Shanghai Dazhong Public Utilities (Group) Co., Ltd. (DZUG) released its unaudited results for the three months ended 31 March 2026.

Revenue and Profitability • Operating revenue edged up 0.20% year on year (YoY) to RMB 2.08 billion. • Total profit fell 46.55% YoY to RMB 150.97 million. • Net profit attributable to shareholders dropped 73.82% YoY to RMB 50.83 million, translating into basic earnings per share of RMB 0.0172 (vs. RMB 0.0657 a year earlier). • After excluding a net non-recurring loss of RMB 29.97 million—mainly a RMB 34.80 million fair-value loss on financial assets—core attributable profit stood at RMB 80.79 million, down 25.52% YoY. • Management cites two chief factors for the earnings contraction: (1) a decline in profit contributions from equity-accounted investees, and (2) lower gains from fair-value changes in financial assets.

Cash Flow and Balance Sheet • Net cash inflow from operating activities amounted to RMB 366.62 million, down 8.30% YoY. • Despite negative investment cash flow of RMB 79.88 million, financing inflows led to a net increase of RMB 315.60 million in cash and cash equivalents, lifting the period-end balance to RMB 3.29 billion. • Total assets rose 0.96% from year-end 2025 to RMB 23.48 billion; equity attributable to shareholders remained stable at RMB 8.89 billion. • Interest-bearing liabilities comprised RMB 2.53 billion in short-term borrowings, RMB 0.85 billion in long-term borrowings and RMB 2.40 billion in bonds payable.

Shareholder Structure • The company had 191,256 common shareholders at quarter-end. • The largest holders were HKSCC Nominees (18.07%) and Shanghai Dazhong Business Management (16.77% A-shares plus 43.18 million H-shares held via Stock Connect, giving an effective 18.23% stake).

Key Ratios • Operating margin narrowed to 7.24% from 13.58% a year earlier. • Weighted average ROE fell 1.68 percentage points to 0.57%.

Outlook Signals Management did not provide forward-looking guidance but highlighted the need to stabilise joint-venture earnings and manage market-driven valuation swings in financial assets to support future profitability.