BLT (Bright Laser Technologies, 688333), China's leading metal 3D printing company, disclosed its 2026 third-quarter results on the evening of October 27. In the first three quarters, the company posted revenue of RMB 1.260 billion, up 8.54% year-over-year, with attributable net profit of RMB 107 million, down 30.99%. In Q3 alone, revenue was RMB 490 million, down 0.79%, attributable net profit RMB 56.34 million, down 29.07%, and non-GAAP net profit RMB 47.92 million, down 27.26%.
On cost and margin, first-three-quarter cost of revenue rose 17.05% year-over-year to RMB 768 million, outpacing revenue growth. Gross margin fell from 43.48% a year earlier to roughly 39.05%, a drop of about 4.4 percentage points; Q3 single-quarter gross margin was about 39.07%, down more than 6 points from about 45.24% in the year-ago quarter.
On expenses and impairments, R&D expense for the first three quarters was RMB 214 million, up 17.11%, representing 17.02% of revenue; Q3 R&D investment was RMB 78.13 million, up 35.29% year-over-year, at 15.95% of revenue. Finance expense rose about 186% to RMB 27.62 million, driven largely by higher interest expense as bank borrowings increased. The company also booked credit impairment of RMB 9.73 million and asset impairment of RMB 21.22 million, totaling RMB 30.96 million that reduced pre-tax profit.
BLT attributed the profit decline to rising R&D investment amid intensifying competition, increased exchange losses from currency fluctuations, higher bad-debt provisions tied to customer settlement patterns, and higher financing costs from industrial expansion.
On capex, BLT announced on October 8 a plan to invest about RMB 1 billion in a metal AM high-end manufacturing base in Taicang, Jiangsu, covering roughly 100 mu with about 104,000 square meters of floor space for equipment manufacturing and high-precision printing workshops, over a build cycle of about 24 months, funded by self-raised capital and bank loans.
BLT closed at RMB 77.36 per share on October 27, with a market capitalization of RMB 21.22 billion.
As a bellwether A-share metal AM name, BLT's "revenue up, profit down" results underscore the sector's phase of rising demand alongside intensifying competition and heavier R&D and capacity investment.
