Shanghai M&G Stationery (603899) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months reached ¥17.33 billion, up 1.25% year-over-year, with Q3 revenue at ¥6.52 billion, a 7.52% increase compared to the same quarter last year.

• Net profit attributable to shareholders for the first nine months was ¥948 million, down 7.18% year-over-year; Q3 net profit was ¥391 million, up 0.63% year-over-year.

• Excluding non-recurring items, net profit for the first nine months was ¥802 million, down 13.59% year-over-year.

Financial highlights

• Gross margin for the main product lines: writing tools 44.12%, student stationery 35.57%, office stationery 26.55%, and other products 43.91%.

• Basic and diluted EPS for the first nine months was ¥1.0352, down 6.38% year-over-year.

• Operating cash flow for the first nine months was ¥1.39 billion, down 2.42% year-over-year.

• Total assets at quarter-end were ¥16.62 billion, up 0.18% from the previous year-end.

Outlook and guidance

• Subsidiaries showed growth: Keli Pu Technology revenue up 5.83% year-over-year, M&G Life Store (including Jiumu) up 6.85%, and M&G Technology up 9.66%.

• Over 870 retail stores nationwide as of the end of the reporting period.