NARI Technology (600406) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 14.33 billion, up 16.65% year-over-year; YTD revenue was RMB 38.58 billion, up 18.45% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 1.90 billion, up 7.81% year-over-year; YTD net profit was RMB 4.86 billion, up 8.43% year-over-year.

• Cash flow from operating activities for the first nine months surged 161.27% year-over-year to RMB 4.71 billion.

Financial highlights

• Gross margin improved as operating costs grew slower than revenue; operating profit for the first nine months was RMB 5.85 billion.

• Basic and diluted EPS for Q3 were RMB 0.24, up 8.05% year-over-year; YTD EPS was RMB 0.61, up 8.77% year-over-year.

• Weighted average ROE for the first nine months was 9.68%, up 0.21 percentage points from the previous year-end.

Outlook and guidance

• Management highlighted strong cash collection and continued revenue growth, with positive momentum expected to continue.