Transwarp Technology (Shanghai) (688031) Q3 2025 earnings summary

Executive summary

• 9M revenue increased 7.42% YoY to RMB 225.08m; net loss narrowed to RMB 213.23m from RMB 292.93m.

• Q3 revenue rose 4.59% YoY to RMB 72.57m, while reported net loss was RMB 70.28m.

Financial highlights

• 9M operating costs were RMB 464.84m, down from RMB 533.64m YoY; operating loss was RMB 213.26m versus RMB 293.60m.

• 9M net loss excluding non-recurring items was RMB 228.65m; reported net loss was RMB 213.23m.

• 9M R&D spend was RMB 183.25m, down 5.21% YoY; Q3 spend was RMB 60.18m, down 7.27%.

Key financial ratios and metrics

• 9M basic and diluted EPS were both -RMB 1.76, versus -RMB 2.42 YoY; weighted average ROE was -21.31%.

• R&D was 81.42% of 9M revenue, down 10.84 percentage points YoY; Q3 R&D was 82.93% of revenue, down 10.61 points.

• Total assets fell 15.98% from year-end 2024 to RMB 1,173.17m; parent shareholders’ equity fell 18.59% to RMB 894.46m.