On 2026 year 10 month 30 day, Shanghai Bright Meat Industry Group Co., Ltd. (stock code: 600073) released its 2026 third-quarter report and an announcement on operating data for the first three quarters. Overall, the company maintained revenue growth, but profits came under considerable pressure. Beef and mutton and overseas business were highlights, while the hog farming segment significantly weighed on performance.

 

I. Revenue grows, but profits do not; profits come under significant pressure

 

In the first three quarters of 2026, Bright Meat Industry recorded operating revenue of 177.51 billion yuan, up 5.32% year on year; however, total profit was only 663.83 ten thousand yuan, down sharply by 95.58% year on year. Net profit attributable to shareholders of the listed company was 3253.01 ten thousand yuan, down 80.64% year on year. Net profit after deducting non-recurring gains and losses was 1485.91 ten thousand yuan, down 89.66% year on year.

 

Looking at the third quarter alone (the reporting period), the company recorded operating revenue of 49.28 hundred million yuan, up 2.99% year over year; however, total profit was -2.48 hundred million yuan, and net profit attributable to shareholders of the listed company was -7413.97 ten thousand yuan, resulting in a quarterly loss.

 

Regarding the performance changes, the company stated clearly in its announcement that the main reasons were a decline in profits in the branded food segment and weaker performance in the hog farming segment. Basic earnings per share, diluted earnings per share, and other indicators also declined, all directly related to the performance changes in these two segments.

 

II. Cash flow improved significantly, and overseas sales collections accelerated

 

Despite pressure on profits, the company’s cash flow performance was quite impressive. In the first three quarters, net cash generated from operating activities reached 14.32 hundred million yuan, up 49.58% year on year; in the third quarter alone, net cash generated from operating activities increased 72.48% year on year. The company explained that this was mainly because of strong sales by its overseas subsidiaries and faster collections.

 

From the perspective of assets and liabilities, as of 2026 year 9 month 30 day, the company’s total assets were 131.50 billion yuan, down 10.28% from the end of the previous year; owners’ equity attributable to shareholders of the listed company was 46.08 billion yuan, down 1.81% from the end of the previous year. Monetary funds amounted to 31.91 billion yuan, a decrease from the beginning of the year; short-term borrowings fell from 37.06 billion yuan at the beginning of the year to 24.70 billion yuan, indicating an improved debt structure. Inventories fell from 28.91 billion yuan at the beginning of the year to 21.25 billion yuan, a significant decrease.

 

Three: Beef and mutton take the lead, while pig farming becomes a drag

 

Looking at the main business data by product, there are clear differences across segments:

 

 

The beef and mutton segment is the company's core growth engine. Revenue for the first three quarters was 113.93 billion yuan, up 15.87% year over year and accounting for more than sixty percent of total revenue, effectively offsetting declines in other segments. Revenue from the pig farming segment was 8.36 billion yuan, down sharply by 30.13% year over year, making it one of the main factors weighing on overall performance. This is also consistent with the company's announcement that “the pig farming segment's performance declined.” The pork products segment grew modestly by 2.30%, showing relative stability; the canned foods, snack foods, and other segments declined to varying degrees.

 

Four, distribution channels gain momentum, overseas markets grow by 12.94%

 

By sales channel, distribution channels generated revenue of 135.31 billion yuan, up 14.07% year over year, making them the main driver of growth; direct sales generated revenue of 30.63 billion yuan, down 14.82% year over year; and other channels generated revenue of 11.57 billion yuan, down 17.14% year over year. The channel mix is shifting from direct sales toward distribution.

 

By region, revenue in the Chinese market was 90.27 billion yuan, down slightly by 1.12% year on year; revenue in overseas markets was 87.24 billion yuan, up 12.94% year on year. Overseas business now accounts for nearly half of the company’s business and has become an important driver of its growth, which also aligns with the reasons for the improvement in cash flow.

 

Regarding distributors, at the end of the reporting period there were 2343 distributors in China, a decrease of 1 during the reporting period; there were 737 distributors overseas, an increase of 45 during the reporting period, and the overseas distribution network continued to expand.

 

Five. The controlling shareholder is stable, and equity ownership is relatively concentrated.

 

At the end of the reporting period, the Company had 49,681 ordinary shareholders. Among the top ten shareholders, Shanghai Yimin Food Factory (Group) Co., Ltd. held 279,725,184 shares, representing 29.83%, and was the Company’s controlling shareholder; Bright Food (Group) Co., Ltd. held 55,978,874 shares, representing 5.97%, and was the actual controller. The shareholdings of the two state-owned corporate shareholders remained stable, with no pledges, markings, or freezes. The shareholding ratios of all other shareholders were below 1.2%, including Cinda Guocui Equity Investment Fund and Hong Kong Securities Clearing Company Limited.

 

Six. Summary

 

Overall, Bright Meat’s performance in the first three quarters of the year 2026 showed “steady revenue growth, profit pressure, improved cash flow, and a mixed performance across segments.” The beef and mutton segment and overseas markets were two major growth highlights, while the distribution channel continued to gain momentum. However, the sharp decline in the pig farming segment and lower profits in the branded food segment significantly weighed on overall profitability. The company recorded a loss in the third quarter alone, indicating that operating pressure intensified during the year.