Hamaton(SZ:300643) Sou Hu Cai Jing·2025-10-29 09:20Core Viewpoint - The company, Wantong Intelligent Control, reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, despite facing challenges in certain business segments due to the international economic environment [2][7]. Financial Performance - For the first nine months of 2025, the company achieved revenue of 897 million yuan, a year-on-year increase of 11.87%, and a net profit attributable to shareholders of 127 million yuan, up 50.05% [2][7]. - In the third quarter of 2025, the company recorded revenue of 302 million yuan, representing a year-on-year growth of 19.97%, and a net profit of 32.34 million yuan, which is a 33.65% increase compared to the same period last year [2][7]. - The company's gross profit margin stood at 34.18%, with a debt ratio of 17.72% [7]. Business Segments - The metal hose segment experienced a decline in both year-on-year and quarter-on-quarter performance due to negative impacts from the international economic environment [2]. - The sensor and digital information control system segments saw year-on-year growth, although the quarter-on-quarter growth rate slowed down [2]. - The tire valve business remained stable overall [2]. NLP Business Outlook - The company maintains an optimistic outlook for its NLP products, primarily driven by orders from commercial vehicle fleets in the U.S. [3]. - There are plans to explore the development of a fleet management system based on the new reasoning chip, which will enhance the capabilities of tire pressure monitoring systems [3]. Collaboration with DeepMind - The partnership with DeepMind is based on leveraging each other's strengths, with DeepMind focusing on chip design and development, while Wantong Intelligent Control will handle board manufacturing and sales [4][6]. - Wantong Intelligent Control has invested 30 million yuan in DeepMind, acquiring a 5.66% stake, to deepen the collaboration [6]. Future Development Plans - The chip development is nearing completion, with plans to begin sample development for main vehicle manufacturers by December 2025, aiming for mass production by mid-2026 [6]. - The company is also exploring a collaborative model involving Zhejiang University to create a closed industrial chain [6].