MLS(SZ:002745) Xin Lang Cai Jing·2025-10-29 15:31Core Viewpoint - The company reported a year-on-year revenue growth in Q3 2025, but net profit declined due to increased expenses, indicating a trend of stable revenue, growing assets, and a need for profit improvement [1][3]. Financial Performance - In Q3 2025, the company achieved operating revenue of 4.26 billion yuan, a 6.25% increase compared to the same period last year [2]. - The net profit attributable to shareholders was 55.61 million yuan, a decrease of 44.72% year-on-year; the net profit after deducting non-recurring gains and losses was 60.39 million yuan, down 48.84% [2][3]. - For the year-to-date period (January to September 2025), total revenue was 12.18 billion yuan, a slight decrease of 0.10% year-on-year, while net profit attributable to shareholders was 209.21 million yuan, down 42.36% [2]. Cash Flow and Asset Management - The net cash flow from operating activities for the year-to-date period was 488 million yuan, a significant decline of 59.70% compared to the previous year, primarily due to increased cash outflows [3]. - As of the end of Q3 2025, total assets reached 24.62 billion yuan, a 5.02% increase from the end of the previous year, and equity attributable to shareholders was 13.31 billion yuan, up 4.84% [3]. Expense Analysis - The decline in net profit was primarily attributed to increased expenses, with financial expenses rising by 304.62% due to a decrease in interest income from regular financial investments, which fell by 37.35% [3]. - Credit impairment losses increased by 1834.82%, and asset impairment losses rose by 74.27%, further pressuring profits [3]. Positive Financial Signals - Investment income increased by 57.47% year-on-year, mainly due to gains from the disposal of long-term equity investments [4]. - Investment income from joint ventures and associates rose by 38.11%, indicating improved profitability from external investment projects [4]. - Tax refunds received increased by 30.75%, which helped alleviate some pressure on operating cash flow [4].