Suzhou Maxwell Technologies (300751) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was ¥1.99 billion, down 31.3% year-over-year, mainly due to lower solar cell equipment sales amid industry headwinds.

• Net profit attributable to shareholders for Q3 was ¥269 million, a 9.42% decrease year-over-year.

• Operating cash flow for the first nine months was negative ¥1.04 billion, a significant decline due to slower customer payments and timely supplier payments.

Financial highlights

• Year-to-date revenue reached ¥6.20 billion, down 20.13% year-over-year.

• Year-to-date net profit attributable to shareholders was ¥663 million, down 12.56% year-over-year.

• Basic and diluted EPS for Q3 were both ¥0.97, down 9.35% year-over-year.

• Gross margin and other profitability metrics declined in line with revenue and profit drops.

Outlook and guidance

• Management attributes declines to the overall photovoltaic industry downturn, impacting both sales and cash flow.