MeiG Smart Technology (002881) Q3 2025 earnings summary

Executive summary

• Q3 revenue reached ¥934.81 million, up 6.66% year-over-year and 5.10% sequentially; year-to-date revenue was ¥2.82 billion, up 29.30% year-over-year.

• Net profit attributable to shareholders for Q3 was ¥29.00 million, down 49.89% year-over-year; year-to-date net profit was ¥113.17 million, up 23.88% year-over-year.

• Overseas revenue surged, with Q3 overseas sales at ¥430 million, up 48% sequentially and 38% year-over-year.

Financial highlights

• Gross margin for Q3 was 12.67%, up from 12.06% in Q2; year-to-date gross margin was 13.13%, nearly flat year-over-year.

• Q3 basic and diluted EPS were ¥0.11, down 50% year-over-year; year-to-date EPS was ¥0.43, up 22.86%.

• Operating cash flow for Q3 was ¥41.33 million, a significant improvement from negative cash flow last year.

• Total assets at quarter-end were ¥2.85 billion, up 3.30% from year-end; shareholders’ equity was ¥1.68 billion, up 7.29%.

Outlook and guidance

• Overseas 5G and smart product shipments are expected to continue driving growth.

• Domestic AI hardware and smart vehicle segments are showing ongoing improvement in customer structure and revenue contribution.