Summary of Ningbo Xusheng Group Co Ltd 3Q25 Earnings Call Company Overview - **Company**: Ningbo Xusheng Group Co Ltd - **Industry**: China Autos & Shared Mobility - **Date of Earnings Call**: October 30, 2025 Key Financial Highlights - **3Q25 Earnings**: Increased by 70% YoY to Rmb99 million, primarily due to: - Gross margin improvement (+3.7 percentage points YoY) - Lesser impairment loss - Additional investment gains [1][2] - **Revenue**: Remained flat YoY at Rmb1,130 million, with an 8% QoQ increase [3] - **Gross Profit**: Increased by 21% YoY to Rmb242 million [3] - **Operating Profit**: Grew by 21% YoY to Rmb125 million [3] - **Net Profit**: Increased by 70% YoY, but decreased by 6% QoQ [3] - **Recurring Net Profit**: Rose by 96% YoY to Rmb91 million [3] - **Earnings Per Share (EPS)**: Decreased by 9% QoQ to Rmb0.10, but increased by 43% YoY [3] - **Gross Margin**: 21.5%, down 1.3 percentage points QoQ but up 3.7 percentage points YoY [3] Margin Analysis - **QoQ Gross Margin Decline**: Despite revenue growth, gross margin declined by 1.3 percentage points, indicating potential concerns regarding sustainability of margin improvements from energy storage systems (ESS) and material cost trends [2] Strategic Focus Areas - **Key Focus Areas for Future Growth**: 1. Winning new ESS projects 2. Securing new orders for factories in Mexico and Thailand 3. Progress in humanoid robotics [2] Market Position and Valuation - **Stock Rating**: Equal-weight - **Price Target**: Rmb12.00, indicating an 18% downside from the current price of Rmb14.71 [5] - **Market Capitalization**: Approximately Rmb13.73 billion [5] - **52-Week Price Range**: Rmb20.30 - Rmb9.96 [5] Risks and Opportunities - **Upside Risks**: - New project wins in humanoid robots - Higher value content per vehicle from product coverage expansion - Margin expansion from falling aluminum alloy costs [11] - **Downside Risks**: - Weaker-than-expected demand from Tesla - Margin contraction due to intensifying competition - Rising aluminum alloy costs [11] Conclusion Ningbo Xusheng Group Co Ltd demonstrated strong year-over-year earnings growth in 3Q25, driven by improved gross margins and investment gains. However, the company faces challenges in maintaining margin sustainability and navigating competitive pressures in the automotive sector. Future growth will depend on strategic project wins and cost management.

Robotics Industry Trends - Humanoid robots are being developed and tested, resembling those depicted in science fiction movies [1] - The importance of ethical treatment during the testing of humanoid robots is emphasized [1]

Rule #1 when testing humanoid robots: Be nice. You know why; you’ve seen the movies. And Neo looks like it marched straight out of one. https://t.co/uJH6IMN60R ...

The 1X Neo is one of the first humanoid robots built for your home and is equipped with full AI software. But a company representative might need to peer into your home, via Neo’s camera eyes, to help get things done.Watch the full video: https://t.co/7Yv9c0xSa7 https://t.co/rS03iwjt8o ...

Core Viewpoint - Elon Musk is defending his proposed $1 trillion pay package from Tesla, emphasizing that it is more about retaining influence over the company's future rather than personal financial gain [1][3]. Group 1: Pay Package Details - The proposed pay package could award Musk up to $1 trillion in stock if he meets performance targets, including growing Tesla's market cap to $8.5 trillion, which represents a more than 500% increase from its current valuation [3]. - If approved, Musk's ownership stake in Tesla could increase from 13% to nearly 29% [3][5]. - The plan includes the delivery of 20 million Tesla vehicles and 1 million robotaxis in commercial operation as part of the company's growth strategy [5]. Group 2: Musk's Perspective - Musk expressed discomfort with the idea of being ousted from the company, referring to proxy advisory services as "corporate terrorists" for recommending rejection of the pay plan [2]. - He stated that the compensation is not intended for personal spending but to ensure he has a strong influence over Tesla's future developments, particularly in AI and robotics [4]. - Musk acknowledged that having voting control in the "mid-20s" percentage range would provide him with a strong influence while still allowing shareholders to maintain control [4]. Group 3: Board's Rationale - Tesla's board announced the pay plan in September, believing that Musk is the only person capable of leading the company through its critical growth phase [6]. - The board noted that the long-term performance award is designed to retain Musk and incentivize him to focus on ambitious goals that may seem impossible to others [6].

The era of humanoid robots is about to begin, and the US needs to control its own destiny, @tomwblack says (via @opinion) https://t.co/1R0AKOkvVr ...

Investment Opportunity - Chris Camillo 认为人形机器人是未来十年最大的投资机会 [1] - Chris Camillo 对人形机器人进行了大规模投资 [1] Industry Focus - Anthony Pompliano 与 Chris Camillo 讨论了人形机器人的投资主题 [1]

Investment Opportunity - Chris Camillo is making a massive bet on humanoid robots, viewing it as the single biggest investment opportunity of the next decade [1] - The industry believes humanoid robots represent a significant investment opportunity [1]

While more affordable than other prominent humanoid robots, the Unitree G1 leaks telemetry data, uses static encryption, and can launch attacks, researchers found. https://t.co/Ncdj5GzaEA ...

Core Insights - Elon Musk's recent purchase of approximately $1 billion in Tesla shares indicates strong confidence in the company's future prospects, particularly in light of a significant pay proposal from the board that could be valued at over $1 trillion if performance milestones are met [1][2][4] Group 1: Stock Performance - Tesla shares experienced a notable increase of up to 7.3% in premarket trading following Musk's stock purchase, potentially marking a return to positive territory for 2025 after a 45% decline earlier in the year [2][4] - The stock's recovery is significant as it comes after a challenging first half of the year, where vehicle deliveries fell by 13% globally [4] Group 2: Musk's Investment History - Musk's last open-market purchase of Tesla stock occurred in February 2020, and he sold over $20 billion worth of shares in 2022 during his acquisition of Twitter [3][5] Group 3: Future Outlook - Despite Musk's optimistic statements regarding Tesla's ventures into robotaxis and humanoid robots, he has also warned of potential challenges ahead, suggesting that the company may face "a few rough quarters" as the U.S. phases out electric vehicle purchase incentives [4]