Cofoe Medical Technology (301087) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 24.07% YoY to RMB 1.119bn; net income attributable to shareholders increased 10.94% to RMB 102.98m. Nine-month revenue grew 33.08% to RMB 3.191bn and net income rose 17.30% to RMB 305.24m.

• Growth was driven by higher sales of core categories, while increased online marketing, procurement and inventory weighed on expenses and operating cash flow.

Financial highlights

• Nine-month adjusted net income, excluding non-recurring items, was RMB 269.52m, up 21.41% YoY; Q3 adjusted net income was RMB 96.93m, up 12.96%.

• Nine-month non-recurring gains totaled RMB 35.72m, including government grants and fair-value gains on financial assets.

• Nine-month selling expenses rose 47.18% to RMB 1.201bn; R&D expenses increased 30.82% to RMB 79.92m, primarily reflecting higher online promotion and R&D investment.

• Nine-month financial expenses were RMB 9.56m versus income of RMB 3.77m a year earlier; foreign-exchange losses were RMB 21.458m.

Outlook and guidance

• Procurement was increased in line with the annual operating plan and assessment of core-category market demand; prepayments to suppliers and inventory consequently increased.