华灿光电2025年三季度业绩出炉：营收同比增近四成 亏损收窄超45%

Core Viewpoint - BOE Technology Group Co., Ltd. (referred to as "the company") reported significant improvements in both revenue and profitability for Q3 2025, with a notable year-on-year revenue increase and a continued reduction in net losses, supported by management adjustments and the implementation of equity incentives to optimize corporate governance [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.13 billion yuan, a 39.84% increase from 2.95 billion yuan in the same period last year, driven by a substantial rise in sales [1][2]. - In Q3 alone, the revenue reached 1.60 billion yuan, reflecting a robust year-on-year growth of 50.37% [1][2]. - The net loss attributable to shareholders was 195.66 million yuan, a 45.58% reduction compared to a loss of 360 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was -313.67 million yuan, narrowing by 28.12% year-on-year [2]. Asset Structure - As of the end of September, the company's total assets amounted to 13.69 billion yuan, an 8.18% increase from the previous year's end [3]. - The equity attributable to shareholders was 6.79 billion yuan, showing a slight decrease of 2.08% compared to the previous year [3]. - Inventory increased by 48% to 1.64 billion yuan, indicating heightened operational activity due to improved capacity utilization [3]. Cash Flow - The net cash flow from operating activities for the first three quarters was -539.18 million yuan, a significant decline of 523.41% year-on-year, primarily due to increased cash outflows for raw material purchases [3]. - Cash flow from investing activities improved, with a net outflow of 885 million yuan, a 32.93% year-on-year improvement due to reduced long-term asset investments [3]. - Financing activities saw a 39.36% increase in cash flow, totaling 1.23 billion yuan, largely driven by new borrowings, with short-term loans rising by 39.61% to 1.78 billion yuan [3].