Unisplendour (000938) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue reached RMB 102.16bn, up 32.12% YoY; net profit attributable to shareholders rose 97.53% to RMB 2.77bn.

• Q3 revenue was RMB 38.64bn, up 29.24% YoY; attributable net profit was RMB 606.0m, up 66.97%.

• Growth reflected expanded H3C business, while operating cash flow turned sharply negative as procurement payments increased with business scale.

Financial highlights

• 9M adjusted net profit, excluding non-recurring items, was RMB 2.46bn, up 68.25% YoY; Q3 adjusted net profit was RMB 582.9m, up 70.41%.

• 9M operating revenue increased 32.12% to RMB 102.16bn; operating costs rose 34.29% to RMB 89.59bn.

• 9M net profit was RMB 3.22bn, including RMB 2.77bn attributable to shareholders and RMB 450.3m attributable to minority interests.

• 9M finance costs shifted to a RMB 49.7m gain from RMB 913.2m expense, reflecting foreign-exchange gains versus losses and lower interest expense.

Outlook and guidance

• Strategy centers on “computing power × connectivity,” AI computing and domestic localization opportunities, in-house R&D, a broader product portfolio, and integrated compute, network, storage, cloud, security and services.

• Operations are positioned to support domestic and international customers’ digital transformation and intelligent-computing-center construction, backed by a diversified supply chain.