Han'S Laser Technology Industry Group Co.,Ltd. (002008) reported rapid growth in both revenue and net profit for the first three quarters of 2026. The financial report showed that the company achieved operating revenue of 21.474 billion yuan in the first three quarters, up 68.92% year on year, while net profit attributable to shareholders of the listed company reached 2.177 billion yuan, up 152.19% year on year. In the third quarter alone, revenue was 8.061 billion yuan and net profit was 889 million yuan, representing year-on-year growth of 58.07% and 137.03% respectively, extending the growth momentum from the first half of the year.
On profitability metrics, net profit after deducting non-recurring gains and losses for the first three quarters was 2.301 billion yuan, up 304.87% year on year, outpacing the growth rate of net profit attributable to shareholders. During the same period, basic earnings per share were 2.11 yuan, compared with 0.84 yuan a year earlier, while the weighted average return on equity was 10.39%, up 5.37 percentage points year on year.
During the reporting period, Han'S Laser's subsidiary Han's CNC listed on the Main Board of the Hong Kong Stock Exchange, raising nearly 5 billion yuan. As a result, minority interests increased from 1.643 billion yuan at the beginning of the year to 4.087 billion yuan, while total assets rose from 38.2 billion yuan to 50.850 billion yuan.
Revenue and Profit: Top-Line Growth Drives Earnings Improvement
In the first three quarters, Han'S Laser generated operating revenue of 21.474 billion yuan, an increase of 8.761 billion yuan from 12.713 billion yuan a year earlier, representing year-on-year growth of 68.92%. During the same period, operating profit was 2.977 billion yuan, up 189.57% year on year, and total profit was 2.983 billion yuan, up about 190% year on year.
In terms of profit composition, net profit after non-recurring items rose 304.87% year on year in the first three quarters, higher than the 152.19% increase in net profit attributable to shareholders, indicating that profit growth remained notable after excluding non-recurring gains and losses. During the reporting period, non-recurring gains and losses totaled approximately -124 million yuan, including about 202 million yuan in losses from fair value changes of financial assets held, which weighed on profit for the period. By contrast, related fair value changes made a positive contribution in the same period last year, affecting the comparability of net profit growth rates between the two periods.
On the cost side, operating costs for the first three quarters were 13.847 billion yuan, up 61.53% year on year, slower than revenue growth. Selling expenses, administrative expenses and research and development expenses were 1.284 billion yuan, 1.221 billion yuan and 1.836 billion yuan respectively, totaling about 4.341 billion yuan. The growth rate of these expenses was lower than that of revenue, reflecting to some extent a decline in the expense ratio as revenue scale expanded, though the sustainability of profitability improvement still needs to be assessed in light of gross margin, expense ratios and changes in business structure.
Cash Flow: Operating Cash Flow Turns Positive, Investment Spending Rises
In the first three quarters, net cash flow from operating activities was 227 million yuan, compared with a net outflow of 862 million yuan a year earlier, an improvement of about 1.089 billion yuan year on year. During the same period, cash received from the sale of goods and the provision of services was 16.175 billion yuan, up about 57% year on year, indicating an improvement in operating cash flow from the same period last year.
However, net cash flow from operating activities remained significantly lower than net profit attributable to shareholders for the same period, reflecting a continued gap between profit and cash collection. As revenue scale expanded, accounts receivable also grew, and subsequent collection progress still warrants attention.
On investing activities, net cash flow for the first three quarters was -1.398 billion yuan, compared with a net inflow of 758 million yuan a year earlier. The change in cash flow was related to increased equity investment and fixed asset investment, involving companies such as Anteng Innovation, Yongtong Intelligent Manufacturing, Shenghong Technology and Jingwang Electronics, as well as the construction of the East China regional headquarters base.
Net cash flow from financing activities was 3.785 billion yuan, mainly affected by factors such as Han's CNC's Hong Kong listing and fundraising. The monetary funds balance at the end of the period was 9.882 billion yuan, an increase of 1.869 billion yuan from the beginning of the year. It should be noted that fundraising through a subsidiary's listing is a capital source, different in nature from cash flow generated by the main business operations.
Balance Sheet: Scale Expansion, with Accounts Receivable and Inventory Growing in Tandem
As of the end of the reporting period, Han'S Laser's total assets increased to 50.850 billion yuan, up 32.95% from the beginning of the year. In addition to business expansion, the capital injection from Han's CNC's listing and the increase in minority interests were also important factors in the expansion of asset scale.
Accounts receivable rose from 8.324 billion yuan at the beginning of the year to 13.201 billion yuan, up 58.59%; inventory increased from 5.222 billion yuan to 7.748 billion yuan, up 48.37%. Both assets grew substantially, though the judgment that their growth rates were below the revenue growth rate for the same period still requires comprehensive analysis combined with factors such as revenue recognition, payment terms and business structure. At the end of the period, accounts receivable accounted for about 26% of total assets, and their collection progress will affect subsequent cash flow performance.
Prepayments increased from 235 million yuan to 808 million yuan, up about 243.56%; contract liabilities rose from 1.106 billion yuan to 2.241 billion yuan, up 102.66%. The increase in contract liabilities reflects growth in advance receipts, but the pace at which they are subsequently converted into revenue still depends on order delivery and acceptance progress.
In the first three quarters, the company recognized credit impairment losses of about 150 million yuan, up 75.14% year on year. Against the backdrop of expanding accounts receivable, changes in credit impairment losses warrant continued tracking.
On the liability side, short-term borrowings increased from 911 million yuan at the beginning of the year to 1.879 billion yuan, while long-term borrowings fell from 2.635 billion yuan to 1.287 billion yuan, indicating a change in the maturity structure of borrowings. The debt-to-asset ratio at the end of the period was about 48.2%, lower than 50.5% at the beginning of the year. However, assessing changes in the financial structure still requires a comprehensive review of interest-bearing debt scale, repayment maturities and operating cash flow conditions.
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