Huaqin (603296) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 44.94 billion, up 22.75% year-over-year; year-to-date revenue was RMB 128.88 billion, up 69.56% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 1.21 billion, up 59.46% year-over-year; year-to-date net profit was RMB 3.10 billion, up 51.17% year-over-year.

• Basic and diluted EPS for Q3 were RMB 1.20, up 60% year-over-year; year-to-date EPS was RMB 3.07, up 51.98%.

Financial highlights

• Gross profit for the first nine months was RMB 10.11 billion, with gross margin at 7.8%.

• Operating profit for the first nine months was RMB 3.45 billion, up 62.45% year-over-year.

• Net cash flow from operating activities for the first nine months was negative RMB 826.83 million, compared to positive RMB 1.14 billion in the prior year.

• Total assets at quarter-end were RMB 102.76 billion, up 34.68% from the previous year-end.

• Shareholders’ equity attributable to the parent was RMB 24.87 billion, up 10.32% from year-end.

Outlook and guidance

• Revenue and profit growth attributed to increased business scale and expanded operations.