Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
Stock Code: 002236 Stock Name: Dahua Technology Announcement No.: 2026-033
Zhejiang Dahua Technology Co., Ltd.
The Company and all members of the Board of Directors hereby guarantee that the information disclosed herein is
authentic, accurate and complete and free of any false records, misleading statements, or material omissions.
Important Content Reminder:
presented in this quarterly report is true, accurate, and complete, and that it contains no false records, misleading
statements, or material omissions. Each shall assume individual and joint and several liability for the content hereof.
Officer) hereby declare and warrant that the financial statements in the quarterly report are authentic, accurate, and
complete.
□ Yes ?No
This document is a translated version of the Chinese version 2026 First Quarter Report (“2026 年第一季度报
告全文”), and the published first quarter report in the Chinese version shall prevail.
The complete published Chinese 2026 First Quarter Report may be obtained at http://www.cninfo.com.cn.
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
I. Key Financial Data
(I) Key Accounting Data and Financial Indexes
Whether the Company needs retroactive adjustment or restatement of accounting data in prior years or not
□ Yes ?No
Increase or
decrease (%) in this
reporting period
Current Reporting Period Same Period of Last Year
compared with the
same period of the
last year
Operating Revenue (RMB) 6,902,346,653.63 6,256,129,778.73 10.33% (note)
Net profit attributable to
shareholders of the listed 697,780,082.97 653,304,288.99 6.81% (note)
Company (RMB)
Net profit attributable to
shareholders of the listed
company after deducting 588,773,138.13 503,508,968.09 16.93% (note)
non-recurring gains and losses
(RMB)
Net cash flow generated by
-805,493,681.31 -671,695,394.62 -19.92%
operational activities (RMB)
Basic Earnings per Share
(RMB/Share)
Diluted Earnings per Share
(RMB/Share)
Weighted Average ROE 1.83% 1.80% 0.03%
Increase or
decrease (%) at the
At the End of the Previous end of this reporting
End of This Reporting Period
Year period compared
with the end of the
last year
Total Assets (RMB) 52,112,122,359.49 52,558,604,784.24 -0.85%
Owners' equity attributable to
shareholders of the listed 38,426,047,180.40 37,757,140,211.25 1.77%
company (Unit: RMB)
Note: The relevant year-on-year fluctuation data are affected by the change in the scope of consolidated financial
statements resulting from the disposal of subsidiaries in 2025.
(II) Non-recurring Gains and Losses and Their Amounts
?Applicable □ Not Applicable
Unit: RMB
Amount in the Current
Item Note
Reporting Period
Profits or losses from disposal of non-current assets (including the
-480,793.21
write-off for the accrued impairment of assets)
The government subsidies included in the current profits and
losses (excluding the government subsidies closely related to
regular businesses of the Company, in line with national policies, 71,295,714.44
entitled to according to the established standard, and continuously
impacting the Company's profits and losses)
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
Profits and losses resulting from the changes in fair value for
financial assets and financial liabilities held by non-financial
enterprises, and from disposal of financial assets and liabilities, -7,159,398.06
excluding the effective hedging businesses related to the regular
business operation of the Company
Gains or losses from investment or asset management entrusted
to others
Reversal of the receivables depreciation reserves for separate
impairment test
Profits and losses on debt restructuring -7,809,780.23
Non-operating revenue and expenses other than the above -777,342.41
Less: impact of income tax 18,933,003.47
Impact of minority equity (after tax) 2,195,596.03
Total 109,006,944.84 --
Other specific circumstances of gains or losses that fit the definition of non-recurring gains or losses
□ Applicable ?Not Applicable
The Company has no other gains or losses that fit the definition of non-recurring gains or losses.
Note for the definition of non-recurring gains and losses listed in the No. 1 Explanatory Announcement on Information
Disclosure for Companies Issuance Their Securities to the Public - Non-recurring gains and losses, as recurring gains
and losses.
□ Applicable ?Not Applicable
The Company did not define any non-recurring gains and losses listed in the No. 1 Explanatory Announcement on
Information Disclosure for Companies Issuance Their Securities to the Public - Non-recurring gains and losses as
recurring gains and losses.
(III) The Changes in Key Accounting Data and Financial Indexes and the Reasons for Such
Changes
?Applicable □ Not Applicable
Unit: RMB
Closing
Opening
Balance/Amoun
Balance/Amount Rate of
Item t Occurred in Main Reasons for Changes
Occurred in the Change
the Current
Previous Period
Period
Mainly due to an increase in prepayments for
Prepayments 609,111,390.70 452,738,445.83 34.54%
goods during the period.
Non-current Mainly due to the reclassification of
Assets Due within 1,331,538,735.73 468,560,399.63 184.18% large-denomination certificates of deposit
One Year maturing within one year.
Mainly due to an increase in bank
Short-term Loan 515,049,921.81 203,714,311.58 152.83%
borrowings.
Employee Mainly due to the payment of last year's
Benefits Payable year-end bonus in the current period.
Mainly due to exchange rate fluctuations,
Financial
Expenses
compared with the same period last year.
Investment
-2,802,868.70 107,783,303.13 -102.60%
Income Mainly due to fluctuations in returns from
Income from equity investments and asset management
Changes in Fair 62,852,823.90 -6,866,151.69 plans.
%
Values
Mainly due to an increase in bad debt
Credit Impairment provisions for accounts receivable in the
-49,627,845.89 -12,404,523.05 -300.08%
Loss current period compared with the same
period last year.
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
Mainly due to an increase in taxable income
Income Tax
Expense
period last year.
Minority
Mainly due to the disposal of the controlling
Shareholders' 14,183,117.10 53,547,697.59 -73.51%
subsidiary Huacheng Network in 2025.
Profit and Loss
Net Cash Flow
Mainly due to an increase in the net cash
Generated by
Financing
the same period last year.
Activities
II. Information on Shareholders
(I) The total number of common stock shareholders, the number of preferred stock
shareholders whose voting rights have been restored, and the shareholdings of the top 10
shareholders
Unit: Share
Total number of common Total number of preferred shareholders (if any)
shareholders at the end of the 179,787 whose voting rights have been recovered at the 0
reporting period end of the reporting period
Shareholdings of the top 10 shareholders (excluding shares lent by refinancing)
Number of Pledges, Markings, Or Freezing
shares held
Name of Nature of Sharehold Number of
with limited State of
Shareholder Shareholder ing (%) Shares Held Quantity
sales Shares
conditions
Domestic
Fu Liquan Natural 31.15% Not Applicable 0
Person
State-
China Mobile
owned 293,103,400.0
Communications 8.92% 293,103,400.00 Not Applicable 0
Legal 0
Group Co., Ltd.
Person
Domestic
Zhu Jiangming Natural 4.13% 135,661,060.00 0.00 Not Applicable 0
Person
Hong Kong Overseas
Securities Legal 2.83% 92,972,444.00 0.00 Not Applicable 0
Clearing Co. Ltd. Person
Domestic
Chen Ailing Natural 2.17% 71,262,813.00 53,447,110.00 Not Applicable 0
Person
Domestic
Wu Jun Natural 2.10% 69,172,886.00 51,879,664.00 Not Applicable 0
Person
Industrial Bank
Co., Ltd. - Huaxia
CSI Robotic
Others 1.65% 54,151,375.00 0.00 Not Applicable 0
Trading Open
Index Securities
Investment Fund
Domestic
Non-state-
China Securities
owned 0.91% 30,052,972.00 0.00 Not Applicable 0
Finance Co., Ltd.
Legal
Person
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
National Social
Others 0.82% 27,000,000.00 0.00 Not Applicable 0
Security Fund 103
Cathay Haitong
Securities Co.,
Ltd. - Tianhong
CSI Robotic
Others 0.64% 21,004,547.00 0.00 Not Applicable 0
Exchange Traded
Open-End Index
Securities
Investment Fund
Shareholding of the top 10 unlimited sale condition shareholders (excluding shares lent through refinancing and lock-
up shares for senior management)
Type of Shares
Number of shares held without
Name of Shareholder Type of
limited sales condition Quantity
Shares
RMB
Fu Liquan 255,967,245.00 Common
Stock
RMB
Zhu Jiangming 135,661,060.00 Common
Stock
RMB
Hong Kong Securities Clearing Co. Ltd. 92,972,444.00 Common 92,972,444.00
Stock
Industrial Bank Co., Ltd. - Huaxia CSI Robotic RMB
Trading Open Index Securities Investment 54,151,375.00 Common 54,151,375.00
Fund Stock
RMB
China Securities Finance Co., Ltd. 30,052,972.00 Common 30,052,972.00
Stock
RMB
National Social Security Fund 103 27,000,000.00 Common 27,000,000.00
Stock
Cathay Haitong Securities Co., Ltd. - Tianhong RMB
CSI Robotic Exchange Traded Open-End 21,004,547.00 Common 21,004,547.00
Index Securities Investment Fund Stock
RMB
Chen Ailing 17,815,703.00 Common 17,815,703.00
Stock
Industrial and Commercial Bank of China
RMB
Limited - E Fund CSI Artificial Intelligence
Theme Exchange Traded Open-End Index
Stock
Securities Investment Fund
RMB
Wu Jun 17,293,222.00 Common 17,293,222.00
Stock
Among the top ten major shareholders, Mr. Fu Liquan and Ms. Chen
Description of the association relationship or
Ailing are in a marital relationship. The Company is unaware of
concerted action of above-mentioned
whether there are any other associated relationships among other
shareholders
shareholders or whether they are persons acting in concert.
Explanation on top 10 shareholders'
participation in securities margin trading (if None
any)
As of March 31, 2026, the Company's dedicated securities
Special note on the existence of repurchase
repurchase account holds 37,313,101 shares of the company's
special accounts among the top 10
common stock A shares, which, according to requirements, are not
shareholders
included in the company's top 10 shareholders and top 10
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
unrestricted shareholders listings.
Shareholders holding more than 5% of shares, the top 10 shareholders and the top 10 shareholders without limited
outstanding shares participating in the lending of shares through refinancing
□ Applicable ?Not Applicable
Changes in top 10 shareholders and top 10 shareholders without limited outstanding shares over the previous period
due to refinancing, lending/returning
□ Applicable ?Not Applicable
(II) The total number of preferred stock shareholders and the shareholdings of the top 10
preferred stock shareholders
□ Applicable ?Not Applicable
III. Other Significant Matters
?Applicable □ Not Applicable
structure and in light of the company's development, Mr. Fu Liquan applied to resign from the
concurrently held position of President. After resigning from the position of president, Mr. Fu Liquan
continues to serve as the Company's chairman, convener of the board's Strategy Committee,
member of the Remuneration and Assessment Committee, and member of the Nomination
Committee. After nomination by Chairman Fu Liquan and approval of the qualification review by the
Nomination Committee of the Board of Directors, the company convened the 20th meeting of the 8th
Board of Directors on January 05, 2026, and agreed to appoint Mr. Zhao Yuning as the company's
President.
Co., Ltd. submitted application materials for an initial public offering and listing on the Main Board of
the Hong Kong Stock Exchange, and the related materials were published on the Hong Kong Stock
Exchange website (www.hkexnews.hk).
IV. Quarterly Financial Statements
(I) Financial Statements
Prepared by: Zhejiang Dahua Technology Co., Ltd.
March 31, 2026
Unit: RMB
Item Closing balance Opening Balance
Current Asset:
Monetary Fund 7,595,450,385.62 8,655,402,920.75
Deposit Reservation for Balance
Loans To Banks and Other
Financial Institutions
Trading Financial Assets 320,192,707.51 309,157,871.90
Derivative Financial Assets
Notes Receivable 748,888,029.98 781,468,637.01
Accounts Receivable 14,150,091,232.59 15,474,088,183.37
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
Receivables Financing 1,194,855,059.60 1,102,535,053.89
Prepayments 609,111,390.70 452,738,445.83
Premium Receivable
Reinsurance Accounts Receivable
Reinsurance Contract Reserves
Receivable
Other Receivables 217,985,203.89 278,640,285.60
Including: Interest Receivable
Dividends Receivable
Buying Back the Sale of Financial
Assets
Inventory 7,542,192,674.48 6,090,171,290.38
Among Them: Data Resources
Contract Assets 76,008,054.36 63,320,727.97
Held-for-sale Assets
Non-current Assets Due within One
Year
Other Current Assets 722,355,108.69 578,508,611.11
Total Current Assets 34,508,668,583.15 34,254,592,427.44
Non-current Asset:
Granting of Loans and Advances
Creditor's Right Investment
Other Creditor's Right Investments
Long-term Accounts Receivable 396,890,838.54 406,038,709.81
Long-term Equity Investment 719,948,203.63 725,578,108.27
Other Equity Instrument
Investments
Other Non-current Financial Assets 2,141,280,112.30 1,989,086,297.12
Investment Property 126,543,443.45 128,753,117.16
Fixed Assets 6,039,052,217.54 6,136,201,592.87
Construction in Progress 47,996,162.04 7,264,951.14
Productive Biological Asset
Oil And Gas Assets
Right-of-use Assets 271,351,309.20 272,401,498.24
Intangible Asset 549,006,070.69 556,559,379.70
Among Them: Data Resources
Development Expenditure
Among Them: Data Resources
Goodwill 6,615,294.18 6,615,294.18
Long-term Deferred Expense 82,082,662.39 77,865,093.40
Deferred Income Tax Assets 912,636,743.71 901,731,191.20
Other non-current Assets 6,310,050,718.67 7,095,917,123.71
Total non-current assets 17,603,453,776.34 18,304,012,356.80
Total Assets 52,112,122,359.49 52,558,604,784.24
Current Liabilities:
Short-term Loan 515,049,921.81 203,714,311.58
Borrowing from the Central Bank
Borrowings from Banks and Other
Financial Institutions
Trading Financial Liabilities 9,671.00
Derivative Financial Liabilities
Notes Payable 3,492,341,486.71 3,659,798,751.88
Accounts Payable 4,691,037,504.21 5,132,662,730.78
Advances from Customers
Contract Liabilities 1,312,276,256.49 1,142,677,702.11
Proceeds from the Sale and
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
Repurchase of Financial Assets
Deposit Taking and Interbank
Deposit
Receiving from Vicariously Traded
Securities
Receiving from Vicariously Sold
Securities
Employee Benefits Payable 960,246,159.79 2,012,428,897.92
Taxes Payable 336,688,521.57 396,827,917.38
Other Payables 464,691,462.01 470,148,655.21
Including: Interest Payable
Dividends PAYABLE
Payable Service Charges and
Commissions
Reinsurance Accounts Payable
Liabilities Held for Sale
Non-current Liabilities Due within
One Year
Other Current Liabilities 206,455,136.60 167,754,385.11
Total Current Liabilities 12,224,363,314.90 13,432,870,157.27
Non-current Liabilities:
Insurance Contract Reserves
Long-term Loan
Bonds Payable
Including: Preferred Stocks
Perpetual Bonds
Lease Liabilities 160,392,738.82 165,399,173.65
Long-term Payables
Long-term Employee Benefits
Payable
Expected Liabilities 202,917,051.68 205,416,324.68
Deferred Income 166,445,597.11 170,075,423.69
Deferred Income Tax Liabilities 55,824,944.72 58,695,790.95
Other non-current Liabilities 49,179,595.43 52,027,750.30
Total non-current Liabilities 634,759,927.76 651,614,463.27
Total Liabilities 12,859,123,242.66 14,084,484,620.54
Owner's Equity:
Share Capital 3,286,755,574.00 3,286,755,574.00
Other Equity Instruments
Including: Preferred Stocks
Perpetual Bonds
Capital Reserves 7,249,833,928.64 7,233,189,509.62
Less: Treasury Share 729,912,398.27 709,079,918.27
Other Comprehensive Income 98,655,149.38 123,340,202.22
Special Reserve
Surplus Reserves 1,647,814,866.50 1,647,814,866.50
General Risk Reserve
Undistributed Profits 26,872,900,060.15 26,175,119,977.18
Total Equity Attributable to the Parent
Company's Shareholders
Minority Shareholders' Equity 826,951,936.43 716,979,952.45
Total Owners' Equity 39,252,999,116.83 38,474,120,163.70
Total Liabilities and Shareholders'
Equity
Legal Representative: Fu Liquan Person in Charge of Accounting Work: Xu Qiaofen
Head of Accounting Department: Zhu Zhuling
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
Unit: RMB
Amount Occurred in the Current Amount Occurred in the Previous
Item
Period Period
I. Total Operating Revenue 6,902,346,653.63 6,256,129,778.73
Among them: operating revenue 6,902,346,653.63 6,256,129,778.73
Interest Income
Earned Premiums
Service Charge and
Commission Income
II. Total Operating Cost 6,408,967,588.28 5,872,689,700.23
Including: Operating Cost 3,881,506,935.19 3,745,786,994.39
Interest Expense
Service Charge and
Commission Expenses
Surrender Value
Net Claims Paid
Extract Net Reserve for
Insurance Liabilities
Policyholder Dividend
Expense
Reinsurance Cost
Taxes and Surcharges 53,765,586.67 48,363,656.56
Sales Expenses 1,042,804,928.79 1,023,965,153.19
Administration Expenses 267,939,290.82 244,984,969.09
Research and Development
Expense
Financial Expenses 178,366,930.28 -159,988,512.22
Including: Interest
Expenses
Interest Income 68,140,503.46 79,046,416.41
Add: Other Income 278,797,027.59 243,865,531.80
Investment Income (Mark "-"
-2,802,868.70 107,783,303.13
for Loss)
Including: investment
income from joint ventures and joint 91,838.13 401,755.24
ventures
Profits from
recognition termination of financial -7,868,212.24 -251,332.23
assets at amortized cost
Exchange Gains (Mark "-" for
Losses)
Profit of Net Exposure
Hedging (Mark "-" for Loss)
Incomes From Changes in
Fair Value (Mark "-" for Loss)
Credit Impairment Losses
-49,627,845.89 -12,404,523.05
(Mark "-" for Loss)
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
Asset Impairment Losses
-15,505,162.60 -18,894,150.29
(Mark "-" for Loss)
Asset Disposal Income
(Mark "-" for Loss)
III. Operating Profit (Mark "-" for
Loss)
Add: non-operating Revenue 1,573,821.10 1,882,660.02
Less: non-operating Expense 3,501,105.29 2,824,565.76
IV. Total Profit (Mark "-" for Total
Loss)
Less: Income Tax Expense 53,723,019.83 -9,689,528.57
V. Net Profit (Mark "-" for Net Loss) 711,963,200.07 706,851,986.58
(I) Classified by Operation
Continuity
(Mark "-" for Net Loss)
Operation (Mark "-" for Net Loss)
(II) Classified by the Attribution of
Ownership
Parent Company's Owner
and Loss
VI. Other Comprehensive Income,
-24,698,205.37 -6,283,686.51
Net of Tax
Other comprehensive income, net
of tax, attributable to the parent -24,685,052.84 -6,356,447.05
company owners
(I) Other comprehensive income
that cannot be reclassified into profit
or loss
the defined benefit plan
income that cannot be transferred to
P/L under the equity method
investment in other equity
instruments
the credit risk of the enterprise
(II) Other comprehensive income
-24,685,052.84 -6,356,447.05
that will be reclassified as P/L
income that can be transferred to P/L
under the equity method
other creditor's right investments
into other comprehensive income
impairment of investment in other
creditor's rights
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
differences of financial statements
Net amount of other
comprehensive incomes after tax -13,152.53 72,760.54
attributable to minority shareholders
VII. Total Comprehensive Income 687,264,994.70 700,568,300.07
Total comprehensive income
attributable to the parent company's 673,095,030.13 646,947,841.94
owners
Comprehensive income
attributable to minority shareholders
VIII. Earnings per Share:
(I) Basic Earnings per Share 0.21 0.20
(II) Diluted Earnings per Share 0.21 0.20
Legal Representative: Fu Liquan Person in Charge of Accounting Work: Xu Qiaofen
Head of Accounting Department: Zhu Zhuling
Unit: RMB
Amount Occurred in the Current Amount Occurred in the Previous
Item
Period Period
I. Cash Flow Generated by
Operational Activities:
Cash from sales of merchandise
and provision of services
Net increase in customer deposits
and interbank deposits
Net increase in borrowings from
the central bank
Net increase in borrowings from
other financial institutions
Cash arising from receiving
premiums for the original insurance
contract
Net amount arising from
reinsurance business
Net increase in deposits and
investments from policyholders
Cash arising from interests, service
charges and commissions
Net increase in borrowings from
banks and other financial institutions
Net increase in repurchase
business funds
Net amount of cash received from
the vicariously traded securities
Tax refund 347,978,980.95 239,962,306.86
Cash received from other
operating activities
Subtotal of cash inflow from
operating activities
Cash paid for goods and services 6,744,923,908.80 5,631,796,732.81
Net increase in customer loans
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
and advances
Net increase in deposits with
central bank and other financial
institutions
Cash paid for original insurance
contract claims
Net increase of funds lent
Cash paid for interests, service
charges and commissions
Cash paid for policy dividends
Cash paid to and for employees 2,908,375,948.45 2,747,283,980.03
Taxes and fees paid 506,302,773.35 483,149,237.58
Other paid cash related to
operational activities
Total cash outflow from operating
activities
Net cash flow generated by operating
-805,493,681.31 -671,695,394.62
activities
II. Cash Flow from Investment
Activities:
Cash arising from disposal of
investments
Cash received from investment
income
Net cash recovered from disposal
of fixed assets, intangible assets, and 619,614.34 1,074,071.43
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Cash received from other activities
related to investing
Total cash inflow from investing
activities
Cash paid for the acquisition and
construction of fixed assets,
intangible assets, and other long-
term assets
Cash paid for investment activities 3,340,900,649.21 4,003,705,846.64
Net increase in pledge loans
Net cash paid for acquisition of
subsidiaries and other business units
Cash paid for other investment
activities
Total cash outflow from investing
activities
Net amount of cash flow generated
-449,726,902.66 -348,102,601.75
by investment activities
III. Cash Flow from Financing
Activities:
Cash Arising from Absorbing
Investments
Among them: cash received by
subsidiaries from minority 88,039,006.40
shareholder investments
Cash arising from borrowings 511,335,610.23 300,950,000.00
Zhejiang Dahua Technology Co., Ltd. 2026 First Quarter Report
Other received cash related to
financing activities
Subtotal of cash inflow from financing
activities
Cash paid for debt repayment 200,000,000.00 895,000,000.00
Cash paid for distribution of
dividends, profits, or interest 1,964,671.00 1,050,738.89
payments
Among them: dividends and
profits paid by subsidiaries to
minority shareholders
Cash paid for other financing
activities
Total cash outflow from financing
activities
Net Cash Flow Generated by
Financing Activities
IV. Impact of Exchange Rate
Fluctuations on Cash and Cash -127,792,879.71 40,545,841.76
Equivalents
V. Net Increase In Cash and Cash
-1,043,110,085.08 -1,561,704,592.87
Equivalents
Add: beginning balance of cash
and cash equivalents
VI. Ending Balance of Cash and
Cash Equivalents
(II) Adjustments to relevant items of financial statements as of the beginning of
the year in which the new accounting standards are first implemented in 2026.
□ Applicable ?Not Applicable
(III) Audit Report
Has the financial accounting report for the first quarter been audited?
□ Yes ?No
The Company's first quarter financial accounting report has not been audited.
Board of Directors of Zhejiang Dahua Technology Co., Ltd.
April 18, 2026
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