TBEA (600089) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 24.57 billion, up 0.31% year-over-year; year-to-date revenue was RMB 72.92 billion, up 0.84% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 2.30 billion, an 81.51% increase year-over-year; year-to-date net profit was RMB 5.48 billion, up 27.55%.

• Significant profit growth was mainly driven by fair value gains from Huadian New Energy.

Financial highlights

• Q3 total profit was RMB 2.92 billion, up 93.87% year-over-year; year-to-date total profit was RMB 7.34 billion, up 37.70%.

• Basic and diluted EPS for Q3 were RMB 0.4582, up 81.54% year-over-year; year-to-date EPS was RMB 1.0924, up 27.56%.

• Operating cash flow for the first nine months was RMB 6.11 billion, down 17.55% year-over-year.

• Non-recurring gains for the first nine months totaled RMB 1.63 billion, mainly from government subsidies and fair value changes.

Outlook and guidance

• No explicit forward-looking statements or guidance provided in the report.