Xinnovate Q3 Net Loss Widens to RMB128M as Revenue Falls 93.88%

The scale of the revenue collapse — down more than 90% in the quarter and three-quarters over nine months — points to a business model in severe contraction rather than a cyclical dip, and the widening losses suggest costs are not flexing with the top line. For a sector where RWA and tokenization narratives often run ahead of actual revenue, this is a reminder that reported financials can diverge sharply from thematic enthusiasm. The open question is whether the sequential deterioration reflects one-off impairments or a structural reset, and whether any disclosure clarifies the revenue base going forward.