---
title: "HUAFANG COMPANY (600448.SH) — Financial Reports"
type: "Symbol"
locale: "en"
url: "https://longbridge.com/en/quote/600448.SH/norm.md"
symbol: "600448.SH"
name: "HUAFANG COMPANY"
parent: "https://longbridge.com/en/quote/600448.SH.md"
datetime: "2026-05-20T01:27:58.971Z"
locales:
  - [en](https://longbridge.com/en/quote/600448.SH/norm.md)
  - [zh-CN](https://longbridge.com/zh-CN/quote/600448.SH/norm.md)
  - [zh-HK](https://longbridge.com/zh-HK/quote/600448.SH/norm.md)
---

# HUAFANG COMPANY (600448.SH) — Financial Reports

## Income Statement (CNY)

| Indicator | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
| --- | --- | --- | --- | --- | --- |
| EPS | -0.0447 | -0.2898 | -0.0702 | -0.0744 | 0.0006 |
| ROE | -12.16% | -70.35% | -15.37% | -11.83% | 0.16% |
| Revenue | 754.85M | 588.61M | 826.26M | 768.03M | 757.27M |
| Net income | -28.16M | -181.78M | -44.15M | -35.15M | 474601.00 |
| Operating income | -8.77M | -105.83M | -22.59M | -13.49M | 17.82M |
| Gross margin | 6.62% | -8.80% | 6.83% | 8.17% | 11.16% |
| Net margin | -3.73% | -30.88% | -5.34% | -4.58% | 0.06% |
| Profit quality | -9.39% | - | -17.20% | -28.80% | -77.01% |

## Balance Sheet (CNY)

| Indicator | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
| --- | --- | --- | --- | --- | --- |
| A&L | 3.46B | 3.55B | 3.70B | 3.67B | 3.61B |
| Leverage | 3.78 | 3.76 | 3.27 | 3.12 | 2.99 |
| BVPS | 1.45 | 1.49 | 1.79 | 1.86 | 1.92 |
| Turnover | 0.8307 | 0.8164 | 0.8528 | 0.8521 | 0.8493 |
| Cash & STI | 459.42M | 507.25M | 524.58M | 452.70M | 413.02M |
| Inv & Rec | 755.24M | 781.22M | 835.31M | 877.95M | 916.18M |
| LT assets | 1.18B | 1.06B | 1.42B | 1.17B | 1.47B |
| Net debt | 845.76M | 989.12M | 959.99M | 1.03B | 1.05B |

## Cash Flow Statement (CNY)

| Indicator | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
| --- | --- | --- | --- | --- | --- |
| Operating CF | 93.30M | -64.92M | 131.39M | 46.85M | -23.14M |
| Investing CF | -3.00M | -2.47M | -3.94M | -5.54M | -6.16M |
| Financing CF | -138.12M | -32.79M | -55.57M | -1.24M | 96.78M |
| Free CF | 120.99M | -7.39M | 5.37M | 76.26M | -78.51M |
| OCF coverage | 12.91% | -18.40% | 42.77% | 18.88% | -3.74% |
| Repaid & issued | 567.21M | 328.53M | 250.26M | 242.34M | 710.22M |
| CapEx | -18.59M | -10.40M | -3.94M | -5.54M | -6.16M |