Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown strong revenue growth, achieving a total revenue of 21.278 billion yuan in 2025, which represents a year-on-year increase of 49.9%. The net profit attributable to shareholders reached 1.758 billion yuan, up 62.2% year-on-year [1][4] - The electric two-wheeler segment continues to be a key growth driver, with sales of 4.09 million units in 2025, reflecting a 57.4% increase year-on-year. The average selling price (ASP) for electric two-wheelers was approximately 2,899 yuan, a 4.5% increase year-on-year [2][4] - The service robot business is experiencing robust growth, with the introduction of four new product series at the CES exhibition, catering to various smart lawn care needs [3] Financial Performance - In 2025, the company's gross margin was 29.6%, an increase of 1.4 percentage points year-on-year. The gross margin for electric two-wheelers was 23.8%, up 2.7 percentage points year-on-year [4] - The company forecasts net profits for 2026, 2027, and 2028 to be 2.253 billion yuan, 2.811 billion yuan, and 3.458 billion yuan respectively, with corresponding price-to-earnings (P/E) ratios of 14.2X, 11.4X, and 9.2X [4][6]