23 October 2025 | 1:31AM HKT Equity Research 3Q25 Rev/ OP miss: iFlytek revenues growth was at 10% YoY (or -3% QoQ) to Rmb6.1bn in 3Q, or 11%/ 7% below our estimates and Bloomberg consensus, and we attributed it to slower-than-expected smart city business. 3Q25 GM was in line at 40.4% vs. our estimates at 40.3%. Opex ratio in 3Q was higher than expected at 42.6% due to new product R&D expenses and rising marketing expenses for channel expansion of ToC and overseas business. Due to higher-than-expected non-O ...