英维克：2025 年前三季度业绩略不及预期，短期内对股价形成压力

CITI'S TAKE Envicool's posted 3Q25 results miss should exert downward pressure on the stock in the near term. 3Q25 rev grew 25% yoy to Rmb1.45bn, decelerating from 2Q25's 69.7%. Even worse, the 3Q25 rev was lower than 2Q25's by 11% qoq. Fig 1. Mgmt explained this as 2Q being a high base. The attrib net profit rose 8.4% yoy to Rmb183m which was mildly behind our expectation. We update our model but retain our earnings forecasts. This is because 4Q is the high season and we expect the 4Q25 attrib net profit t ...