Befar Group (601678) Q3 2025 earnings summary

Executive summary

• Q3 revenue rose 26.13% YoY to RMB 3.794bn; total profit increased 137.52% to RMB 162.3m, while parent-attributable net income slipped 3.86% to RMB 80.8m.

• YTD revenue increased 47.35% to RMB 11.148bn and total profit rose 78.82% to RMB 320.0m; operating cash flow reached RMB 1.485bn, up 361.19%.

Financial highlights

• Q3 parent-attributable net income was RMB 80.8m, down 3.86% YoY; adjusted net income excluding non-recurring items was RMB 109.1m, up 34.94%.

• YTD parent-attributable net income was RMB 192.3m, up 1.63%; adjusted net income was RMB 95.8m, down 48.58%.

• YTD consolidated revenue was RMB 11.148bn versus RMB 7.565bn a year earlier; operating costs were RMB 10.007bn versus RMB 6.784bn.

Segment performance

• The carbon-three/carbon-four comprehensive utilization project entered full operation; higher product sales volumes and increased project product margins supported revenue and profit growth.