MeiG Smart Technology (002881) Q3 2026 earnings summary

Executive summary

• 9M revenue was RMB3.526bn, up 24.99% YoY; Q3 revenue reached a record RMB1.502bn, up 60.66% YoY and 36.92% QoQ.

• 9M net income attributable to shareholders was RMB186.94m, up 65.19% YoY; Q3 net income was RMB81.02m, up 179.34% YoY and 36.69% QoQ.

• Overseas revenue rose 103.80% YoY to RMB1.963bn, reaching 55.66% of revenue for the first time; other customers’ revenue, excluding the decline from one major customer, grew 72.39%.

Financial highlights

• 9M reported revenue was RMB3.526bn; net income attributable to shareholders was RMB186.94m, and net income excluding non-recurring items was RMB187.74m, up 79.22% YoY.

• Q3 revenue of RMB1.502bn and attributable net income of RMB81.02m increased 60.66% and 179.34% YoY, respectively.

• 9M operating profit was RMB230.35m, versus RMB122.17m in the prior-year period; net profit was RMB186.94m versus RMB113.17m.

• Operating cash flow was negative RMB211.36m for 9M, compared with positive RMB41.33m a year earlier, mainly due to higher cash payments for goods and services.

Outlook and guidance

• Inventory reached RMB1.784bn, up RMB883m from the start of the year, as materials including core and memory chips were stocked for subsequent orders; contract liabilities rose to RMB264.1m from RMB192.1m.

• Rising contract liabilities and reported growth in downstream customer demand point to continued order activity; no quantified full-year guidance was stated.