Shanghai-listed mother-and-baby retailer Aiyingshi (爱婴室) more than doubled its third-quarter net profit to RMB 11.72 million on flat revenue, according to its quarterly report filed on 27 October 2026. The company said rising sales of its own-brand and customised products lifted gross profit.
Q3 net profit rose 109.41% on revenue of RMB 891 million
Aiyingshi’s revenue for July–September 2026 was RMB 890.89 million, up 0.04 percent year on year. Net profit attributable to shareholders rose 109.41 percent to RMB 11.72 million, from RMB 5.60 million a year earlier.
Net profit excluding non-recurring items increased 348.37 percent to RMB 7.23 million. Total profit before tax rose 73.39 percent to RMB 19.54 million.
Own-brand and customised products drove the gain, the company said
The report attributes the quarterly profit increase mainly to continued growth in sales of Aiyingshi’s own-brand and customised products, which raised overall gross profit.
For January–September, revenue was RMB 2.698 billion against RMB 2.725 billion a year earlier, while cost of sales fell to RMB 1.980 billion from RMB 2.032 billion. On a simple calculation, gross margin rose to 26.6 percent from 25.5 percent, and gross profit grew 3.5 percent.
Nine-month revenue fell 0.99% and recurring profit 14.77%
Nine-month revenue declined 0.99 percent year on year. Net profit attributable to shareholders rose 3.16 percent to RMB 53.99 million, but net profit excluding non-recurring items fell 14.77 percent to RMB 32.88 million.
Selling expenses rose to RMB 541.18 million from RMB 518.89 million, a 4.3 percent increase on a simple calculation. Asset impairment losses were RMB 5.90 million, up from RMB 0.96 million, mainly because of higher inventory write-down provisions.
| Item (RMB million) | Q3 2026 | YoY | Jan–Sep 2026 | YoY |
|---|---|---|---|---|
| Revenue | 890.89 | 0.04% | 2,698.47 | -0.99% |
| Total profit | 19.54 | 73.39% | 86.69 | 6.49% |
| Net profit attributable to shareholders | 11.72 | 109.41% | 53.99 | 3.16% |
| Net profit excl. non-recurring items | 7.23 | 348.37% | 32.88 | -14.77% |
| Net operating cash flow | 21.10 | -68.58% | 332.14 | 55.55% |
Unit: %
Q3 2026, year on year · Source: Aiyingshi, 27 October 2026
View as table
| Item | Value |
|---|---|
| Revenue | 0.04% |
| Total profit | 73.39% |
| Net profit | 109.41% |
| Recurring net profit | 348.37% |
Q3 operating cash flow fell 68.58% as store expansion lifted purchases
Net operating cash flow for the quarter was RMB 21.10 million, down 68.58 percent. Aiyingshi said expansion of its offline stores and new business lines temporarily increased inventory purchases.
For the nine months, operating cash flow rose 55.55 percent to RMB 332.14 million, which the company linked to the timing of supplier payments within agreed credit periods.
Short-term borrowings rose 165.03% and cash moved into wealth products
Short-term borrowings reached RMB 552.18 million at the end of September, up 165.03 percent from the start of the year, to support working capital, the company said. Cash fell 79.16 percent to RMB 110.79 million, while trading financial assets of RMB 894.98 million appeared as idle funds went into low-risk wealth management products.
Long-term equity investments rose 53.67 percent to RMB 29.20 million, mainly reflecting a new investment in Aijia Food Technology (Yantai) (爱佳食品科技（烟台）有限公司).
Unit: %
End of September vs start of 2026 · Source: Aiyingshi, 27 October 2026
View as table
| Item | Value |
|---|---|
| Short-term borrowings | 165.03% |
| Long-term equity investments | 53.67% |
| Total assets | 18.19% |
| Cash | -79.16% |
Coming up · We may follow up with third-quarter results from other listed Chinese consumer and retail groups.
