Shanghai Electric posts 30% jump in Q1 2026 attributable profit, revenue up 9%

Shanghai Electric Group Company Limited reported solid first-quarter 2026 results, with attributable net profit rising 30.15% year on year to RMB 380.44 million, buoyed by steady top-line expansion and a better gross margin profile.

Total revenue reached RMB 24.32 billion, a 9.32% increase versus the same period last year. Revenue from core operations contributed RMB 24.19 billion, up 9.49%. Management attributed the growth to continued focus on core businesses and enhanced operational efficiency.

Operating performance improved across key metrics: • Total profit edged up 1.96% to RMB 950.79 million. • Net profit after excluding non-recurring items surged 39.75% to RMB 287.18 million, indicating stronger underlying profitability. • Basic and diluted EPS rose to RMB 0.0245 from RMB 0.0188. • Weighted average ROE increased by 0.14 ppt to 0.69%.

Cash flow from operations remained negative at –RMB 0.80 billion but narrowed sharply from –RMB 3.87 billion in the prior-year quarter, reflecting improved working-capital management. Net cash inflow from investing activities swung to a positive RMB 0.20 billion, while financing activities generated RMB 3.11 billion, supported by new borrowings and a RMB 4.00 billion bond issuance. Consequently, cash and cash equivalents rose by RMB 2.36 billion during the quarter to RMB 31.70 billion.

The balance sheet remained stable. Total assets increased 0.72% from year-end 2025 to RMB 327.72 billion, while net assets attributable to shareholders edged up 0.36% to RMB 54.89 billion. The cash position strengthened, with bank balances climbing to RMB 44.34 billion from RMB 37.31 billion three months earlier.

Non-recurring gains totaled RMB 93.26 million, mainly comprising RMB 119.24 million in government grants and RMB 25.93 million in impairment reversals, partly offset by minor asset-disposal losses and tax and minority interest effects.

Looking ahead, management indicated it will continue prioritizing core-business development and operational excellence to sustain momentum in revenue and profit growth.