Performance Analysis of Yanshan Technology (002195) Q3 2025: Sustainability of Investment Income-Driven High Growth in Doubt

Based on the collected information, I will conduct a comprehensive analysis of Yanshan Technology (002195)'s Q3 2025 performance growth.

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Yanshan Technology’s Q3 2025 report, released on October 30, 2025, shows a significant improvement in the company’s profitability[1]:

Indicator	Q3	YoY Change	Jan-Sep Cumulative	YoY Change
Net Profit Attributable to Shareholders	RMB 115 million	+2047.05%	RMB 183 million	+331.09%
Net Profit Deducted of Non-Recurring Items	—	—	RMB 184 million	+595.37%
Basic EPS	—	—	RMB 0.0321	+328%

The 595% growth mentioned refers to the

, an indicator that better reflects the true profitability of the company’s core business[1].

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Yanshan Technology recorded

in investment income in the first three quarters, a sharp YoY increase of , which became the primary driver of the surging net profit[1]. This investment income mainly came from .

This characteristic indicates that the substantial performance growth in the current period was not driven by endogenous growth of the core business, but rather by the periodic performance of investment activities. The fair value change gains of trading financial assets are

, making it difficult to form a stable profit source.

The company’s R&D expenses in the first three quarters reached

, a YoY increase of 55.39%[1]. The rapid growth in R&D investment reflects the company’s emphasis on innovation-driven development, but the substantial increase in R&D expenses will exert certain pressure on profits in the short term.

As of the end of the reporting period, the company’s total assets were RMB 10.731 billion, and the owner’s equity attributable to shareholders of the listed company was RMB 9.983 billion, with an

[1]. The low-debt structure provides greater financial flexibility for the company’s business adjustment and transformation.

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Risk Dimension	Specific Performance	Impact Assessment
Profit Quality	Over-reliance on investment income, insufficient contribution from core business	High risk of performance volatility
Nature of Growth	Investment income derived from trading financial assets	High instability of fair value changes
Valuation Level	P/E ratio of approximately 241x, significantly higher than industry average[2]	Future growth expectations have been overdrawn
AI Business Proportion	AI business accounted for only about 3% of revenue in H1 2025[2]	New business has not yet formed scale contribution

Positive Factor	Specific Performance
Transformation Layout	The company is transforming into AI large models, brain-computer interfaces, and intelligent driving sectors
Order Backlog	Subsidiaries have secured RMB 339 million in long-term orders[2]
R&D Investment	55.39% YoY growth in R&D expenditure demonstrates determination in transformation
Financial Safety	Extremely low asset-liability ratio provides sufficient buffer for transformation

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: Short-term high performance growth is driven primarily by investment income, with medium-to-long-term sustainability in doubt.

1. Short-term (1-2 quarters)
   : The volatility of investment income means that performance may decline sharply in future quarters. The “one-off” nature of gains from trading financial assets makes it difficult to replicate the current high growth.

2. Medium-term (1-2 years)
   : The substantive implementation of the company’s transformation layout is the key. If new businesses such as AI large models and brain-computer interfaces can form stable revenue sources, they may gradually replace investment income as new profit growth drivers. However, as of now, AI business accounts for only about 3% of revenue, still a long way from becoming a core profit pillar[2].

3. Long-term (3+ years)
   : The company has good asset quality and a robust financial structure, providing a basic guarantee for long-term transformation. However, there is uncertainty in the commercialization of cutting-edge technology sectors.

: The current P/E ratio of 241x has significantly overdrawn the market’s expectations for the company’s “AI + Brain-Computer Interface” concept[2]. If the transformation progress falls short of expectations, or if investment income retreats, the stock price may face considerable adjustment pressure. Investors need to closely monitor the actual implementation progress of the company’s AI business and the sustainability of investment income.

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[1] Sina Finance - “Yanshan Technology’s Q3 Earnings Shine, Net Profit Surges 331% YoY” (October 30, 2025)
https://finance.sina.com.cn/stock/relnews/cn/2025-10-30/doc-infvsuti9349366.shtml

[2] Eastmoney - “Yanshan Technology’s RMB 22 Billion Trading Volume Ignites AI Frenzy” (January 11, 2026)
https://caifuhao.eastmoney.com/news/20260111235150019642070