科大讯飞(002230) - 2025 Q3 - 季度财报

Report Overview This section provides an important notice regarding the authenticity and accuracy of the quarterly report and confirms that the financial statements are unaudited Important Notice This report emphasizes that the Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of information disclosure, affirm the financial information's authenticity, and state that the quarterly financial report is unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report[3] - The company's head, chief accountant, and head of accounting department declare that the financial information is true, accurate, and complete[3] - The third-quarter financial accounting report is unaudited[4] Key Financial Data This section presents the company's key accounting data, financial indicators, non-recurring gains and losses, and explanations for significant changes in financial performance Key Accounting Data and Financial Indicators iFLYTEK maintained healthy operating development in Q3 2025, with positive growth in operating revenue, net profit attributable to shareholders, non-recurring net profit, and operating cash flow, notably a 202.40% year-on-year increase in net profit attributable to shareholders; the company made significant progress in AI core technologies and the "iFLYTEK Spark" large model, solidifying its autonomous and controllable advantages in domestic computing power and expanding its leading position in large models for education and healthcare, ranking first in the industry for large model project wins by number and amount Key Financial Indicators for Q3 2025 and Year-to-Date | Indicator | Current Period (yuan) | YoY Change in Current Period | Year-to-Date (yuan) | YoY Change Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 6,078,496,951.37 | 10.02% | 16,989,434,774.08 | 14.41% | | Net Profit Attributable to Listed Company Shareholders | 172,251,812.40 | 202.40% | -66,675,426.29 | 80.60% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Gains and Losses | 26,238,946.77 | 76.50% | -337,930,808.45 | 27.83% | | Net Cash Flow from Operating Activities | — | — | 122,671,557.01 | 114.94% | | Basic Earnings Per Share (yuan/share) | 0.0745 | 206.58% | -0.0288 | 80.66% | | Diluted Earnings Per Share (yuan/share) | 0.0745 | 207.85% | -0.0288 | 80.58% | | Weighted Average Return on Net Assets | 0.98% | 0.65% | -0.38% | 1.65% | | Total Assets | 43,288,324,449.52 | 4.36% (vs. end of prior year) | | | | Owners' Equity Attributable to Listed Company Shareholders | 17,798,268,273.51 | 0.03% (vs. end of prior year) | | | - The "iFLYTEK Spark" large model maintains a first-tier industry position in domestic computing power, with the "iFLYTEK Spark X1" upgraded version launched on July 25 benchmarking against OpenAI o3 and significantly leading in hallucination governance accuracy[6] - From January to September, iFLYTEK ranked first in the industry for the number and amount of large model-related project wins, with Q3 winning bids totaling 545 million yuan, 1.88 times the sum of the second to fifth-ranked companies[6] - In the first three quarters of 2025, the number of new developers exceeded 1.22 million, with 690,000 new large model developers, accelerating industry empowerment[6] Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 146 million yuan, with a cumulative 271 million yuan year-to-date, primarily from government subsidies, fair value change gains/losses, and non-current asset disposal gains/losses Non-recurring Gains and Losses Items and Amounts (Year-to-Date) | Item | Amount for Current Period (yuan) | Amount Year-to-Date (yuan) | | :--- | :--- | :--- | | Non-current Asset Disposal Gains and Losses | 411,696.94 | 5,865,063.77 | | Government Subsidies Included in Current Profit and Loss | 181,489,433.22 | 267,793,765.16 | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities | 2,816,111.71 | 60,463,998.66 | | Other Non-operating Income and Expenses | -12,814,295.42 | -13,934,828.56 | | Less: Income Tax Impact | 22,733,068.96 | 41,609,405.58 | | Minority Shareholder Equity Impact (after tax) | 3,157,011.86 | 7,323,211.29 | | Total | 146,012,865.63 | 271,255,382.16 | - The company does not classify non-recurring gains and losses as recurring gains and losses[8] Changes and Reasons for Key Accounting Data and Financial Indicators During the reporting period, several balance sheet and income statement items experienced significant changes, with construction in progress and right-of-use assets decreasing due to capitalization and reduced new leases, while development expenditures grew by 44.04% reflecting increased R&D investment; short-term borrowings and bonds payable significantly increased, indicating higher financing activities, and investment income surged by 1088.15% due to the disposal of UBTECH shares; operating cash inflows increased by 52.42% due to higher government subsidies, and cash paid for investments rose by 356.26% due to increased external investments - Construction in progress decreased by 91.01% from the beginning of the period, primarily due to an increase in capitalized projects during the current period[9] - Development expenditures increased by 44.04% from the beginning of the period, primarily due to increased R&D investment during the current period[9] - Short-term borrowings increased by 502.26% from the beginning of the period, primarily due to new borrowings within one year during the current period[9] - Investment income increased by 1088.15% year-on-year (an increase of 20.79 million yuan), primarily due to the disposal of UBTECH shares during the current period[9] - Cash received related to other operating activities increased by 52.42% year-on-year, primarily due to increased government subsidies received during the current period[10] - Cash received from investments increased by 1662.80% year-on-year, primarily due to funds received from employee stock ownership plans during the current period[10] Shareholder Information This section details the total number of common shareholders and the shareholding structure of the top ten shareholders at the end of the reporting period Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 355,987 common shareholders, with China Mobile Communications Group Co., Ltd. holding 10.03% as the largest shareholder and Mr. Liu Qingfeng holding 5.55%; China Mobile Communications Group Co., Ltd. remained the largest holder among the top ten unrestricted shareholders - The total number of common shareholders at the end of the reporting period was 355,987[12] Top 10 Shareholders' Holdings at the End of the Reporting Period | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | China Mobile Communications Group Co., Ltd. | State-owned Legal Person | 10.03% | 231,800,495 | 0 | | Liu Qingfeng | Domestic Natural Person | 5.55% | 128,297,167 | 96,222,875 | | USTC Assets Management Co., Ltd. | State-owned Legal Person | 3.25% | 75,076,787 | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 3.05% | 70,596,844 | 0 | | Anhui Yanzhi Technology Co., Ltd. | Domestic Non-state-owned Legal Person | 2.48% | 57,291,611 | 0 | - Anhui Yanzhi Technology Co., Ltd. is a company controlled by Mr. Liu Qingfeng[13] Other Significant Matters This section outlines the company's plan to issue A-shares to specific objects in 2025 for fundraising purposes, pending regulatory approvals 2025 Plan for Issuing A-Shares to Specific Objects The company has approved the 2025 plan to issue A-shares to specific objects, intending to raise no more than 4 billion yuan from no more than 35 specific investors for the Spark Education large model and typical products, computing power platform, and supplementing working capital; this plan is subject to approval by the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation - The company plans to issue no more than 100,000,000 A-shares to no more than 35 specific investors, raising no more than 4 billion yuan[14] - The raised funds will be used for the Spark Education large model and typical products, computing power platform, and supplementing working capital[14] - This issuance plan is subject to approval by the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation[15] Quarterly Financial Statements This section provides the company's consolidated balance sheet, income statement, and cash flow statement for the quarter, along with information on new accounting standards and the audit status Financial Statements This section presents iFLYTEK's consolidated balance sheet as of the end of Q3 2025, and the consolidated income statement and cash flow statement for the year-to-date, detailing the company's financial position, operating results, and cash flows Consolidated Balance Sheet As of September 30, 2025, the company's total assets were 43.288 billion yuan, a 4.36% increase from the beginning of the period, with total current assets at 24.915 billion yuan and total non-current assets at 18.373 billion yuan; total liabilities were 24.418 billion yuan, and total owners' equity was 18.870 billion yuan, notably with short-term borrowings increasing by 502.26% and bonds payable adding 802 million yuan Key Items of Consolidated Balance Sheet (Sept 30, 2025 vs Dec 31, 2024) | Item | Period-end Balance (yuan) | Period-start Balance (yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Total Assets | 43,288,324,449.52 | 41,478,899,803.20 | 4.36% | | Total Current Assets | 24,915,182,721.84 | 24,062,142,022.92 | 3.55% | | Total Non-current Assets | 18,373,141,727.68 | 17,416,757,780.28 | 5.50% | | Short-term Borrowings | 1,864,930,866.98 | 309,655,185.59 | 502.26% | | Bonds Payable | 801,992,666.67 | - | New | | Total Liabilities | 24,417,926,391.89 | 22,764,027,052.88 | 7.27% | | Total Owners' Equity Attributable to Parent Company | 17,798,268,273.51 | 17,793,386,034.67 | 0.03% | - Construction in progress period-end balance was 92.838 million yuan, a significant decrease from 1.033 billion yuan at the beginning of the period, primarily due to an increase in capitalized projects during the current period[9][18] - Development expenditures period-end balance was 2.357 billion yuan, an increase of 44.04% from 1.636 billion yuan at the beginning of the period, primarily due to increased R&D investment during the current period[9][18] Consolidated Income Statement Year-to-Date As of September 30, 2025, the company achieved total operating revenue of 16.989 billion yuan, a 14.41% year-on-year increase, with net profit attributable to parent company shareholders at -67 million yuan, significantly reducing losses by 80.60% compared to -344 million yuan in the prior year, driven by increased other income, investment income, and reduced non-operating expenses Key Items of Consolidated Income Statement (Year-to-Date) | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 16,989,434,774.08 | 14,849,536,928.14 | 14.41% | | Total Operating Costs | 17,702,080,043.47 | 15,516,979,127.24 | 14.08% | | Operating Profit | -228,700,345.15 | -475,466,528.04 | 51.90% (Loss Reduction) | | Total Profit | -241,958,083.94 | -540,764,760.84 | 55.26% (Loss Reduction) | | Net Profit | -83,393,932.04 | -423,226,905.19 | 80.27% (Loss Reduction) | | Net Profit Attributable to Parent Company Shareholders | -66,675,426.29 | -343,704,233.43 | 80.60% (Loss Reduction) | | Other Income | 793,856,332.94 | 535,881,174.30 | 48.14% | | Investment Income | 22,698,245.99 | 1,910,378.75 | 1088.15% | - Selling expenses increased by 26.38% year-on-year to 3.227 billion yuan, reflecting increased investment in market expansion[9][21] - Research and development expenses increased by 4.97% year-on-year to 3.188 billion yuan, indicating continuous investment in technological innovation[9][21] Consolidated Cash Flow Statement Year-to-Date As of September 30, 2025, net cash flow from operating activities turned significantly positive to 123 million yuan from -821 million yuan in the prior year, while net cash outflow from investing activities was -2.238 billion yuan, mainly due to increased payments for external investments; net cash inflow from financing activities was 1.759 billion yuan, primarily driven by a 1662.80% surge in cash received from investments and increased borrowings Key Items of Consolidated Cash Flow Statement (Year-to-Date) | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 122,671,557.01 | -820,935,015.09 | 114.94% (Turned Positive) | | Net Cash Flow from Investing Activities | -2,238,051,588.20 | -2,376,374,311.15 | 5.82% (Reduced Outflow) | | Net Cash Flow from Financing Activities | 1,758,659,964.32 | 2,372,121,969.69 | -25.86% | | Cash Received from Investments | 417,051,293.00 | 23,658,458.50 | 1662.80% | | Cash Received from Borrowings | 4,705,860,853.67 | 4,114,691,280.47 | 14.37% | | Cash Paid for Debt Repayment | 2,829,302,175.28 | 1,244,331,173.60 | 127.38% | - Cash received from sales of goods and rendering of services increased by 16.26% year-on-year to 17.438 billion yuan[24] - Cash paid to and for employees increased by 16.37% year-on-year to 4.446 billion yuan[25] Implementation of New Accounting Standards The company began implementing new accounting standards in 2025, but this reporting period did not involve adjustments to financial statement items at the beginning of the first year of implementation - The company has no adjustments to financial statement items at the beginning of the first year of new accounting standards implementation from 2025[27] Audit Report This quarterly financial accounting report is unaudited - The company's third-quarter financial accounting report is unaudited[27]