Core Viewpoint - The company reported significant growth in net profit for Q3 2025, driven by increased sales volume and improved internal management efficiency [1][2]. Group 1: Q3 Performance and Drivers - For the first nine months of 2025, the company's operating revenue increased by 17.93%, while the net profit attributable to shareholders, excluding non-recurring gains and losses, surged by 83.10% [1]. - In Q3 2025, the net profit attributable to shareholders, excluding non-recurring gains and losses, saw a remarkable increase of 218.78% [1]. - The growth was attributed to two main factors: increased sales volume of core products due to the recovery of the commercial vehicle market and ongoing optimization of internal management, including production automation and cost control [1]. Group 2: Future Performance and Sustainability - The company's performance sustainability is supported by steady growth in core products, effective cost management, the completion of new production facilities, and ongoing advancements in new energy products [2]. - The company plans to release production capacity effectively after the completion of new production bases, which will enhance operational efficiency and support long-term growth [2]. Group 3: New Energy Business Developments - In the new energy commercial vehicle sector, the company’s high and low-voltage electronic fans are positioned as key components, with ongoing trials and the construction of new factories expected to drive future growth [3]. - The company possesses a nearly complete production chain, enhancing product competitiveness through high self-manufacturing rates [3]. - Core technologies developed, such as low-voltage electronic fan assembly technology, have the potential to be adapted for new energy passenger vehicle thermal management systems, providing avenues for future market expansion [3]. Group 4: Capacity and Client Development - The company is currently operating at a high capacity utilization rate and is developing a new innovation and digital factory project to address increasing order demands, which will significantly enhance manufacturing scale and responsiveness [4][5]. - The company has successfully expanded its client base, establishing strong partnerships with numerous high-end domestic and international clients, including major manufacturers in the commercial vehicle sector [5].

Group 1 - The core viewpoint is that the new energy commercial vehicle market is experiencing significant growth opportunities, with Kailong Gaoke targeting this "new blue ocean" after the success of passenger vehicle electrification [1] - According to QYResearch, the global new energy commercial vehicle market is expected to reach $162.404 billion by 2029, with a compound annual growth rate (CAGR) of 18.41% from 2023 to 2029 [1] - In 2024, domestic sales of new energy heavy trucks are projected to reach 84,000 units, with a penetration rate of 14%, and pure electric heavy trucks accounting for 91.3% of this segment [1] Group 2 - The demand for thermal management systems in new energy vehicles is expanding due to the increasing complexity and precision requirements of battery packs and electronic devices [2] - Kailong Gaoke views the thermal management business as its second growth curve, leveraging its existing technology and industry advantages [2] - The intelligent thermal management unit developed by Kailong Baodun is a key product for expanding into the new energy sector, ensuring optimal temperature management for power batteries [2] Group 3 - Kailong Baodun has begun small-scale sample deliveries of its intelligent thermal management units to key clients, marking a significant step in market expansion [3] - The rapid development of industrial and commercial energy storage and data centers is driving growth in the thermal management industry [3] - Kailong Baodun plans to actively develop thermal management products related to energy storage and data center applications [3]