# 事件：2026年1月26日，凯迪股份与新泉股份正式签署战略合作协议，双方将携手布局机器人关键零部件赛道， 开启优势互补、协同创新的全新征程，为行业发展注入强劲动能。 # 简评： ①战略协议的签署建立在# "两次送样、技术和品质得到北美客户充分认同的基础上"， 【华鑫汽车&机器人】泉链崛起0126：尘埃落定，新泉800e，凯迪200e ①战略协议的签署建立在# "两次送样、技术和品质得到北美客户充分认同的基础上"， ②新泉跟北美客户的合作是战略性的（车端的三巨头，TP/SH/XQ)，#凯迪对新泉的意义还在于，电机+减速器+丝 杠（潜在）的全链条的能力 产业链很多传言，尘埃落定，强烈看好"泉链" # 新泉： 1车，26年13e利润，20X，260e；2智驾，cybercab单车2.5W，20W辆，50e收入，5e利 润，30X，150e，3机器人：对标Tp/Sh给400e，合计800e目标市值 # 凯迪：首家得到新泉公开认可的标的。 电机+新型减速器+编码器+模组，全产业链布局，# 与Tier1合作预计很快落地。 ②新泉跟北美客户的合作是战 【华鑫汽车&机器人】泉链崛起0126：尘埃落定，新泉800e，凯迪2 ...

Core Insights - The company reported steady growth in its operations for Q3 2025 and the first three quarters, with a focus on expanding into new fields such as solid-state batteries and key components for robots, aiming to transform traditional business scenarios and inject new momentum for long-term development [1][4] Financial Performance - In Q3 2025, the company achieved operating revenue of 1.088 billion yuan, a year-on-year increase of 7.78% [1] - Cumulative operating revenue for the first three quarters reached 3.122 billion yuan, reflecting a year-on-year growth of 8.06% [1] - The total profit for Q3 was 66.7663 million yuan, up 1.37% year-on-year [1] - Total profit for the first three quarters amounted to 255 million yuan, marking a year-on-year increase of 2.97% [1] Business Development Strategy - The company employs a "dual-wheel drive" strategy, focusing on both traditional automotive aftermarket parts and actively expanding into new business areas [2] - In the traditional business segment, the company leverages a marketing network covering over 120 countries, enhancing brand and service advantages [2] - The North American market has shown significant growth, with a year-on-year increase of 18.75% in the first half of the year [2] - The company adopts a "self-manufacturing + outsourcing" strategy for supply chain management, ensuring efficiency and resilience in the supply chain [2] New Business Ventures - The establishment of Shanghai Jias Robotics Technology Co., Ltd. marks the company's entry into the key components for robots sector, focusing on the research and development of integrated joint modules and related software and hardware [3] - The company is also involved in the solid-state battery sector, with a factory expected to begin production in early 2026, targeting high-safety markets such as communication base stations and energy storage [3] Future Outlook - The company anticipates that the integration of new businesses will not only broaden its operational boundaries but also drive transformation in traditional businesses, creating significant growth opportunities [4] - Inclusion in the Shanghai-Hong Kong Stock Connect list is expected to further enhance revenue and profit growth as new businesses are gradually launched [4]