Author：Wall Street CN
Sugon, a leading domestic computing power company, has delivered a respectable performance report for the beginning of 2026.
The company released its first-quarter performance report on April 7, showing that its total operating revenue reached 3.072 billion yuan, a year-on-year increase of 18.80%, continuing the momentum of rapid growth in recent years. Against the backdrop of the continued surge in demand for AI computing infrastructure, the company is accelerating its fulfillment of market expectations.
The profit performance was equally impressive. Net profit attributable to shareholders of the listed company was 225 million yuan, a year-on-year increase of 20.88%, and basic earnings per share rose to 0.155 yuan, an increase of 21.09% compared with the same period last year. The profit growth rate slightly exceeded the revenue growth rate, indicating that while the company is expanding in scale, its overall profitability is also improving simultaneously.
However, the most eye-catching indicator in this quarterly report was the net profit excluding non-recurring gains and losses. This core indicator, which better reflects the true operating quality of the main business, jumped significantly by 57.77% year-on-year to RMB 169 million—almost three times the growth rate of net profit attributable to the parent company. This means that the company's profit growth in the first quarter was not due to one-off gains such as asset disposals or government subsidies, but rather stemmed from the solid and continuous improvement of its main business.
The company attributes these achievements to two main lines:
First, we continuously optimize our product structure to provide customers with diversified, high-quality solutions to improve operational efficiency; second, the profit contribution from our equity-participating subsidiaries is growing in tandem. Driven by both the wave of domestic computing power substitution and the demand for the implementation of large-scale AI models, Sugon's core competitiveness is gradually translating into improved financial figures.
Revenue growth accelerated, and scale reached a new level.
The quarterly revenue of RMB 3.072 billion represents a year-on-year increase of 18.80%, which is one of the higher levels of Sugon's quarterly revenue performance in recent years.
From a horizontal perspective, this growth rate significantly outperformed the overall average of the domestic IT infrastructure industry, confirming the company's continuously strengthening ability to secure orders in the fields of high-performance computing, AI servers, and intelligent computing center construction.
Operating profit was RMB 275 million, up 16.04% year-on-year; total profit was RMB 273 million, up 17.51% year-on-year.
The efficiency of converting revenue into profit remained stable, with an operating profit margin of approximately 8.95%, which was basically the same as the same period last year, indicating that the company has not yet experienced significant pressure on profit margin dilution during the process of expanding its business scale.
High growth in non-GAAP net profit and comprehensive improvement in the quality of the main business.
The 57.77% growth in net profit excluding non-recurring items is the most valuable data in this preliminary report. The company explained that this leap stemmed from the combined effect of "performance growth and a reduction in non-recurring items"—in other words, not only is the profitability of the main business expanding, but the non-recurring items that previously dragged down profit quality are also shrinking significantly.
Net profit excluding non-recurring items increased from RMB 107 million in the same period last year to RMB 169 million, an increase of approximately RMB 62 million in absolute terms; while net profit attributable to the parent company rose from RMB 186 million to RMB 225 million, an increase of approximately RMB 39 million. The narrowing gap between the two indirectly confirms that the "disruptive items" of non-recurring gains and losses are decreasing, and the company's profit structure is becoming healthier and more sustainable.
For long-term value investors, non-GAAP net profit is often a better measure of a company's true competitive advantage than net profit attributable to shareholders. The fact that Dawn's non-GAAP growth rate significantly outpaced its net profit growth rate is a positive signal that deserves close attention.
The balance sheet remained sound, with net assets showing a slight increase.
On the asset side, as of the end of the reporting period, the company's total assets were RMB 40.597 billion, a slight decrease of 0.86% from RMB 40.95 billion at the beginning of the period. The change was limited, and the overall asset size remained stable.
In terms of shareholders' equity, the equity attributable to shareholders of the listed company reached RMB 22.272 billion, an increase of 0.17% from RMB 22.235 billion at the beginning of the period. Net assets per share rose slightly from RMB 15.20 to RMB 15.22. The weighted average return on equity (ROE) was 1.01%, an increase of 0.10 percentage points compared with the same period last year. Although the absolute value of the quarterly ROE is still at a low level, the continued upward trend is still positive.
The company's share capital remains unchanged at 1.463 billion shares, and its capital structure remains stable. The current leverage level and equity base provide ample financial space for subsequent business expansion.
