Friend (SH:605050) Zheng Quan Shi Bao Wang·2025-11-21 10:25Core Viewpoint - 福然德 reported a revenue of 8.23 billion yuan for the first three quarters of 2025, reflecting a 5% year-on-year growth, with sales volume increasing by 16.95% to 1.6695 million tons [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 5.76%, an increase of 1.03 percentage points compared to the same period in 2024 [1] - The company’s revenue growth is attributed to a decrease in raw material prices from upstream steel and aluminum manufacturers [1] - The company employs a pricing model based on sales and cost-plus pricing, allowing it to maintain stable gross margins despite fluctuations in raw material prices [1] Group 2: Business Operations and Strategy - 福然德 maintains stable demand from automotive and home appliance sectors, with a focus on increasing market share in automotive sheet metal processing and distribution [1] - The company is actively expanding its collaboration with Chery and its suppliers, including new business areas such as aluminum die casting, hot forming, and laser welding [2] - New investments in lightweight automotive technologies are expected to contribute to revenue and profit growth, while the company aims to enhance cost efficiency [2] Group 3: Future Outlook - 福然德 plans to strengthen its core competencies while embracing strategic emerging industries to cultivate a second growth curve [2] - The establishment of a joint venture with Kepler in the humanoid robot industry indicates the company's proactive approach to exploring new development opportunities [2]