Core Viewpoint - The company has sufficient orders in its automotive parts business and the acquisition of a 52% stake in Fagerhult Automotive Parts (Kunshan) Co., Ltd. will enhance its product variety and market competitiveness, ultimately providing stable returns to shareholders [1] Group 1 - The company currently has a robust order backlog in its automotive parts segment [1] - The acquisition of Fagerhult Automotive Parts (Kunshan) Co., Ltd. is aimed at optimizing the company's industrial layout and enriching its product offerings [1] - The company has made progress in talent acquisition for its robotics-related business, which is advancing according to plan [1]

Core Viewpoint - Doli Technology, established in 2010 and listed on the Shenzhen Stock Exchange in 2023, is a significant player in the automotive stamping parts sector, focusing on the development, production, and sales of automotive stamping components and related molds [1]. Financial Performance - In Q3 2025, Doli Technology achieved a revenue of 2.709 billion yuan, ranking 13th out of 55 in the industry, with the top competitor, Zhongding Co., Ltd., reporting 14.555 billion yuan [2]. - The net profit for the same period was 192 million yuan, placing the company 12th in the industry, while Zhongding Co., Ltd. reported a net profit of 1.305 billion yuan [2]. Financial Ratios - As of Q3 2025, Doli Technology's debt-to-asset ratio was 28.44%, an increase from 19.00% year-on-year, and below the industry average of 40.56% [3]. - The gross profit margin for Q3 2025 was 15.68%, down from 22.12% year-on-year, and also below the industry average of 21.56% [3]. Executive Compensation - The chairman, Deng Liqin, received a salary of 1.344 million yuan in 2024, an increase of 244,000 yuan from the previous year [4]. - The general manager, Jiang Jianqiang, had a salary of 1.405 million yuan in 2024, up by 121,300 yuan from 2023 [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 20.62% to 23,400, while the average number of circulating A-shares held per shareholder decreased by 17.10% to 3,369.37 shares [5]. - Notable changes among the top ten circulating shareholders included an increase in holdings by Penghua Power Growth Mixed Fund and a decrease by Southern CSI 1000 ETF [5]. Business Outlook - In the first half of 2025, the company reported a revenue of 1.734 billion yuan, a year-on-year increase of 13.15%, but the net profit decreased by 28.53% to 157 million yuan due to customer sales fluctuations and intensified industry competition [6]. - The company is expanding into new business areas, with integrated die-casting expected to enter large-scale production in the second half of 2025 [6]. - Forecasts for EPS from 2025 to 2027 are 1.46, 1.77, and 2.03 yuan, with a projected compound annual growth rate of 13.97% for net profit [6]. Future Projections - Revenue projections for 2025 to 2027 are 4 billion, 4.7 billion, and 5.5 billion yuan, representing year-on-year growth rates of 11.5%, 17.5%, and 16.5% respectively [8]. - Expected net profits for the same period are 380 million, 480 million, and 570 million yuan, with a projected decline of 10% in 2025, followed by increases of 26% and 19% in the subsequent years [8].

Summary of Doli Technology Conference Call Company Overview - **Company**: Doli Technology - **Industry**: Technology and Automotive Supply Chain Key Financial Performance - **Q3 Revenue**: Increased by 13.13% quarter-on-quarter to 770 million CNY [2][4] - **Q3 Net Profit**: Decreased by 44.94% quarter-on-quarter to 34.21 million CNY, primarily due to significant price cuts from a major client and inventory write-downs of nearly 10 million CNY [2][5] - **Gross Margin**: For the first three quarters, gross margin was 15.68%, down 6.43% year-on-year; Q3 gross margin was 12.17%, down 9.38 percentage points year-on-year [4] Major Clients and Revenue Projections - **Tesla Sales**: Q3 sales reached 325 million CNY, with a cumulative total of 890 million CNY for the first nine months. Q4 orders are expected to grow by about 10% [2][6] - **Revenue from Leading Client**: Expected to reach approximately 950 million CNY in 2025 and increase to 1.5-1.6 billion CNY in 2026, driven by advancements in integrated die-casting [2][11] - **Li Auto**: Anticipated to switch models in Q1 2026, increasing the unit value from 1,100-1,200 CNY to around 2,500 CNY, with an order volume of 25,000 units in November and December [2][12] Strategic Initiatives - **Acquisition of Adelan**: Expected to complete equity transfer by the end of 2025, with payment planned for mid-November and consolidation by December [2][14] - **European Joint Venture**: Initial focus on supporting Leading Client in the European market with plans to service five models and expand to other European automakers without immediate capital expenditure [2][15] - **Robotics Sector Entry**: Doli Technology aims to enter the robotics field through acquisitions rather than in-house development, seeking suitable targets to enhance its supply chain capabilities [3][16] Challenges and Risks - **Price Adjustments from Leading Client**: Significant price cuts have led to losses, with ongoing negotiations for potential price adjustments based on recent performance data [5][7] - **Competition**: Doli Technology does not compete directly with Bojun, as they focus on different platforms [10] - **Cost Structure**: Competitors may maintain profitability through different cost structures, prompting Doli Technology to reassess its pricing and cost management strategies [13] Production and Capacity Planning - **Current Capacity**: Minimal new investments planned; ongoing projects in Jinhua and other locations are nearing completion with limited future capital expenditure [19] - **European Market Capacity**: Investment of approximately 500 million CNY in Europe, with production expected to start in late 2026 [20] - **Profitability of Overseas Projects**: Potentially higher profitability in overseas projects due to lower domestic costs for components compared to local European costs [21] Outlook for Q4 - **Production Plans**: Tesla's Q4 production is expected to increase by 5%-8%, with Li Auto's I6 model contributing to revenue growth [22] - **Profitability Concerns**: If gross margins decline significantly due to price adjustments, it may impact future collaborations with clients [22]

Financial Performance - In Q3 2025, the company achieved operating revenue of 2.13 billion yuan, a year-on-year increase of 9.75% compared to Q2 2025, but a decrease in net profit attributable to shareholders by 72.13% year-on-year [2] - For the first nine months of 2025, the company reported operating revenue of 2.709 billion yuan, an 8.92% increase year-on-year, while net profit attributable to shareholders decreased by 1.92% [2] - The net profit excluding non-recurring gains and losses for the first nine months was 1.75 billion yuan, down 47.70% year-on-year [2] Customer Base - The company maintains stable relationships with major clients including Tesla, NIO, and BYD, among others, in both vehicle manufacturing and auto parts sectors [3] - The customer structure is stable, with ongoing efforts to engage potential clients to expand the customer base and product lines [3] Production and Capacity - The company anticipates an increase in orders for Q4 2025 based on customer forecasts for terminal product sales [4] - The production capacity is well-aligned with current and new customer orders, ensuring timely delivery and product quality [9] Robotics Business Development - The subsidiary Kunshan Daya has established a new company focused on robotics and composite materials, with ongoing R&D and production efforts [5] - Despite positive developments, these initiatives are not expected to significantly impact the company's financial status in the current year [5] Acquisition and International Expansion - The acquisition of 52% of EDERLAN SUBSIDIARIES, S.A. has been completed, enhancing the company's product structure and international presence [7] - A joint venture in Spain, LIEDER AUTOMOTIVE, S.L., is being established to serve the European market, with ongoing negotiations for specific arrangements [8]

Group 1 - The core viewpoint of the news is that Doli Technology (001311.SZ) has seen an increase in institutional investor holdings, with a total of 9 institutions holding 8.782 million shares, representing 2.83% of the total share capital, which is an increase of 0.32 percentage points from the previous quarter [1] Group 2 - In the public fund sector, there are 2 funds that increased their holdings compared to the previous period, including Penghua Dynamic Growth Mixed (LOF) and Huaxia CSI 1000 ETF, while 1 fund, Southern CSI 1000 ETF, reduced its holdings [2] - There is 1 new public fund disclosed this period, which is E Fund CSI 300 Quantitative Enhancement, and 101 public funds that were not disclosed in the previous quarter [2] - In terms of social security funds, 2 new funds disclosed their holdings in Doli Technology, namely the National Social Security Fund 502 Portfolio and the National Social Security Fund 118 Portfolio [2] - From the pension perspective, there is 1 new pension fund disclosed this period, which is the Basic Pension Insurance Fund 2108 Portfolio, while 1 pension fund that was not disclosed in the previous quarter is the Basic Pension Insurance Fund 1204 Portfolio [2]

Core Viewpoint - The company reported a revenue increase but a significant decline in net profit for the first three quarters of 2025 [1] Financial Performance - The company achieved an operating revenue of 2.709 billion yuan, representing a year-on-year growth of 8.92% [1] - The net profit attributable to shareholders was 192 million yuan, showing a year-on-year decrease of 43.93% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 175 million yuan, reflecting a year-on-year decline of 47.70% [1]

Financial Performance - The company's revenue for Q3 2025 was ¥974,968,962.64, representing a 2.13% increase year-over-year, while year-to-date revenue reached ¥2,709,453,202.55, up 8.92% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥34,207,713.38, a significant decrease of 72.13% year-over-year, with year-to-date net profit at ¥191,609,324.77, down 43.93% from the previous year[5] - The basic and diluted earnings per share for Q3 2025 were both ¥0.11, reflecting a decline of 78.43% compared to the same quarter last year[5] - Total operating revenue for the current period reached ¥2,709,453,202.55, an increase of 8.9% compared to ¥2,487,491,997.56 in the previous period[23] - Net profit for the current period was ¥191,609,324.77, a decrease of 43.7% from ¥340,291,525.56 in the previous period[24] - Basic and diluted earnings per share decreased to ¥0.62 from ¥1.43 in the previous period[24] Assets and Liabilities - Total assets as of the end of Q3 2025 amounted to ¥6,413,324,478.46, an increase of 8.64% from the end of the previous year[5] - Total assets increased to ¥6,413,324,478.46 from ¥5,903,292,570.94, reflecting a growth of 8.6%[21] - Total liabilities rose to ¥1,824,147,661.57, an increase of 35.5% from ¥1,345,693,345.04[21] - The company's total liabilities increased significantly, with accounts payable rising by 158,747.07% to ¥462,331,533.66, attributed to an increase in bank acceptance bills[10] - The company's equity attributable to shareholders increased slightly to ¥4,589,176,816.89 from ¥4,560,505,963.95[21] Cash Flow - The company's cash flow from operating activities for the year-to-date period was ¥268,840,326.71, down 37.86% compared to the same period last year[5] - The net cash flow from operating activities for the current period is ¥268,840,326.71, a decrease of 37.8% compared to ¥432,661,509.84 in the previous period[25] - Cash inflow from operating activities totaled ¥1,783,000,070.16, down 10.6% from ¥1,994,210,732.70 in the previous period[25] - Cash outflow from operating activities was ¥1,514,159,743.45, a slight decrease of 3.0% compared to ¥1,561,549,222.86 in the previous period[25] - The net cash flow from investment activities is -¥303,783,964.29, worsening from -¥185,835,335.91 in the previous period[26] - Cash inflow from investment activities increased to ¥1,018,120,784.59, up 32.9% from ¥766,064,443.69 in the previous period[26] - Cash outflow from investment activities rose to ¥1,321,904,748.88, an increase of 38.8% compared to ¥951,899,779.60 in the previous period[26] - The net cash flow from financing activities is -¥169,632,603.48, an improvement from -¥201,961,837.75 in the previous period[26] - The ending balance of cash and cash equivalents decreased to ¥341,030,178.73 from ¥694,241,056.64 in the previous period[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 23,401[12] - The largest shareholder, Cao Dalong, holds 47.41% of shares, amounting to 147,199,000 shares, with 5,915,000 shares pledged[12] - The second-largest shareholder, Deng Liqin, holds 23.35% of shares, totaling 72,501,845 shares, with 9,295,000 shares pledged[12] Investments and Projects - The company approved an investment project for the construction of an intelligent manufacturing base for automotive parts in the Lingang New Area, with funding from its own or raised capital[14] - The company plans to invest in an integrated structure parts project in Jinhua Economic and Technological Development Zone, focusing on building a die-casting production line[15] - The company acquired a 52% stake in Fagor Ederlan Automotive Parts (Kunshan) Co., Ltd. from EDERLAN SUBSIDIARIES, S.A.[16] - A joint venture, LIEDER AUTOMOTIVE, S.L., is being established in Spain to produce automotive parts for the European market[17] Other Information - The company did not undergo an audit for the Q3 financial report[4] - The new accounting standards will be first implemented starting in 2025, with no applicable adjustments for the current year[28]

Group 1 - The company, Doli Technology, stated on October 22 that it is currently not supplying components for the products of Zhiyuan Robotics, Youbixuan, and Yushutech [2]

Core Viewpoint - The company is focused on the research and production of automotive parts, ensuring high quality and efficiency in its products [2] Group 1 - The company is leveraging its existing equipment and technology resources to enhance the development and production of automotive components [2] - There is an active exploration of the applicability and interoperability of current technologies across different fields to achieve diversification in technology application [2] - The company places significant emphasis on the strategic layout of its robotics business and is continuously optimizing and improving its business structure [2]

Group 1 - The core viewpoint of the article is that the company's robotics business is progressing according to plan and is not expected to significantly impact its financial status or operating results this year [2] - The company has committed to fulfilling its information disclosure obligations in accordance with relevant laws and regulations if there are advancements in related businesses [2]