据智通财经报道，2025年印度钦奈的手机产业园里，塔塔集团接手的厂房外墙还挂着崭新的标语，车间 里却只有零星工人在调试设备。与此同时，河南郑州的富士康厂区灯火通明，载着高端iPhone组件的货 柜车排起长队，这种鲜明对比正在印度制造业版图上不断重复。外媒最近的报道戳破了"印度制造"的泡 沫——中国手机品牌虽未完全离场，但核心产能正加速撤离，留给莫迪的不仅是空置的厂房，更是难以 挽回的产业信任。 谁都记得几年前中国企业涌入印度的盛况。2014年莫迪喊出"印度制造"口号时，小米、vivo、OPPO带 着真金白银赶赴诺伊达、钦奈圈地，富士康更是砸下数十亿美元建iPhone生产线。那时候印度官员剪彩 时的笑容是真的，中国品牌占印度手机市场七成以上的份额也是真的，vivo赞助板球联赛的广告铺天盖 地，小米的门店在德里商场里人满为患。可这看似双赢的局面，在2020年边境摩擦后戛然而止。 编辑 先是267款中国App被以"安全风险"封禁，年轻人手机里的常用软件一夜变灰；接着税务局成了"常客"， 小米被追征数亿税款，银行账户直接冻结；vivo高管在2023年底被扣上"洗钱"罪名，数亿美元资产遭查 封。这些针对性措施背后，是印 ...

Core Insights - The current industry chain transition is accelerating, with inventory replenishment ongoing, and the company is actively ensuring shipments to clients. The third quarter saw an increase in production capacity and shipment volume, with a 3.8% quarter-over-quarter increase in average selling price due to more complex product offerings [1] Financial Performance - In Q3 2025, the company reported revenue of 17.162 billion yuan, a year-over-year increase of 9.90% - Net profit attributable to shareholders was 1.517 billion yuan, reflecting a year-over-year growth of 43.10% - Basic earnings per share stood at 0.19 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the company achieved revenue of 49.51 billion yuan, marking an 18.20% year-over-year increase - Net profit attributable to shareholders reached 3.818 billion yuan, up 41.10% year-over-year - Basic earnings per share for the period was 0.48 yuan [1] Asset and Equity Overview - Total assets at the end of the reporting period were 351.368 billion yuan, a decrease of 0.6% compared to the previous year - Shareholder equity attributable to the company was 151.179 billion yuan, an increase of 2.0% year-over-year [3] Profitability Metrics - EBITDA for Q3 2025 was 10.348 billion yuan, representing a 25.8% increase compared to the same period last year - EBITDA margin improved by 7.6 percentage points to 60.3% [3]