1Q26 NI beat on non-OP: AMEC 1Q26 revenues were up 34% YoY, or down 33% QoQ to Rmb2.9bn, or 12%/ 7% lower than our estimates and Bloomberg consensus. 1Q26 GM improved to 39.9% (vs. 39.3% in 4Q25), while lower than our estimates. Due to higher-than-expected R&D spending for new product development, 1Q26 OP was lower than our estimates. With higher non-OP from investment income on selling Piotech shares, 1Q NI came to Rmb930m, or 22%/ 29% higher than our estimates and Bloomberg consensus. 28 April 2026 | 9:38 ...