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Hangzhou First Applied Material (603806) investor relations material
Hangzhou First Applied Material Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q3 2025 was RMB 3.83 billion, down 13.18% year-over-year; YTD revenue was RMB 11.79 billion, down 22.32% year-over-year.
Net profit attributable to shareholders for Q3 was RMB 191.85 million, down 41.79% year-over-year; YTD net profit was RMB 687.60 million, down 45.34% year-over-year.
Declines mainly due to lower sales prices and gross margins in photovoltaic film products.
Financial highlights
Gross margin and profitability declined significantly, with YTD total profit down 46.15% year-over-year.
Basic EPS for Q3 was RMB 0.07, down 41.67% year-over-year; YTD basic EPS was RMB 0.26, down 45.83% year-over-year.
Operating cash flow for the first nine months was RMB 13.95 million, a 99.5% decrease year-over-year.
Total assets at Q3-end were RMB 20.68 billion, down 2.49% from the previous year-end.
Outlook and guidance
Management attributes performance decline to lower product prices and gross margin compression in the photovoltaic film segment.
Losses from subsidiaries and associates further impacted net profit.
- Net profit fell 29.33% on lower PV product prices, but global market share in PV films rose.603806
H2 202415 Dec 2025 - Revenue and profit fell sharply in Q1 2025 as photovoltaic film prices declined significantly.603806
Q1 202510 Sep 2025 - Revenue and profit fell sharply amid PV price declines, but electronic materials and overseas expansion grew.603806
H1 202527 Aug 2025 - Revenue and profit fell significantly in Q3 2024 amid price and margin pressures.603806
Q3 202413 Jun 2025 - Net profit up 4.95% YoY to RMB 928M, with strong growth in electronic materials.603806
H1 202413 Jun 2025
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Next Hangzhou First Applied Material earnings date
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