Haitong Unitrust International Financial Leasing Co., Ltd. released unaudited first-quarter 2026 results prepared under PRC GAAP.

Revenue and Profitability • Total operating revenue fell 14.07% year on year to RMB 1.47 billion, reflecting softer leasing and related business volumes. • Net profit attributable to owners declined 22.90% to RMB 320.94 million; group net margin slipped to 21.8% from 24.3% a year earlier. • Operating costs decreased 17.5%, partially cushioning the top-line contraction, while administrative expenses slid 20.2%. • Impairment losses under the expected credit-loss model remained elevated at RMB 223.32 million, just 8.7% lower than the prior-year period.

Cash Flow • Net cash generated from operating activities jumped 193% to RMB 6.81 billion, driven mainly by a sharp slowdown in the purchase of leased assets (-44% YoY). • Investing activities consumed RMB 0.60 billion, broadly in line with the prior-year outflow. • Financing activities shifted to a RMB 5.55 billion net outflow due to RMB 12.44 billion of debt repayments and a RMB 1.00 billion redemption of other equity instruments, offsetting new borrowings and bond issuance totalling RMB 8.44 billion. • Cash and cash equivalents closed the quarter at RMB 7.62 billion, up 9.7% from year-end 2025.

Balance Sheet Highlights (March 31 vs December 31 2025) • Total assets declined 5.34% to RMB 101.99 billion, mainly because long-term receivables fell 10.5% to RMB 40.84 billion. • Total liabilities decreased 5.81% to RMB 82.27 billion, keeping the liability-to-asset ratio broadly stable at 80.7%. • Equity attributable to owners slipped 3.43% to RMB 19.67 billion, reflecting profit retention offset by the redemption of other equity instruments. • Cash and bank balances increased to RMB 8.26 billion, improving short-term liquidity, while short-term borrowings fell 14.4% to RMB 1.93 billion.

Key Developments • The company issued RMB 6.27 billion of bonds during the quarter and repaid RMB 12.44 billion of interest-bearing debt, signalling continued balance-sheet optimisation. • Other equity instruments outstanding contracted by 41.5% to RMB 1.40 billion following the RMB 1.00 billion redemption.

Overall, Haitong Unitrust entered 2026 with a lighter balance sheet, stronger operating cash generation, and reduced short-term funding needs, although profitability remains under pressure from slower revenue growth and sustained credit-loss provisions.