智动力：盈利回暖，显露转型韧性与潜力

Core Insights - The company has demonstrated resilience and transformation momentum despite market challenges, with a total revenue of 1.197 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 6.03% [1] - The company's gross margin improved to 10.1%, an increase of 2.54% year-on-year, indicating enhanced profitability and cost control [2][7] Financial Improvement - The net profit attributable to shareholders was -64.45 million yuan, showing a year-on-year increase of 19.96%, while the net profit excluding non-recurring gains and losses was -61.95 million yuan, up 27.39% year-on-year [2] - Total expenses, including sales, management, and financial expenses, decreased by 5.35% year-on-year to 95.29 million yuan, representing 7.96% of total revenue [2] - Interest-bearing liabilities decreased by 27.50% year-on-year to 145 million yuan, indicating improved financial stability [2] Business Foundation - Established in 2004, the company has over 20 years of technological accumulation, focusing on R&D innovation as its core competitive advantage [3] - The company holds multiple invention and utility model patents, creating a solid technological barrier in functional materials and precision structural components [3] - Key products include thermal management, electrical shielding, and cushioning seals, with established partnerships with major manufacturers like Samsung and BYD [3] Future Layout - The company has initiated strategic investments in the new energy sector, including the establishment of Shenzhen Zhisheng Energy Technology Co., Ltd., focusing on energy storage and battery manufacturing [4] - In new materials, the company is developing PMMA+PC composite materials and fiberglass composites for various emerging applications [4] - The company has increased R&D investment in precision optics, completing a strategic investment in Shenzhen Montong Intelligent Technology Co., Ltd. to expand into AR/VR optical components [4] Growth Trajectory - The company's diversification into emerging sectors is gradually transforming its revenue structure, injecting new growth momentum for the future [5] - With the recovery of the global consumer electronics market and the continuous growth of new industries, the company is positioned to leverage its technological accumulation and customer resources to improve operational performance [7]