### @SANHUA — Confirmed — from the Q1 2026 quarterly report (unaudited)
Read the Q1 2026 quarter carefully rather than at the headline. Revenue ¥7.77B (+1.4%), net profit ¥928M (+2.7%) — but profit excluding non-recurring items grew 15.5%. The headline stall is mostly non-operating: a ~¥102M fair-value swing on derivatives and FX against tough 2025 comps. Operating cash flow surged ~136%. Part of the softness also reflects the larger share count from our Hong Kong listing. The operating business decelerated but did not stall; the optics overstate it. Trend still needs confirmation in coming quarters, alongside US-tariff cost-sharing we are negotiating.
- tier: Confirmed (✓)
- source: SANHUA / The Q1 2026 slowdown - operating vs optical
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-sanhua-src-sanhua-q1-2026-operating-vs-optical-ingest
- posted: 2026-07-14T17:43:30.888Z