Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant growth in revenue and net profit, driven by innovative business segments like smart cars and AI [4]. Group 1: Financial Performance - Q3 2025 revenue reached 113.1 billion yuan, representing a year-over-year increase of 22.3% but a quarter-over-quarter decrease of 2.4% [4]. - Non-IFRS net profit for Q3 2025 was 11.3 billion yuan, up 80.9% year-over-year and 4.4% quarter-over-quarter, with a corresponding net profit margin of 10% [4]. Group 2: Smartphone Business - Revenue from smartphone sales in Q3 2025 was 46 billion yuan, down 3.1% year-over-year but up 1% quarter-over-quarter [5]. - The company shipped 43.3 million smartphones, achieving a slight year-over-year increase of 0.5%, maintaining a top-three global market share for 21 consecutive quarters [5]. - The average selling price (ASP) of smartphones decreased to 1,062.8 yuan, down 3.6% year-over-year and 1% quarter-over-quarter, primarily due to declining ASP in overseas markets [5]. - Smartphone gross margin was 11.1%, a decrease of 0.6 percentage points year-over-year and 0.4 percentage points quarter-over-quarter, impacted by rising core component prices and intensified competition in mainland China [5]. Group 3: IoT Business - IoT revenue for Q3 2025 was 27.6 billion yuan, reflecting a year-over-year increase of 5.6% but a significant quarter-over-quarter decline of 28.8% [6]. - The gross margin for IoT improved to 23.9%, up 3.1 percentage points year-over-year and 1.4 percentage points quarter-over-quarter, driven by higher sales of high-margin products [6]. - The company faces challenges in the IoT segment due to seasonal fluctuations and increased competition, with future strategies focusing on international expansion and product positioning [6]. Group 4: Internet Advertising - Internet revenue reached 9.4 billion yuan in Q3 2025, a year-over-year increase of 10.8% and a quarter-over-quarter increase of 3.1%, marking a historical high [7]. - The number of global monthly active users reached 742 million, up 8.2% year-over-year [7]. - Advertising revenue grew by 17.4% year-over-year to 7.2 billion yuan, with overseas internet revenue also increasing by 19.1% to 3.3 billion yuan, both achieving historical highs [8]. Group 5: Automotive Business - Revenue from automotive and innovative businesses was 29 billion yuan in Q3 2025, a year-over-year increase of 199.2% and a quarter-over-quarter increase of 36.4% [9]. - The company delivered 109,000 vehicles, with an ASP of 260,000 yuan, benefiting from high ASP models like Xiaomi YU7 and SU7 Ultra [9]. - The automotive segment achieved a gross margin of 25.5% and recorded a positive operating profit of 700 million yuan for the first time in a single quarter [9].

（编辑 袁冠琳） 证券日报网讯 致欧科技10月30日发布公告，在公司回答调研者提问时表示，截至目前，关税成本上， 东南亚对美关税低于国内关税水平。采购成本上，东南亚整体采购成本略高于国内，但不同材质的品类 存在差异。整体看来东南亚整体供应链成本低于国内。未来随着体量增加仍有采购成本持续降本的空 间。公司未转移东南亚部分产品，部分品类通过涨价及部分供应商搬迁东南亚实现供应衔接，部分低毛 利产品且无法迁移的会进行淘汰。 ...

Core Viewpoint - Recent rumors suggest that Atour Hotel is considering a secondary listing in Hong Kong, which has garnered significant attention, but the company has not yet provided an official response [1] Company Overview - Atour Hotel, established in 2013, has rapidly expanded its portfolio to include six accommodation brands and two retail brands. As of the end of 2024, the company operates 1,619 stores with a total of 183,184 rooms, reflecting year-on-year growth of 33.8% and 32.8% respectively [3] - The company successfully listed on NASDAQ in November 2022, with its stock price increasing twofold from the issue price to $33.18 per share, resulting in a market capitalization of $4.585 billion [3] Expansion Plans - Management forecasts the opening of approximately 500 new stores by 2025, maintaining a closure rate similar to the previous year to enhance the quality of operating stores. This plan underscores Atour's commitment to achieving its goal of "2,000 quality stores" by 2025 [4] - In Q1 of this year, Atour opened 121 new stores, all through franchisees, bringing the total operating hotels to 1,727, a 33% year-on-year increase. Hotel revenue also grew by 15.6% to 1.161 billion yuan, with franchise stores contributing nearly 89% of the revenue [4] Cost Optimization Initiatives - To attract more franchisees, Atour has begun optimizing the costs of core operational materials, achieving an average reduction of 10% on items such as adult slippers and room card holders. The company has also announced significant price reductions on various operational supplies [4] Reputation Challenges - Despite rapid expansion, Atour has faced criticism regarding its reputation. For instance, during a music festival, hotel prices surged to 4,000 to 5,000 yuan, which was over ten times the usual rate, leading to public outcry [5] - Additional complaints have surfaced regarding service quality, including issues with cleanliness and the quality of amenities, which do not align with Atour's high-end image. The company has responded to these concerns by terminating contracts with problematic suppliers and conducting thorough inspections of its facilities [6]

Core Viewpoint - The commercial energy storage market is experiencing a significant price war, with prices dropping sharply, leading to a competitive landscape where companies are aggressively undercutting each other to capture market share [2][8][21]. Price Trends - Longyuan Energy recently announced a price of 0.478 yuan/Wh for its EnerFusion series energy storage cabinets, pushing the industry closer to the 0.45 yuan/Wh mark [2][3]. - Since September 2023, the price of commercial energy storage cabinets has decreased from 1.40 yuan/Wh to 0.478 yuan/Wh, representing a decline of 65.85% [8][12]. - The average price of commercial energy storage cabinets has fallen from 0.8 yuan/Wh in January 2024 to 0.65 yuan/Wh, a decrease of 18.75% [13]. Competitive Strategies - Companies are employing a combination of new product launches and price reductions to quickly capture customer resources and market share [15]. - The pricing strategies often come with conditions such as minimum purchase quantities and upfront payments to ensure order quality [11]. - The competition is not solely based on price but also on the ability to manage supply chains and provide comprehensive lifecycle management services [20][21]. Cost Structure - The BOM (Bill of Materials) cost for commercial energy storage systems is approximately 0.534 yuan/Wh, indicating that some companies are pricing their products below cost [17]. - The breakdown of BOM costs includes components such as battery cells (0.27 yuan), PCS (0.074 yuan), and BMS (0.05 yuan), among others [18]. Market Dynamics - The market is witnessing a bifurcation into two low-price development paths, where companies that can control costs and provide value-added services will likely prevail [20][21]. - The ongoing price war is seen as the beginning of a more profound competition focused on value rather than just price [21].