Ningbo Sanxing Medical Electric Co (601567) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 3.11 billion, down 9.56% year-over-year; YTD revenue reached RMB 11.08 billion, up 6.19% year-over-year.

• Net profit attributable to shareholders in Q3 was RMB 298.1 million, down 55.22% year-over-year; YTD net profit was RMB 1.53 billion, down 15.85% year-over-year.

• Cash flow from operating activities in Q3 was RMB 517.3 million, down 32.73% year-over-year; YTD was RMB 458 million, down 55.50% year-over-year.

• Orders on hand at period end reached RMB 17.91 billion, up 14.69% year-over-year; overseas power distribution orders surged 125.45% to RMB 2.17 billion.

• Overseas expansion continued with a new production base established in Kenya in July 2025.

Financial highlights

• Gross margin and net margin declined due to significant price fluctuations in domestic power distribution tenders and ongoing healthcare policy reforms.

• Basic and diluted EPS for Q3 were RMB 0.21, down 55.03% year-over-year; YTD EPS was RMB 1.08, down 16.07% year-over-year.

• Weighted average ROE for Q3 was 2.45%, down 3.40 percentage points year-over-year; YTD ROE was 12.47%, down 2.84 percentage points.

• Total assets at period end were RMB 24.16 billion, down 1.31% from the previous year-end.

Outlook and guidance

• The company expects continued growth in overseas orders and further expansion in Africa, supported by the new Kenya base.