JIANGSU PHOENIX PUBLISHING & MEDIA (601928) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 2.05 billion, down 11.98% year-over-year; YTD revenue was RMB 9.16 billion, down 4.20% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 115.46 million, down 3.30% year-over-year; YTD net profit was RMB 1.70 billion, up 26.64% year-over-year.

• Excluding non-recurring items, Q3 net profit was RMB 54.48 million, down 44.39% year-over-year; YTD adjusted net profit was RMB 1.57 billion, up 19.96% year-over-year.

Financial highlights

• Gross margin improved as cost controls and government subsidies increased, with government subsidies up 35.11% year-over-year.

• Basic EPS for Q3 was RMB 0.0454, down 3.20% year-over-year; YTD EPS was RMB 0.6685, up 26.63% year-over-year.

• Net cash from operating activities for the first nine months was RMB 834.80 million, down 28.67% year-over-year.

• Total assets at Q3-end were RMB 31.58 billion, up 2.69% from year-end 2024.

• Owner’s equity attributable to shareholders was RMB 20.09 billion, up 3.16% from year-end 2024.

Outlook and guidance

• Management highlighted increased R&D investment (up 97.52% year-over-year) and expects continued focus on innovation.

• Company anticipates ongoing cost pressures and market challenges impacting revenue growth.