ECOVACS(SH:603486) Xin Lang Cai Jing·2025-11-10 00:29Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by product enhancements and effective cost management [1][3]. Revenue Growth - For the first three quarters of 2025, the company's revenue increased by 25.93% year-on-year, with a notable acceleration in the third quarter, where revenue grew by 29.26% [1][2]. - The growth was primarily attributed to the strong performance of the Ecovacs brand, particularly the launch of the X8 Pro Plus cleaning robot, which contributed to improved sales both domestically and internationally [2]. Profitability Improvement - The company's net profit attributable to shareholders surged by 130.55% year-on-year for the first three quarters, with a staggering increase of 7160.87% in the third quarter [1][3]. - The gross profit margin reached 49.74% for the first three quarters, reflecting a year-on-year increase of 3.82 percentage points, with the third quarter margin at 49.80%, up 7.73 percentage points [3]. Cost Management and Efficiency - The company demonstrated significant improvements in operational efficiency, with a reduction in various expense ratios, particularly in sales expenses during the third quarter [3]. - The net profit margin for the third quarter was 10.44%, a substantial increase of 10.25 percentage points year-on-year, indicating effective cost control measures [3]. Investment Outlook - The dual-brand strategy of Ecovacs and Tineco has yielded strong results in both domestic and international markets, with expectations for continued growth driven by product innovation and market expansion [4]. - The company is projected to achieve net profits of 20.80 billion, 24.08 billion, and 27.40 billion for the years 2025 to 2027, with corresponding price-to-earnings ratios of 26.26, 22.68, and 19.93 [4].