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There is no verified, dated sell-side consensus for Ningbo Construction Co., Ltd. (SSE:601789) covering 2026 revenue, earnings per share or a target price in the available evidence. The latest fully captured figures instead show a mixed picture: audited 2025 revenue reached RMB21.467 billion while attributable profit fell 23.48% year over year, and first-half 2026 revenue declined 17.20% even as reported profit rose 16.98%. That first-half profit increase was not matched by underlying earnings or cash generation: recurring attributable profit dropped 53.52%, operating cash flow was negative RMB2.205 billion and nonrecurring gains contributed RMB158.913 million. Any 601789 forecast should therefore separate reported EPS from recurring EPS, test cash conversion and account for the company’s heavy Ningbo-area order concentration.
What is Ningbo Construction (SSE:601789)?
Ningbo Construction Co., Ltd. (宁波建工股份有限公司) is an A-share construction group listed on the Shanghai Stock Exchange under ticker 601789. Its parent is Ningbo Transportation Investment Group, and the ultimate controller is the Ningbo municipal State-owned Assets Supervision and Administration Commission. The company describes an integrated chain spanning housing construction, municipal roads, highways, bridges, landscaping, decoration and curtain walls, installation, steel structures, ready-mixed concrete, prefabricated components and buildings, surveying and design.
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This ownership and business mix matter when interpreting estimates. A large state-linked contractor can win substantial infrastructure work, but revenue recognition, customer collections, project margins and government-related payment timing can make accounting profit and cash flow diverge.
What did Ningbo Construction earn in 2025?
The audited 2025 annual report provides the baseline against which 2026 estimates should be judged.
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| Metric | FY2025 result | Year-over-year or other detail |
|---|---|---|
| Revenue | RMB21,467,075,756.98 | Up 1.93% from 2024 |
| Profit attributable to shareholders | RMB235,931,766.61 | Down 23.48% |
| Recurring profit attributable to shareholders | RMB202,319,286.44 | Down 27.04% |
| Operating cash flow | Negative RMB227,867,358.40 | Cash flow was outflowing for the year |
| Basic EPS | RMB0.2063 | For the full year |
| Weighted-average ROE | 4.92% | For FY2025 |
| Total assets | RMB32,037,814,258.86 | Year-end balance |
Ningbo Construction proposed a cash dividend of RMB0.50 per 10 shares, with no bonus issue or capitalisation. The proposal is not the same as a completed payment, so investors should check the company’s subsequent implementation notice before treating it as cash received.
Did 601789’s first-half 2026 profit growth represent stronger earnings?
Not on the recurring figures. The six-month report shows reported profit growth alongside sharply lower recurring profit and a large nonrecurring contribution.
| Metric | H1 2026 | Comparison reported in the half-year report |
|---|---|---|
| Revenue | RMB9,696,860,096.81 | Down 17.20% year over year |
| Profit attributable to shareholders | RMB250,852,362.10 | Up 16.98% |
| Recurring profit attributable to shareholders | RMB91,939,298.09 | Down 53.52% |
| Basic EPS | RMB0.1646 | Up 22.02% on the restated comparison |
| Operating cash flow | Negative RMB2,204,775,674.04 | Six-month cash outflow |
| Total assets | RMB40,376,143,240.94 | At the reporting date |
| Net assets attributable to shareholders | RMB6,271,757,124.25 | At the reporting date |
| Nonrecurring gains | RMB158,913,064.01 | Included RMB191,951,714.12 from disposal of non-current assets before tax effects |
The gap between RMB250.852 million of reported attributable profit and RMB91.939 million of recurring profit is the central issue for an earnings estimate. A model that extrapolates the reported first-half number without removing one-off items could materially overstate sustainable 2026 earnings. The negative RMB2.205 billion operating cash flow also indicates that collections and working-capital movements need to be monitored alongside the income statement.
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What does new-contract intake imply for future revenue?
Ningbo Construction secured RMB77.81 billion of new business in the first half of 2026, a 47.46% year-over-year decline. Contract wins are not the same as current-period revenue: projects are recognized as construction progresses, and timing, margins, cancellations and customer payments determine what reaches the accounts.
H1 2026 secured work by business line
| Category | Secured value | Share |
|---|---|---|
| Housing construction | RMB45.01 billion | 57.84% |
| Highway construction | RMB7.99 billion | 10.27% |
| Municipal landscaping | RMB6.85 billion | 8.80% |
| Industrialisation | RMB6.39 billion | 8.21% |
| Decoration and curtain walls | RMB5.13 billion | 6.60% |
| Surveying and design | RMB0.99 billion | 1.27% |
| Installation | RMB0.58 billion | 0.75% |
| Steel structures | RMB0.12 billion | 0.15% |
Where were those contracts won?
| Geography | Secured value | Share |
|---|---|---|
| Ningbo metropolitan area | RMB56.35 billion | 72.42% |
| Elsewhere in Zhejiang | RMB12.16 billion | 15.63% |
| Outside Zhejiang | RMB9.30 billion | 11.95% |
The 72.42% Ningbo-metropolitan share shows strong home-market concentration. That can support local relationships and execution, but it also leaves future orders and collections more exposed to one regional investment cycle. A forward model should compare the pace of contract conversion with recognized revenue rather than treating the RMB77.81 billion intake as immediate sales.
Are there official 2026 or 2027 EPS estimates for 601789?
No dated, attributable sell-side consensus table for 2026 or 2027 revenue, EPS or target price is established here. Do not label an undated website number or an anonymous data-feed figure as “the consensus.” If a third-party forecast is used later, identify the analyst or institution, publication date, estimate period, currency and whether the number is reported or recurring EPS.
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The company’s own forward-looking language is also not an earnings promise. Its half-year report says that future plans are judgments and arrangements based on current macroeconomic policy and market conditions and “do not constitute the company’s performance commitment.” Management commentary can explain priorities, but it should not be presented as an analyst forecast.
The disclosure index lists a third-quarter report dated 2026-10-24, but the financial tables from that filing are not available in the captured material. H1 2026 therefore remains the latest complete numerical dataset for this estimate assessment.
How should investors evaluate a future 601789 forecast?
When a dated estimate becomes available, check it against the company’s operating evidence in this order:
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- Revenue versus backlog conversion: Compare the forecast growth rate with the 47.46% fall in first-half new-business intake and ask what existing projects support the revenue bridge.
- Reported versus recurring EPS: Reconcile attributable profit with recurring profit and identify disposals, investment gains or other nonrecurring items.
- Cash conversion: Track operating cash flow, receivables, contract assets and payables. The H1 2026 negative RMB2.205 billion cash flow is a warning that profit is not converting into cash at the same pace.
- Geographic mix: Test whether assumptions depend on continued Ningbo-area spending, where 72.42% of new work was secured, or on successful expansion outside Zhejiang.
- Balance-sheet capacity: Compare projected activity with total assets of RMB40.376 billion and attributable net assets of RMB6.272 billion at H1 2026, including funding and liquidity needs.
- Estimate quality and date: Record the source, publication date, fiscal year, adjustment policy and whether the figure is a one-time scenario or a maintained consensus.
What is the practical earnings-estimate takeaway for SSE:601789?
The evidence supports caution rather than a single point forecast. 2025 delivered modest revenue growth but lower profit and negative annual operating cash flow. In H1 2026, reported EPS and attributable profit increased, yet recurring profit more than halved, cash flow deteriorated sharply and a substantial portion of profit came from nonrecurring gains. Contract intake also fell and remained concentrated around Ningbo.
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Until a dated, attributable analyst consensus is available, the most defensible view is a monitored range of outcomes built from recurring earnings, project conversion, collections and regional order trends—not an unsourced 2026 or 2027 EPS number.
Frequently Asked Questions
Why can Ningbo Construction’s EPS rise when revenue falls?
EPS reflects profit attributable to shareholders and the share base, not revenue alone. In H1 2026, nonrecurring gains helped lift reported profit, while recurring profit declined; changes in the weighted share base can also affect EPS comparisons.
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What is the difference between attributable and recurring profit for 601789?
Attributable profit includes all items assigned to shareholders for the period. Recurring attributable profit excludes items classified as nonrecurring, making it a better starting point for estimating earnings that may repeat, although it is still affected by project margins and working capital.
Does a large order book guarantee Ningbo Construction’s next-year sales?
No. Secured contracts are converted into revenue as work progresses and depend on commencement, construction schedules, contract changes and customer payments. The company’s RMB77.81 billion of H1 2026 wins should therefore be treated as a pipeline, not as immediate 2026 revenue.
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Where should I verify new 601789 earnings figures?
Use Ningbo Construction’s annual and periodic reports filed through the Shanghai Stock Exchange and compare the report date with any market-data estimate. Check whether a number is company-reported, an analyst forecast or a vendor calculation before using it in a valuation model.
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