Ninestar (002180) Q3 2026 earnings summary

Executive summary

• 9M revenue was ¥6.81bn, down 53.08% YoY, mainly because disposed subsidiaries were no longer consolidated; attributable net income returned to profit at ¥135.5m.�

• Q3 revenue rose 2.91% YoY to ¥2.24bn; Q3 attributable net income increased 208.58% to ¥48.2m.�

• Chip growth and improving consumables profitability contrasted with lower printer revenue and profit; MEGAIN entered the consolidation scope from July 31.�

Financial highlights

• 9M attributable net income was ¥135.5m versus a loss of ¥356.2m; excluding nonrecurring items, attributable profit was ¥39.2m versus a loss in the prior-year period.�

• 9M total net income was ¥139.9m versus a loss of ¥367.1m; operating profit was ¥183.5m versus a loss of ¥69.2m.�

• Nonrecurring gains totaled ¥96.4m in 9M, including ¥105.3m in government grants, partly offset by ¥12.6m in losses on asset disposals.�

• 9M operating cash flow was ¥584.9m, down 18.27% YoY; cash and cash equivalents declined ¥375.9m.�

Segment performance

• Printer business 9M revenue was ¥2.71bn, down 11.82% YoY, and net income was ¥211m, down 45.37%; unit sales grew 6.38%.�

• Printer unit sales grew 45.11% overseas and 68.95% for A3 models; Xinchuang printer sales fell 61.6% in 9M but rose 64.92% QoQ in Q3.�

• Chip business 9M revenue rose 18.91% to ¥966m and net income turned positive at ¥47m; shipments grew 21.28% to 542m units.�

• Industrial and automotive chip sales grew 64.23% to 148m units; non-consumables chip revenue increased 25.16% to ¥449m.�

• General printer consumables 9M revenue was ¥3.48bn, down 12.19%, while net income turned positive at ¥53m and shipments rose 8.48%.�