ZONGSHEN POWER(SZ:001696) 车中旭霞·2025-11-19 13:54Core Viewpoint - In Q3 2025, Zongshen Power achieved a net profit of 252 million yuan, representing a year-on-year growth of 131% [2][10]. Financial Performance - In the first three quarters of 2025, the company reported revenue of 9.639 billion yuan, an increase of 30.17% year-on-year, and a net profit attributable to shareholders of 758 million yuan, up 93.70% year-on-year [3][10]. - For Q3 2025, the company generated revenue of 2.946 billion yuan, a year-on-year increase of 13.68% but a quarter-on-quarter decrease of 14.60, with a net profit of 252 million yuan, reflecting a year-on-year growth of 130.65% and a quarter-on-quarter decline of 9.75% [3][10]. - The company's net profit margin improved by 4.4 percentage points year-on-year in Q3 2025, while the four expense ratios decreased year-on-year [4][5]. Business Segments - Zongshen Power is a core player in the domestic small and medium-sized power machinery sector, actively expanding into the low-altitude economy [6]. - The company focuses on traditional core businesses in "general machinery" and "motorcycle engines," while also investing in emerging fields such as "aviation power," "new energy," and "high-end components" [7][24]. - The company has developed a product line centered on small and medium-sized aviation piston engines, establishing five aviation power platforms and launching over 20 derivative products, including propeller products for drones and light general aviation aircraft [7][32]. Market Opportunities - The company is leveraging policy benefits and market opportunities in the low-altitude economy, with its self-developed CA500 aviation piston engine nearing certification for compliance with CAAC and ASTM F2339 standards [7][33]. - Zongshen Power is actively participating in various exhibitions to enhance its market presence and explore potential collaborations in the rapidly growing drone market [34]. New Energy and High-End Components - The company has established a dual-driven strategy for new energy, focusing on electric drive systems, energy storage, and hydrogen energy [37][40]. - Zongshen Power is enhancing its electric drive system capabilities, targeting applications in electric motorcycles, special vehicles, and agricultural machinery [39]. - The high-end components business has a comprehensive R&D system and manufacturing capabilities, producing aluminum alloy castings and precision machined parts [43].