Company Overview - Shenzhen Heertai Intelligent Control Co., Ltd. was established in 2000 and listed on the Shenzhen Stock Exchange in 2010 [3] - The company operates in two main segments: intelligent control solutions and microwave/mm-wave phased array TR chips [3] - In the previous year, the overall revenue reached 96.59 billion CNY, with a revenue of 82.70 billion CNY achieved in the first three quarters of 2025, marking a 17.47% year-on-year growth [3][4] Financial Performance - For the first three quarters of 2025, the net profit attributable to shareholders was 69.66 million CNY, a 6.03% increase year-on-year [3] - The net profit after deducting non-recurring gains and losses was 5.68 million CNY, showing a significant growth of 70.13% [3] - The overall gross margin improved by 1.91%, and operating cash flow increased by 34.19% year-on-year [3][4] Business Segments Performance Intelligent Control Solutions - The household appliances, power tools, and industrial automation segments have shown stable revenue growth [4] - The smart products segment has accelerated in R&D and application, maintaining a high growth rate [4] Automotive Electronics - The automotive electronics segment includes products for smart cockpits and energy management, with significant improvements in gross margins [6][7] - The company collaborates with major automotive parts manufacturers and has a strong order backlog [7] Phased Array TR Chips - The subsidiary Chengchang Technology achieved a revenue of 306 million CNY and a net profit of 90.36 million CNY in the first three quarters of 2025 [8] - The company maintains a leading position in the phased array TR chip market, with strong relationships with downstream users [8] Strategic Initiatives - The company plans to increase R&D investment and customer expansion to sustain stable growth in its main business [4] - It aims to enhance industry collaboration through mergers and acquisitions, focusing on robotics and sensors [4][5] International Operations - Approximately 30% of the company's total production capacity is located overseas, including facilities in Vietnam, Italy, Romania, and Mexico [9] - The company has a mature global production layout, allowing it to respond quickly to customer delivery needs [10] Risk Management - The impact of U.S.-China tariff changes and exchange rate fluctuations on the company is limited due to its diversified international operations [10] - The company employs robust foreign exchange risk control measures to mitigate potential risks [10]