Core Viewpoint - BYD Electronics reported a decline in revenue and profit for Q3 2025, primarily due to changes in product mix and delays in high-margin business deliveries [1] Financial Performance - Q3 2025 revenue was 42.68 billion RMB, a year-on-year decrease of 2.0% [1] - Gross profit fell to 2.946 billion RMB, down 20.0% year-on-year, resulting in a gross margin of 6.9%, a decline of 1.6 percentage points [1] - Net profit decreased by 9.0% to 1.407 billion RMB [1] Business Segments - Revenue decline attributed to: 1. Delayed deliveries of high-margin metal casing business for North American clients [1] 2. Increased revenue from low-margin assembly business [1] - Stable growth observed in the new energy vehicle segment [1] Future Outlook - Management expects Q4 revenue and gross margin to remain stable, impacted by iPhone component business and delays in AI server projects [1] - Anticipated benefits from component upgrades, new smart home product launches, and growth in high-end new energy vehicle products, with stronger revenue growth expected in 2026 [1]