Shanghai M&G Stationery (603899) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 2.63% YoY to ¥6.69bn, while net income attributable to shareholders fell 6.44% to ¥365.9m; 9M revenue increased 3.94% to ¥18.01bn and net income rose 0.36% to ¥951.7m.

• 9M adjusted net income, excluding non-recurring gains, declined 1.30% YoY to ¥791.8m; operating cash flow fell 17.86% to ¥1.14bn.

Financial highlights

• Q3 total profit was ¥471.5m, down 6.33% YoY; 9M total profit was ¥1.25bn, up 1.84%.

• Q3 adjusted net income was ¥330.2m, down 3.08% YoY; 9M adjusted net income was ¥791.8m, down 1.30%.

• 9M net income attributable to shareholders was ¥951.7m versus ¥948.3m; total net income reached ¥988.9m versus ¥972.8m.

Segment performance

• 9M writing tools revenue was ¥2.09bn, up 4.75% YoY, with a 45.95% gross margin, up 1.83 percentage points.

• Student stationery revenue was ¥2.58bn, down 0.03% YoY; gross margin was 34.62%, down 0.95 percentage points.

• Office stationery revenue was ¥2.30bn, down 0.05% YoY; gross margin was 26.73%, up 0.19 percentage points.

• Other products revenue was ¥775.3m, up 6.33% YoY, with a 47.65% gross margin, up 3.75 percentage points.

• Office direct sales revenue was ¥10.24bn, up 5.63% YoY; gross margin was 6.48%, down 0.31 percentage points. Lifestyle stores revenue rose 11.90%, Ji Mu Sundry Shop 13.54%, and M&G Technology 6.97%.