研报掘金丨华鑫证券：维持新泉股份“买入”评级，拟设全资子公司切入机器人赛道

Core Viewpoint - The report from Huaxin Securities indicates that Xinquan Co., Ltd. experienced a decline in net profit attributable to shareholders, amounting to 623 million yuan, a year-on-year decrease of 9.19% [1]. Financial Performance - The net profit for Q3 was 200 million yuan, reflecting a year-on-year decline of 27.10% [1]. - Revenue is expected to show steady growth in Q3 2025, although net profit margin and gross profit margin are under short-term pressure [1]. Strategic Developments - The company plans to establish a wholly-owned subsidiary, "Changzhou Xinquan Intelligent Robot Co., Ltd.," with a registered capital of 100 million yuan [1]. - This move marks the company's entry into the intelligent robotics sector, focusing on the R&D, design, manufacturing, and sales of core components related to intelligent robots [1]. - The establishment of the subsidiary is seen as a strategic initiative to enhance the company's competitive strength and support long-term sustainable development [1]. Market Expansion - The traditional business of the company continues to show stable revenue growth, with ongoing efforts to expand into overseas markets [1]. - The company is expected to efficiently enter the robotics sector through the wholly-owned subsidiary, maintaining a "buy" investment rating [1].