Core Viewpoint - The company reported a steady revenue growth in 2025 Q1-Q3, but faced a significant decline in net profit due to increased management expenses and foreign exchange losses [2][6]. Financial Performance - For 2025 Q1-Q3, the company achieved a revenue of 926 million yuan, a year-on-year increase of 3.7%, while the net profit attributable to shareholders was 29 million yuan, a year-on-year decrease of 59.6% [1][2]. - In Q3 2025, the company recorded a revenue of 318 million yuan, a year-on-year increase of 0.1% but a quarter-on-quarter decrease of 3.9%. The net profit was -2 million yuan, reflecting a year-on-year decline of 115.6% and a quarter-on-quarter decline of 117.8% [1][2]. Cost and Margin Analysis - The gross margin in Q3 2025 was 22.6%, down by 0.3 percentage points year-on-year and 0.1 percentage points quarter-on-quarter, primarily due to rising shipping costs and tariffs [2]. - The company's expense ratio for Q3 2025 was 19.9%, an increase of 4.9 and 3.0 percentage points year-on-year and quarter-on-quarter, respectively. The breakdown of expenses included sales, management, R&D, and financial expenses [2]. Product Development and Innovation - The company is focusing on the smart linear drive industry and is actively expanding its business scope by launching new smart-driven solutions for office furniture, including smart height-adjustable desks and multimedia sofa systems [3]. - The company is enhancing its industrial electric push rod products to replace traditional pneumatic and hydraulic push rods, aiming to improve operational efficiency and extend product lifespan [4]. Strategic Investments - The company is accelerating its entry into the humanoid robot sector through strategic investments, including a 10% stake in Huixing Power and a 16% stake in Mo's Intelligent, enhancing its capabilities in motor control and integrated joints [5]. - The company has a strong vertical integration in production and R&D, with 60% of its components being self-manufactured, which supports its innovation in robotics and related technologies [4]. Future Projections - Revenue forecasts for 2025-2027 are 1.4 billion, 1.56 billion, and 1.75 billion yuan, with net profits projected at 50 million, 90 million, and 120 million yuan, respectively. The current stock price corresponds to P/E ratios of 120.9, 73.8, and 54.3 for the respective years [6].