Core Viewpoint - The company reported its Q3 2025 results, showing a revenue of 5.04 billion yuan, with a year-on-year increase of 28.6% but a quarter-on-quarter decrease of 10.1%. The net profit attributable to shareholders was 413 million yuan, reflecting a year-on-year increase of 11% but a quarter-on-quarter decrease of 29.5% [2]. Group 1: All-Terrain Vehicle (ATV) Performance - In Q3 2025, the company sold 49,000 ATVs, with a year-on-year increase of 0.2% but a quarter-on-quarter decrease of 15.7%. The U10pro model sold nearly 10,000 units, while the average selling price (ASP) for ATVs was 48,000 yuan, representing a year-on-year increase of 22.2% and a quarter-on-quarter increase of 5.6% due to product mix changes [3]. - The gross margin for ATVs remained stable quarter-on-quarter [3]. Group 2: Motorcycle Business - The company sold 66,000 fuel motorcycles in Q3 2025, with a year-on-year decrease of 13.9% and a quarter-on-quarter decrease of 23.8%, primarily due to weak domestic performance. Exports remained strong, influenced by the transition in Turkey and KTM [4]. - The ASP for motorcycles was 23,000 yuan, with a year-on-year increase of 14.9% and a quarter-on-quarter increase of 8.0%. However, the gross margin for motorcycles declined due to decreased model sales and intense price competition [4]. Group 3: Extreme Core Product Line - The extreme core product line saw significant growth, with sales reaching 193,000 units in Q3 2025, a year-on-year increase of 349% and a quarter-on-quarter increase of 24.2%, setting a new quarterly sales record. The ASP for extreme core products was 3,500 yuan, with a quarter-on-quarter increase of 2.2. The product line has not yet turned profitable, but profit margins are improving, and channel inventory is healthy [5]. Group 4: Financial Metrics - The company's gross margin in Q3 2025 was 26.1%, reflecting a year-on-year decrease of 4.7 percentage points and a quarter-on-quarter decrease of 1.2 percentage points, mainly due to U.S. tariffs, an increase in low-margin two-wheeler revenue, and declining motorcycle gross margins [6]. - The expense ratios for sales, management, and R&D in Q3 2025 were 6.2%, 4.1%, and 6.0%, respectively, showing year-on-year changes of -1.6, +0.9, and -1.0 percentage points. The increase in expense ratios quarter-on-quarter was attributed to a decline in revenue [7]. Group 5: Profit Forecast and Investment Rating - The company is a leader in the domestic ATV and motorcycle markets, with all three business segments experiencing high growth. The net profit forecasts for 2025-2027 are 1.87 billion, 2.47 billion, and 2.74 billion yuan, respectively, with corresponding price-to-earnings ratios of 19.0, 14.4, and 13.0 times. Given the company's strong market position and upward momentum across its three business lines, the investment rating remains "Buy" [8].