ShenZhen Woer Heat-Shrinkable Material (002130) Q3 2026 earnings summary

Executive summary

• Q3 revenue was RMB 2.788bn, up 30.46% YoY; attributable net income was RMB 310.8m, up 17.84% YoY. 9M revenue reached RMB 7.441bn, up 22.34%, while attributable net income rose 6.77% to RMB 877.5m.

• 9M profit growth lagged revenue growth amid lower gross margin, higher operating expenses and increased FX losses.

Financial highlights

• 9M net income was RMB 917.0m, up 3.82% YoY; total profit was RMB 1.052bn, up 1.55%.

• 9M adjusted for non-recurring items, attributable net income was RMB 851.6m, up 7.00%; Q3 adjusted net income was RMB 300.6m, up 16.47%.

• 9M basic and diluted EPS were RMB 0.6406, down 2.79% YoY; Q3 basic and diluted EPS were RMB 0.2206, up 4.25%.

• 9M operating cash flow was RMB 744.7m, up 19.23% YoY, supported by higher cash collections from sales and services.

Segment performance

• Communication cables, new-energy vehicle products and electronic materials all contributed to 9M revenue growth.

• Lower revenue from high-margin power high-voltage products and wind-power business weighed on the overall gross margin.