千里科技Q3实现营收27.62亿元，净利润同比增长60.75%

Core Insights - The company reported significant revenue growth driven by increased sales in the automotive and motorcycle sectors, with a net profit increase of over 30% year-on-year, although the net profit excluding non-recurring items remains in a loss state [2][3] Financial Performance - Revenue for Q3 2025 reached approximately 2.76 billion yuan, representing a year-on-year increase of 51.20%, while revenue for the first nine months of 2025 was about 6.95 billion yuan, up 44.27% [2] - Net profit attributable to shareholders for Q3 2025 was approximately 22.11 million yuan, a 60.75% increase year-on-year, and for the first nine months, it was about 53.28 million yuan, up 33.37% [2] - The company reported a net loss of approximately 42.41 million yuan for Q3 2025 when excluding non-recurring items, a decline of 656.76% year-on-year, with a total loss of about 175.91 million yuan for the first nine months, down 826.19% [2][6] - Operating cash flow significantly improved, with a net cash flow from operating activities of approximately 2.51 billion yuan for the first nine months, an increase of 363.95% [2] Revenue Growth Drivers - The substantial increase in revenue was primarily driven by higher sales volumes in the automotive and motorcycle segments, with a total revenue increase of 2.13 billion yuan for the first nine months compared to the previous year [3] Profitability Factors - The growth in net profit was largely supported by two non-recurring factors: an increase in government subsidies amounting to approximately 257 million yuan for the first nine months and enhanced foreign exchange gains [4] - The widening loss in net profit excluding non-recurring items was attributed to increased R&D expenses, which reached approximately 455 million yuan, a 68.15% increase year-on-year, and higher advertising expenses [6] Cash Flow Improvement - The increase in operating cash flow was driven by higher cash receipts from sales, totaling approximately 7.32 billion yuan for the first nine months, compared to 5.53 billion yuan in the previous year, along with increased government subsidies [6]