Shenzhen Kinwong Electronic (603228) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached RMB 3.99 billion, up 24.19% year-over-year; YTD revenue was RMB 11.08 billion, up 22.08% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 299 million, up 20.44% year-over-year; YTD net profit was RMB 948 million, up 4.83% year-over-year.

• Profit growth driven by expanded sales scale and increased gains from fair value changes in trading financial assets.

Financial highlights

• Q3 gross profit margin improved, with total profit for the quarter up 37.45% year-over-year.

• Net profit excluding non-recurring items for Q3 was RMB 238 million, nearly flat year-over-year; YTD was RMB 776 million, down 6.36% year-over-year.

• Operating cash flow for the first nine months was RMB 1.53 billion, down 18.65% year-over-year.

• Basic and diluted EPS for Q3 were RMB 0.32; YTD EPS was RMB 1.03.

• Total assets at quarter-end were RMB 22.76 billion, up 18.26% from year-end 2024.

Outlook and guidance

• Management expects continued optimization of asset structure and cost control following the early redemption of convertible bonds.