KEBODA(SH:603786) Shang Hai Zheng Quan Bao·2025-12-05 19:23Core Viewpoint - The company held a Q3 2025 earnings presentation on December 5, 2025, to address investor inquiries regarding its performance and strategic developments [1][2]. Group 1: Company Globalization and Client Structure - The company is advancing its global layout and localization strategy, having established a factory in Japan in 2023 and made significant progress on a Czech facility, which is now in trial production [3]. - In the first three quarters of 2025, the top five end customers contributed 61.30% of the company's revenue, with notable growth from NIO [4]. - The commercial vehicle business accounted for less than 15% of total revenue in the same period [5]. Group 2: Financial Performance and Cost Management - The company's QS expenses decreased by 57% year-on-year, indicating effective cost control measures [6]. Group 3: Product Development and Market Position - The company is a leader in the global lighting control sector, with products supplied to over 30 major automotive manufacturers, including Volkswagen and BMW [7]. - The company has developed high-cost performance automotive central computing platforms and smart driving domain control products, with projected sales exceeding 20 billion yuan from ongoing projects [8]. - The Efuse products have gained traction with clients such as Zeekr, Ideal, Mercedes-Benz, and Ford, reflecting strong market acceptance [8]. Group 4: Revenue Growth and Future Outlook - USB product revenue grew by over 20% year-on-year in the first three quarters of 2025, with future performance dependent on market demand [9]. Group 5: Compliance and Corporate Governance - The independent directors confirmed the legality and compliance of the proposed convertible bond issuance, ensuring it aligns with regulatory requirements and does not harm shareholder interests [9].