Group 1: Overall Market Performance - The overall performance of the passenger car sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition across all price segments[3] - The passenger car industry saw a year-on-year growth rate of only 3% in retail sales, 23% in exports, and 13% in wholesale during Q3 2025, indicating a significant deceleration compared to previous quarters[27] - The inventory levels in the industry remain healthy, with a controlled increase in stock despite the overall market pressures[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a strong performance in Q3 2025, with wholesale, domestic, and export sales increasing by 58.1%, 64.5%, and 22.9% year-on-year, respectively[5] - The bus sector also performed well, with leading companies like Yutong achieving significant revenue growth, driven by robust demand from both domestic and international markets[6] - The motorcycle segment saw a 57.4% increase in large-displacement motorcycle exports, while domestic sales faced pressure, declining by 9.3% year-on-year[7] Group 3: Financial Metrics and Adjustments - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases starting in July[3] - The gross profit margins for many companies showed slight recovery, attributed to stable sales and limited discounting in the market[3] - Several companies, including Great Wall Motors and Changan, reported a decline in net profit due to foreign exchange losses and inventory adjustments[4]

Core Points - The company Aikedi (600933.SH) announced that as of October 31, 2025, it has repurchased a total of 6.0682 million shares, accounting for 0.59% of the total share capital [1] - The highest purchase price for the repurchased shares was 22.10 CNY per share, while the lowest was 15.37 CNY per share [1] - The total amount spent on the share repurchase, excluding transaction fees, was 100 million CNY [1]

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 2025-129 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | 爱柯迪股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至 2025 年 10 月 31 日，公司已累计回购股份 606.82 万股，占公司总股本 的比例为 0.59%，购买的最高价为 22.10 元/股、最低价为 15.37 元/股，已支付的 总金额为 10,008.80 万元（不含交易费用）。上述回购进展符合回购股份相关法律 法规的规定及公司回购股份方案。 三、其他事项 | 回购方案首次披露日 | 2025/6/19 | | --- | --- | | 回购方案实施期限 | 2025 年 6 月 18 年 6 月 17 日 日~2026 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激 ...

Core Viewpoint - Aikedi (600933.SH) announced that as of October 31, 2025, it has repurchased a total of 6.0682 million shares, accounting for 0.59% of the company's total share capital [1] Summary by Categories Share Repurchase - The company has repurchased 6.0682 million shares, which is 0.59% of its total share capital [1] - The highest purchase price was 22.10 CNY per share, while the lowest was 15.37 CNY per share [1] - The total amount spent on the repurchase is approximately 100 million CNY, excluding transaction fees [1]

Summary of Key Points Core Viewpoint - Aikodi (600933.SH) announced that as of October 31, 2025, it has repurchased a total of 6.0682 million shares, representing 0.59% of the company's total share capital [1] Financial Details - The highest purchase price for the repurchased shares was 22.10 CNY per share, while the lowest was 15.37 CNY per share [1] - The total amount spent on the share repurchase is approximately 100 million CNY, excluding transaction fees [1]

Company Overview - Aikodi Co., Ltd. is located at 588 Jinshan Road, Jiangbei District, Ningbo, Zhejiang Province, established on December 8, 2003, and listed on November 17, 2017. The company specializes in the research, production, and sales of automotive aluminum alloy precision die-casting parts [1] - The main business revenue composition is as follows: automotive sector 94.40%, other (supplementary) 3.53%, and industrial sector 2.07% [1] Stock Performance - On November 3, Aikodi's stock fell by 5%, trading at 21.47 CNY per share, with a transaction volume of 414 million CNY and a turnover rate of 1.92%. The total market capitalization is 22.117 billion CNY [1] Fund Holdings - According to data, one fund under Shangzheng Fund holds Aikodi as a top ten position. The Shangzheng New Energy Industry Mixed A Fund (015732) held 80,000 shares in the third quarter, accounting for 4.58% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 90,400 CNY [2] - The Shangzheng New Energy Industry Mixed A Fund was established on August 10, 2022, with a latest scale of 28.8308 million CNY. Year-to-date returns are 29.74%, ranking 3081 out of 8223 in its category; the one-year return is 21.33%, ranking 4112 out of 8115; since inception, it has a loss of 23.56% [2] Fund Manager Information - The fund managers for Shangzheng New Energy Industry Mixed A are Zhang Zhimei and Shi Jingcheng. As of the report, Zhang Zhimei has a cumulative tenure of 7 years and 334 days, with the fund's total asset size at 293 million CNY. The best fund return during her tenure is 121.21%, while the worst is -25.04% [3] - Shi Jingcheng has a cumulative tenure of 215 days, with the fund's total asset size at 39.707 million CNY. The best fund return during his tenure is 19.16%, and the worst is 18.74% [3]

Group 1 - Aikodi's stock price dropped by 5% to 21.47 CNY per share, with a trading volume of 414 million CNY and a turnover rate of 1.92%, resulting in a total market capitalization of 22.117 billion CNY [1] - Aikodi Co., Ltd. is located in Ningbo, Zhejiang Province, established on December 8, 2003, and listed on November 17, 2017. The company specializes in the research, production, and sales of automotive aluminum alloy precision die-casting parts [1] - The main business revenue composition of Aikodi is 94.40% from automotive-related products, 3.53% from other supplementary products, and 2.07% from industrial products [1] Group 2 - Huibaichuan Fund has one fund heavily invested in Aikodi, specifically the Huibaichuan Yuanhang Mixed A (021663), which held 54,100 shares in the third quarter, accounting for 1.6% of the fund's net value, making it the fourth-largest holding [2] - The estimated floating loss for the fund on the current day is approximately 61,100 CNY [2] - The Huibaichuan Yuanhang Mixed A fund was established on August 14, 2024, with a latest scale of 27.0212 million CNY, achieving a year-to-date return of 22.22% and a one-year return of 24.68% [2]

Investment Rating - The report maintains a positive investment recommendation for the automotive sector, anticipating a recovery in 2025 [1][2]. Core Insights - The automotive industry experienced moderate growth in Q3, with weak performance from car manufacturers and overall mild growth in automotive parts. The report highlights potential catalysts for recovery in 2025, including better-than-expected retail sales post-Spring Festival, improved export performance, and favorable policies [1][5]. Data Tracking - In late October, the discount rate for vehicles increased by 9.6%, with a slight month-on-month rise of 0.1 percentage points. The average discount amount was 21,782 yuan, showing a month-on-month increase of 398 yuan [3][4]. - The report tracks various automotive raw material prices, noting significant changes in lithium carbonate, aluminum, copper, palladium, and rhodium prices [6][28]. Market Performance - The automotive sector saw a weekly increase of 0.69%, ranking 15th out of 29 sectors. The report details the performance of various indices, with the automotive parts sector rising by 1.13% and commercial vehicles by 4.41% [8][31]. Industry News - Key developments include the call for a phased exit of vehicle purchase tax reductions, the cessation of vehicle replacement subsidies in Shenzhen, and the launch of new models by various manufacturers [29][30].

Core Viewpoint - The company reported a revenue of 5.31 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 900 million yuan, up 20.7% year-on-year [2]. Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 1.86 billion yuan, reflecting a year-on-year growth of 7.9% and a quarter-on-quarter increase of 4.3% due to seasonal recovery in the passenger car market and gradual release of new orders [3]. - The gross profit margin for Q2 2025 was 32.6%, an increase of 2.8 percentage points year-on-year and quarter-on-quarter, attributed to scale effects and improved utilization rates of overseas factories [3]. - The company's Q3 2025 net profit attributable to shareholders was 320 million yuan, up 10.4% year-on-year and 2.1% quarter-on-quarter, driven by the recovery of gross profit margins and foreign exchange gains [3]. Group 2: Business Strategy and Growth - The company has set a revenue target of no less than 7.1 billion yuan for 2025, achieving a revenue completion rate of 74.8% by Q3 2025 [4]. - The company is actively expanding into the robotics sector by establishing a wholly-owned subsidiary and hiring experienced personnel to accelerate the development of humanoid and exoskeleton robots [5]. - The company plans to acquire 71% of Zhuoerbo for a total transaction price of 1.12 billion yuan, which includes issuing shares and raising funds to enhance its capabilities in precision manufacturing and accelerate technological innovation in the robotics field [5]. Group 3: Incentive Plans - The company proposed a stock incentive plan to grant 8.032 million restricted shares, accounting for 0.8% of the total share capital, with a grant price of 7.15 yuan per share, aimed at attracting talent and ensuring long-term development [6]. Group 4: Investment Outlook - The company's global expansion and order release are expected to drive its main business growth, while the establishment of the robotics subsidiary and acquisition of Zhuoerbo will open up new growth opportunities [7]. - Revenue projections for 2025-2027 are estimated at 8.26 billion, 10.16 billion, and 11.84 billion yuan, with net profits of 1.2 billion, 1.49 billion, and 1.79 billion yuan respectively, indicating a positive growth trajectory [10].

Core Insights - The company reported strong Q3 performance with significant improvements in gross margin, driven by cost reduction, product structure adjustment, and overseas market expansion [1] - The company has a robust order reserve, with over 400 new products developed annually and a total order value exceeding 10 billion yuan, laying a solid foundation for future growth [2] - The company is actively expanding its robotics business alongside its core components, enhancing overall competitiveness through strategic acquisitions and product diversification [3] Financial Performance - For the first three quarters, the company achieved revenue of 5.31 billion yuan, a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 895 million yuan, up 20.7% [1] - In Q3 alone, revenue reached 1.86 billion yuan, reflecting a year-on-year growth of 7.9% and a quarter-on-quarter increase of 4.3% [1] - The gross margin for Q3 was 32.6%, showing a significant increase of 3.4 and 2.8 percentage points year-on-year and quarter-on-quarter, respectively [1] Operational Developments - The company is accelerating overseas capacity construction, with the second phase of the Mexico plant set to commence production in June 2025, aimed at reducing logistics costs and adapting to macroeconomic fluctuations [2] - The Malaysian base is preparing for mass production in resource recycling, while aluminum die-casting facilities are also under construction, indicating a comprehensive approach to expanding production capabilities [2] Strategic Initiatives - The company is leveraging its die-casting advantages to expand into the robotics sector, with products categorized into lightweight automotive components, robotics parts, and precision components for micro motors [3] - The acquisition of a 71% stake in Zhaolibo, focused on precision components for micro motors, is expected to enhance synergies across product lines and customer resources [3] - Future net profit projections for 2025-2027 are set at 1.253 billion, 1.491 billion, and 1.742 billion yuan, respectively, with a target price of 30.5 yuan based on a 25x PE ratio for 2025 [3]