SENSSUN(SZ:002870) Zheng Quan Ri Bao Wang·2025-10-29 09:45Core Viewpoint - The report highlights the financial performance and strategic initiatives of Guangdong Xiangshan Weighing Instrument Group Co., Ltd. (Xiangshan Co.) for the third quarter of 2025, showcasing a modest revenue growth and a significant increase in net profit, alongside advancements in its automotive components and weighing instrument businesses [1][2]. Financial Performance - In the first three quarters of 2025, Xiangshan Co. achieved a revenue of 4.47 billion yuan, representing a year-on-year growth of 1.54% [1]. - The net profit attributable to shareholders for the same period was 90.54 million yuan, with the third quarter net profit reaching 37.56 million yuan, reflecting a quarter-on-quarter increase of 23.79% [1]. Business Segments - Xiangshan Co. operates in two main sectors: automotive components and weighing instruments. The automotive components segment focuses on smart cockpit parts and new energy charging and distribution systems, leveraging advanced manufacturing technologies [1]. - The weighing instruments segment includes a variety of products such as health scales, fat scales, baby scales, kitchen scales, electronic cash registers, and spring scales [1]. Market Dynamics - The automotive components business has seen a recovery in the domestic market, benefiting from a rebound in the passenger vehicle industry, with September production and sales surpassing 3 million units [2]. - The overseas subsidiaries are working on cost reduction and efficiency improvements while expanding their customer base, which is expected to enhance profitability [2]. Strategic Initiatives - Xiangshan Co. is focusing on the charging and distribution business as a key strategy to counter cyclical challenges, with products aligned with national policies and standards [2]. - The company has achieved CE and UL certifications for its products, enabling entry into the European and American markets, and is also venturing into the eVTOL charging sector [2]. Research and Development - In the first three quarters of 2025, Xiangshan Co. invested 325 million yuan in R&D, marking a year-on-year increase of 21.42% [3]. - The company aims to continue increasing R&D investments to explore new business growth points beyond the automotive and low-altitude economy sectors [3]. Financial Strategy - Xiangshan Co. is advancing a non-public offering to its controlling shareholder, aimed at consolidating control and optimizing its financial structure [3]. - The funds raised will enhance cash reserves, reduce the debt-to-asset ratio, and support capacity expansion, R&D investments, and global expansion efforts [3].