Xin Lang Cai Jing·2025-10-26 04:28Core Viewpoint - The company reported a steady revenue growth in Q3 2025, but faced a decline in net profit due to delayed government subsidies related to scrappage tax [1][2] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 153.58 billion yuan, an increase of 8.0% year-on-year; however, net profit attributable to shareholders was 8.64 billion yuan, down 17.0% year-on-year [1] - Q3 2025 revenue reached 61.25 billion yuan, with a year-on-year increase of 20.5% and a quarter-on-quarter increase of 17.1%; net profit for the same period was 2.30 billion yuan, down 31.2% year-on-year and 49.9% quarter-on-quarter [1] - The average selling price (ASP) per vehicle in Q3 was 173,000 yuan, reflecting a slight increase of 0.3% year-on-year and 3.6% quarter-on-quarter [2] Group 2: Sales and Market Performance - The company sold 354,000 vehicles in Q3 2025, marking a year-on-year increase of 20.2% and a quarter-on-quarter increase of 13.0% [1] - Overseas sales reached 137,000 vehicles in Q3, up 11.2% year-on-year and 27.9% quarter-on-quarter, with significant growth in emerging markets such as Thailand, Malaysia, and Indonesia [3] - The company aims to achieve a target of 500,000 vehicles sold overseas by 2025, supported by stable performance in the Russian market and growth in new markets [3] Group 3: Product Development and Strategy - The launch of the new Tank 500 model in August 2025 has contributed to sales, with over 7,000 units sold in September [4] - The company is expanding its WEY product matrix and transitioning to a direct sales model, with 430 direct sales stores established by mid-October 2025, expected to increase further by year-end [4] - The company anticipates revenue growth from 227.1 billion yuan in 2025 to 322.4 billion yuan in 2027, with net profit projected to rise from 13.93 billion yuan to 19.54 billion yuan in the same period [4]