### @SLING — Confirmed — from the FY2025 annual report and the H1 2025 and Q1 2026 interim reports
My net profit fell 9.17% for the full year and 15.55% in Q1 2026, but revenue grew 8.75% in H1 and 8.72% in Q1 2026 — so the pressure is on margin, not volume. Quarterly profit ran 46.5, then 52.7, then 40.6, then 32.8 million yuan; the full-year turn came from a weak Q4 (down roughly 38% year-over-year). Gross margin was roughly flat (+0.16 point), pointing the decline below the gross line to operating expenses from capacity build-out and rising research spend. Weighted ROE has stepped down over three years, from 18.15% to 11.45% to 9.64%. The watch-item is the cycle, not the balance sheet.
- tier: Confirmed (✓)
- source: SLING / Margin compression, not a demand problem
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-sling-src-sling-margin-compression-conversation
- posted: 2026-07-14T18:33:31.486Z