创维数字Q3营收23.61亿元，净利润同比下降40.96%

Core Insights - The company reported a slight decline in revenue and a significant drop in net profit for the third quarter of 2025, influenced by changes in accounting policies and strategic inventory preparations [2][3] Financial Performance - For Q3 2025, the company achieved a revenue of CNY 2,361,354,192.58, representing a year-on-year increase of 9.06% [2] - The net profit attributable to shareholders was CNY 32,268,593.62, down 40.96% year-on-year [2] - The net profit after excluding non-recurring items was CNY 35,848,194.44, a decrease of 20.96% compared to the previous year [2] - Basic and diluted earnings per share were both CNY 0.0283, reflecting a decline of 40.92% year-on-year [2] - The weighted average return on equity was 0.51%, down 0.34 percentage points from the previous year [2] Year-to-Date Performance - From January to September 2025, the cumulative revenue was CNY 6,456,362,934.12, a decrease of 2.45% year-on-year [3] - The net profit attributable to shareholders for the same period was CNY 85,859,272.74, down 63.69% year-on-year [3] - The net profit after excluding non-recurring items was CNY 83,389,045.85, a decline of 58.58% year-on-year [3] - The net cash flow from operating activities was negative CNY 83,628,442.57, a decrease of 118.47% year-on-year [3] - Basic and diluted earnings per share for the year-to-date were CNY 0.0752, down 63.69% year-on-year [3] - The weighted average return on equity for the year-to-date was 1.34%, down 2.34 percentage points year-on-year [3] Balance Sheet Highlights - As of September 30, 2025, total assets amounted to CNY 11,149,328,939.87, an increase of 4.61% from the end of the previous year [3] - Shareholders' equity attributable to the company was CNY 6,390,059,958.69, a decrease of 0.81% from the end of the previous year [3] Key Changes in Financial Statements - Prepayments increased by 70.68% due to higher advance payments to suppliers [4] - Inventory grew by 39.35% as a result of strategic inventory buildup and customer pre-stocking [7] - Accounts payable rose by 31.66%, corresponding to the increase in strategic inventory [7] - Cash flow from operating activities turned negative primarily due to reduced sales collections and increased inventory expenditures [6][7]