Minami(SZ:301383) Xin Lang Cai Jing·2025-10-29 00:40Core Viewpoint - The company reported a significant decline in revenue and profit for the first three quarters of 2025, indicating financial challenges and a shift in performance metrics [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 1.492 billion yuan, a year-on-year decrease of 11.05% [1]. - The net profit attributable to shareholders was -9 million yuan, a shift from profit to loss compared to the previous year [1]. - The net profit excluding non-recurring items was -25 million yuan, also reflecting a transition from profit to loss year-on-year [1]. Quarterly Analysis - In Q3 2025, the company recorded revenue of 597 million yuan, down 17.31% year-on-year [2]. - The net profit attributable to shareholders for Q3 was -15 million yuan, marking a year-on-year loss [2]. - The net profit excluding non-recurring items for Q3 was -26 million yuan, indicating a significant decline [2]. Cost and Expense Analysis - R&D expenses increased to 115 million yuan for Q1-Q3 2025, a rise of 44.95% year-on-year [2]. - Government subsidies decreased, with other income at 17.3045 million yuan, down 57.53% year-on-year [2]. - Asset impairment losses increased to -8.9967 million yuan, reflecting a year-on-year rise of 36.43% [2]. Profitability Metrics - The gross margin for Q1-Q3 2025 was 13.03%, a decrease of 5.60 percentage points year-on-year [3]. - The gross margin for Q3 was 12.18%, down 7.12 percentage points year-on-year and 3.47 percentage points quarter-on-quarter [3]. - The expense ratio for Q1-Q3 2025 was 13.25%, an increase of 4.47 percentage points year-on-year [3]. Business Development - The company is accelerating the development of integrated audio-visual projects, expanding its product line to include audio glasses, AR glasses, and AI glasses [4]. - The AI smart glasses feature a flagship-level platform with a 12 million pixel camera and five high-performance microphones, aiming to provide industry-leading solutions [4]. - The AR full-color glasses utilize advanced technology and are expected to become a new growth point once production scales up, with an annual capacity exceeding 100,000 units [4].