标题: BLT Reports RMB 1.26 Billion Revenue, Up 8.54%, with R&D Above RMB 214 Million [打印本页] 作者: admin 时间: 2026-11-4 20:06 标题: BLT Reports RMB 1.26 Billion Revenue, Up 8.54%, with R&D Above RMB 214 Million Nanjixiong learned that metal printer manufacturer BLT (688333) released its third-quarter 2026 report on the evening of October 27. Revenue for the first three quarters was RMB 1.26 billion, up 8.54%. Total assets approached RMB 10 billion at RMB 9.346 billion, up 7.82% from the previous year-end. Alongside steady revenue growth, the company increased R&D and accelerated capacity construction.
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Steady Revenue Growth and Assets Approaching RMB 10 Billion
Despite intensifying competition, BLT maintained revenue growth in January–September. Revenue reached RMB 1.26 billion, up 8.54%, with Q3 revenue of RMB 490 million broadly unchanged year on year.
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Quarter-end assets were RMB 9.346 billion and equity attributable to listed-company shareholders RMB 5.284 billion, up 6.05% from the previous year-end. Steady expansion reflects a stronger industrial foundation in metal additive manufacturing.
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R&D and Capacity Expansion Advance Together
Attributable net profit for the first three quarters was RMB 107 million, down 30.99%; net profit excluding non-recurring items was RMB 64.0882 million. The report indicates several strategic and objective factors behind this temporary fluctuation:
1. Substantially increased R&D. To consolidate competitiveness, the company added research personnel and salaries. R&D totaled RMB 214 million, up 17.11%, or 17.02% of revenue. Intensive investment is essential for advanced equipment companies' long-term technological advantages.
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2. Internationalization and exchange rates. Expansion increased foreign-currency transactions. Exchange-rate movements against the renminbi increased foreign-exchange losses, affecting short-term profit.
3. Capacity construction and financing costs. Industrialization increased bank borrowing and interest expense. Revenue growth and customers' settlement characteristics also increased bad-debt losses associated with receivables.
Cash Flow Improves; Inventory Growth Reflects Order Demand
While profits were under pressure, cash flow and operating fundamentals showed positive signals.
Net operating cash flow was negative RMB 158 million, compared with negative RMB 207 million a year earlier. Net outflow narrowed 23.19%, reflecting progress in collection—cash received from goods and services was RMB 1.085 billion—and working-capital turnover.
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Quarter-end inventory book value reached RMB 1.719 billion, nearly 28% above RMB 1.342 billion at the start of the year. In manufacturing, significant inventory increases often relate to order backlogs and stocking for expanded capacity. Together with major industrial bases under construction, with construction in progress at RMB 1.361 billion, this inventory prepares for future equipment deliveries and service growth.
Trading Short-Term Profit for Long-Term Advantages
This report from a leading Chinese metal printing company reflects competition as additive manufacturing enters a more demanding phase.
Positive revenue growth suggests a stable demand base. Temporary profit pressure reflects deliberate additional investment. R&D of RMB 214 million, around 17% of revenue, is unusual in hardware manufacturing. Beyond aerospace, BLT needs intensive technology iteration and capacity reserves to prepare for emerging consumer-electronics, robotics, and liquid-cooling markets.
R&D costs, interest, and foreign-exchange losses consume some short-term profit. Longer term, assets approaching RMB 10 billion, inventory readiness, improving cash flow, and rising technological barriers underpin future profitability at scale. Temporary concessions in profit aim to establish steadier progress across a broader advanced-manufacturing market.
AI-translated from an article by Xiaoruanxiong on Nanjixiong, originally published on 2026-10-31. Text and images retain the original source attribution. Read the original Chinese article
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