The Zhitong Finance App learned that on the evening of October 27, Tailingwei (688591.SH) disclosed the report for the third quarter of 2026. In the first three quarters, revenue of 850 million yuan was achieved, an increase of 10.86% over the previous year; net profit attributable to shareholders of listed companies was 127 million yuan. Among them, the third quarter achieved revenue of 309 million yuan in a single quarter, an increase of 17.54% over the previous year, and achieved net profit of 28.6744 million yuan to mother. The revenue side continued to grow.
End-side AI R&D projects continue to advance, and new-type terminals are expected to move towards mass production
Tailingwei said that revenue growth in the first three quarters was mainly driven by increased market demand. The year-on-year growth rate of Q3 revenue was further higher than the overall level of the previous three quarters. At the same time as the revenue scale expanded, the company's gross profit increased by 306.234 million yuan over the same period last year, an increase of 7.88%.
From an industry perspective, the end-side AI industry is currently in a stage where new product development and industrialization continue to advance. China Merchants Electronics's recent research report determined that despite being affected by the increase in storage prices, AI end-side R&D projects of brands and model manufacturers have not stopped. In 2026, new products from major manufacturers will be mainly mobile phone system-level agents and AI glasses, and cloud-based agents will start simultaneously; from the fourth quarter of 2026 to 2027, endside AI catalytic factors are intensive, and the new type of terminal is expected to move from concept to mass production.
According to the research report, OpenAI's first hardware has entered the EVT stage. Products such as Apple smart glasses and AirPods with cameras are being promoted, and domestic manufacturers are also exploring product forms such as AI glasses, recording cards, brooches, pendants, and companion robots. According to China Merchants Electronic's judgment, around the first quarter of 2027 will be a key point in the emergence of explosives.
In the process of moving from concept to mass production of new end-side AI terminals, continuous R&D verification and investment is an important support for industrial chain enterprises to promote product implementation
R&D investment increased by 31.42% year-on-year, and technical reserves continued to be consolidated
It is basically in line with the pace at which the industry is in the R&D verification stage. In the first three quarters, Tailingwei invested 244 million yuan in R&D, an increase of 31.42% over the previous year, which is significantly higher than the revenue growth rate during the same period; R&D investment accounted for 28.74% of revenue, an increase of 4.50 percentage points over the same period last year. In the third quarter, the company invested 82.3378 million yuan in R&D, an increase of 18.91% over the previous year, accounting for 26.65% of current revenue. Maintaining R&D intensity is a prerequisite for subsequent product launch and performance release.
Regarding the increase in R&D investment, the company's announcement shows that as various R&D projects advance, the company continues to expand its R&D technical team, and R&D remuneration, software and IP licensing fees, and other expenses have all increased. In the context of rapid technological iteration in the wireless IoT chip industry, continuous investment in R&D helps the company to advance product and technology reserves and provide support for subsequent business expansion.
According to public information, Tailingwei is mainly engaged in R&D, design and sales of wireless IoT system-level chips. The main product fields are extremely diverse, including but not limited to smart homes, edge AI, low-latency wireless audio, intelligent remote control, automotive electronics, human-computer interaction, gaming e-sports, smart wearables, healthcare, smart retail, smart industry, and smart lighting. Focusing on the main wireless IoT system-level chip business, the revenue growth and R&D investment revealed by Tailingwei this time showed the characteristics of expanding the business scale and advancing technology investment in parallel.
In terms of asset size, as of September 30, 2026, Tailing's total assets were 2,725 billion yuan, an increase of 4.26% over the end of the previous year; owners' equity attributable to shareholders of listed companies was 2,560 billion yuan, an increase of 5.16% over the end of the previous year. At the end of the reporting period, the company's monetary capital was 1,195 billion yuan, and transactional financial assets were 640 million yuan; total liabilities were 165 million yuan. According to the report data, the balance ratio was about 6.05%, and the financial structure remained stable.
Overall, Tailingwei's revenue side continued to grow in the first three quarters, and the revenue growth rate in the third quarter increased further year on year; at the same time, the company maintained a high R&D intensity, and had sufficient assets and capital reserves. As the downstream industry becomes more mature and R&D projects continue to be implemented and transformed, the situation of Tailingmicro's follow-up products and market side deserves continued attention.