Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company benefits from the booming demand for industrial robots, increased penetration of harmonic reducers in application scenarios, and proactive expansion and market share enhancement strategies, which continuously promote positive operational performance [2][13]. - The revenue from humanoid robot business is expected to continue to grow significantly, with steady progress in screw verification. The company is actively advancing product development and commercialization in the embodied intelligence sector [2][13]. - The company achieved a revenue of 407 million in the first three quarters of 2025, representing a year-on-year increase of 47.36%, and a net profit attributable to the parent company of 94 million, up 59.21% year-on-year [6][13]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 155 million, a year-on-year increase of 49.92%, and a net profit of 40 million, up 81.19% year-on-year. The net profit after deducting non-recurring items was 33 million, reflecting a year-on-year increase of 79.20% [6][13]. - The gross profit margin for the first three quarters of 2025 was 36.60%, a decrease of 2.93 percentage points year-on-year, while the net profit margin improved to 23.35%, an increase of 1.64 percentage points year-on-year [13]. Market Trends - The overall output of domestic industrial robots reached 594,800 units in the first nine months of 2025, a year-on-year increase of 29.80%. The company’s harmonic reducers, as core components, directly benefit from this trend [13]. - The company is positioned to capture core customers in the humanoid robot sector, with some leading manufacturers entering small-batch trial production stages [13]. Future Outlook - The company is expected to achieve net profits of 118 million and 156 million in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 227x and 173x [13].

Core Viewpoint - The company has successfully developed and certified its gear reducers for robotic applications, with ongoing efforts in product refinement and market expansion [2]. Group 1: Product Development and Certification - The company offers over 40 models of gear reducers, categorized into three main types: E, T, and C, with load capacities ranging from 6KG to 900KG [2]. - The company has obtained CR product certification for its robotic gear reducers, being one of the first two companies in the country to achieve this certification [2]. - More than half of the gear reducer models have been trialed and purchased by customers, receiving positive feedback [2]. Group 2: Ongoing Research and Market Strategy - The company is actively engaged in further research and development of the XT gear reducer, focusing on refinement and lightweight design [2]. - The company is exploring various application scenarios for its products to enhance market penetration [2].