Suzhou Maxwell Technologies (300751) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 37.84% YoY and parent-attributable net income fell 87.41%; YTD revenue declined 33.16% and net income 56.88%.

• YTD operating cash flow turned positive, rising 202.75% on an absolute-denominator basis, supported by higher orders and customer advances.

Financial highlights

• Q3 revenue was ¥1.237bn; YTD revenue was ¥4.146bn, down 37.84% and 33.16% YoY, respectively.

• Q3 parent-attributable net income was ¥33.9m, down 87.41%; YTD was ¥286.0m, down 56.88%.

• Adjusted net income excluding non-recurring items was ¥13.3m in Q3, down 94.13%; YTD was ¥128.7m, down 78.22%.

• YTD basic and diluted EPS were ¥1.03, each down 56.72% YoY; Q3 EPS was ¥0.12, down 87.63%.

• Gross margin improved, but lower revenue reduced overall gross profit scale; higher R&D spending also weighed on earnings.

Segment performance

• Solar cell production-equipment acceptance and sales declined amid photovoltaic industry conditions, reducing revenue.

• R&D investment increased in semiconductor and display equipment while sustaining photovoltaic R&D; YTD R&D expense was ¥820.0m vs. ¥672.4m a year earlier.