Iflytek (002230.SZ): 3Q26 Investor Briefing Key Takeaways

We attended iFlytek's 3Q26 investor briefing. Key takeaways: 1) Spark V2.6 launched on fully domestic compute, backed by the new equity-incentivized AI unit, while avoiding a parameter arms race in favor of 4B edge/~300B mid-size models; 2) 3Q26 AI learning-device sales rose 15% YoY (9M26 +5%) against a 13-15% industry decline, with market share gains; Healthcare and Education also grew 20%+ YoY; 3) management reiterated a compute-efficient strategy leveraging domestic chips and edge-cloud cost efficiency, and doubled down on B-end AI;