Western Superconducting Technologies (688122) Q3 2026 earnings summary

Executive summary

• 9M revenue fell 2.87% YoY to RMB 3.874bn; attributable net profit declined 59.62% to RMB 262.3m.

• Q3 attributable net loss was RMB 83.0m, while adjusted attributable net profit was RMB 45.7m; lower fair-value gains and weaker product margins weighed on results.

Financial highlights

• Q3 revenue was RMB 1.263bn, down 0.28% YoY; 9M revenue was RMB 3.874bn, down 2.87%.

• 9M total profit was RMB 390.3m, down 52.76%; attributable net profit was RMB 262.3m, down 59.62%, and adjusted attributable net profit was RMB 201.5m, down 65.76%.

• 9M net profit was RMB 355.4m, versus RMB 737.2m a year earlier; basic and diluted EPS were RMB 0.40, versus RMB 1.00.

Key financial ratios and metrics

• Weighted average ROE was -1.16% in Q3, down 2.67 percentage points YoY; 9M ROE was 3.66%, down 5.80 percentage points.

• 9M R&D spending was RMB 373.7m, up 43.82% YoY; R&D was 9.65% of revenue, up 3.14 percentage points.

• Total assets at Sept. 30 were RMB 16.335bn, up 8.26% from year-end; parent equity was RMB 7.020bn, down 1.52%.