恒而达：第三季度净利润同比下降95.96%

Core Viewpoint - Heng Er Da (300946) reported a significant decline in net profit for Q3 2025 despite an increase in revenue, primarily due to increased operational costs and the integration of German SMS company into its financials [1] Financial Performance - Q3 2025 revenue reached 158 million yuan, representing a year-on-year growth of 11.56% [1] - Net profit for Q3 2025 was 943,700 yuan, showing a substantial year-on-year decline of 95.96% [1] - For the first three quarters of 2025, total revenue was 478 million yuan, up 8.37% year-on-year [1] - Net profit for the first three quarters was 44.05 million yuan, down 44.24% year-on-year [1] Reasons for Performance Changes - Increased investment in R&D and market expansion for rolling functional components led to a rise in period expenses [1] - Higher management fees due to intermediary service fees and travel expenses related to the acquisition of German SMS company [1] - The integration of German SMS company into the financial statements since June 2025 resulted in increased operational costs without corresponding revenue from long production cycle orders [1]