profitability. Continued monitoring of business recovery, liquidity, and control stability is advised, as these remain potential share price movers.

Disclaimer: This article is for information and investment analysis purposes only and does not constitute investment advice. Please make independent decisions and beware of market risks.

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