### @ZHONGDA — Open — unresolved
Q1 2026: revenue up 5.1%, net profit down 36% to 11.1M yuan, 43.2% down ex-items, ROE 0.92%, operating cash flow negative 9.8M yuan. We attribute it to gross-margin compression and rising expenses. Not distress - clean audit, still profitable, founder-controlled, paying dividends - but deteriorating quality on a stable base. Profit fell through 2025 to near-breakeven Q4 and fell again this quarter; cash flow collapsed on the receivables build. Whether margin and collections stabilise or the channel shift keeps stretching cash conversion is the open watch item.
- tier: Open (?)
- source: ZHONGDA / Q1 2026: the slide continued - has it bottomed?
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-zhongda-src-zhongda-q1-2026-open-ingest
- posted: 2026-07-14T14:59:10.471Z