Fortior Technology (Shenzhen) Co Ltd (688279) Q3 2025 earnings summary

Executive summary

• 9M 2025 revenue rose 28.88% YoY to RMB557.84m, while reported net income fell 9.01% to RMB167.25m; excluding share-based payment expenses, net income increased 14.15% YoY.

• Q3 revenue grew 21.46% YoY to RMB182.80m, but net income declined 17.89% to RMB50.73m.

Financial highlights

• 9M profit before tax was RMB174.11m, down 6.05% YoY; attributable net income was RMB167.25m versus RMB183.81m a year earlier.

• 9M adjusted net income excluding RMB51.95m of share-based payment expenses was RMB213.76m, up 14.15% YoY; adjusted net income excluding non-recurring items was RMB198.60m, up 24.89%.

• 9M operating cash flow increased 46.55% YoY to RMB176.00m, with sales expansion and higher collections cited as the driver.

• Investment income reached RMB35.29m in 9M, versus RMB22.11m in the prior-year period.

Key financial ratios and metrics

• 9M basic EPS was RMB1.72, down 13.57% YoY; diluted EPS was RMB1.71, down 14.07%.

• Q3 basic and diluted EPS were both RMB0.46, down 31.34% YoY; the July H-share issuance increased share count and diluted EPS.

• 9M weighted average ROE was 5.34%, down 2.16 percentage points YoY; Q3 ROE was 0.87%, down 1.63 points.

• 9M R&D expense rose 68.30% to RMB109.53m, equal to 19.63% of revenue, up 4.59 percentage points.