Bethel Automotive Safety Systems (603596) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months reached RMB 8.36 billion, up 27.04% year-over-year, with Q3 revenue at RMB 3.19 billion, up 22.48% from the same quarter last year.

• Net profit attributable to shareholders for the first nine months was RMB 891.49 million, up 14.58% year-over-year.

• Main business income for January–September was RMB 8.17 billion, up 28.05% year-over-year, with strong growth in smart electronic control products and disc brakes.

Financial highlights

• Operating profit for the first nine months was RMB 1.04 billion, up 15.88% year-over-year.

• Basic EPS for the first nine months was RMB 1.47, up 14.84% year-over-year.

• Gross margin and net margin improved, with net cash flow from operating activities at RMB 591.07 million for the first nine months.

• Total assets at quarter-end were RMB 16.30 billion, up 27.45% from the previous year-end.

Outlook and guidance

• New project pipeline remains robust, with 536 R&D projects and 413 new awarded projects, expected to generate annualized revenue of RMB 7.1 billion.

• Expansion in domestic and international markets continues, with new production lines and capacity investments underway.