KN(SH:603111) Zheng Quan Ri Bao·2026-01-11 13:12Core Insights - The company reported new orders of 2.697 billion yuan for the first three quarters of 2025, with overseas contracts amounting to 1.05 billion yuan [2] - As of the end of Q3 2025, the company has a total order backlog of 7.906 billion yuan in its rail transit main business, with approximately 3.05 billion yuan in overseas orders [2] - The company has been pursuing an internationalization strategy since 2008, accelerating its efforts to expand overseas as domestic rail transit construction slows down [2] Company Strategy - The company has established a layout consisting of a "France Europe Innovation Development Center + 5 overseas subsidiaries" and has formed close partnerships with international manufacturers such as Alstom, CAF, STANDLER, and SKODA [2] - The overseas market expansion primarily involves direct collaboration with international manufacturers to participate in global rail transit project procurement tenders [2] - The company's products are currently operational in over 40 countries and regions worldwide, indicating a stable growth trend in the overseas rail transit market [2] Future Outlook - The overseas market is a strategic focus for the company, with product offerings expanding from doors to safety doors and interior fittings [2] - The company plans to continue deepening cooperation with international manufacturers and accelerate its overseas market expansion [2] - Leveraging its technological advantages and localized layout, the company aims to fully engage in global rail market competition and maintain stable growth in overseas orders and revenue [2]