Core Viewpoint - The company, Plade, has achieved accelerated growth in its operating performance, with significant increases in revenue and net profit, supported by strategic partnerships and a strong market position in the electric tools industry [1][2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 697 million yuan and a net profit of 61.5 million yuan, representing year-on-year growth of 7.74% and 11.01% respectively [1]. - The operating cash flow improved significantly, with a net inflow of 102 million yuan, a year-on-year increase of 647.50% [1]. - Total assets rose to 1.523 billion yuan, indicating a continued improvement in the company's financial health [1]. Strategic Partnerships - In September 2025, the company signed a five-year strategic cooperation agreement with a leading European lithium battery tool brand, with a total purchase amount exceeding 700 million yuan, providing strong revenue certainty for the future [1]. - The company has established long-term collaborations with global giants such as Stanley Black & Decker and Makita, enhancing its market position and brand influence [2]. Product and Market Position - Plade is a leading manufacturer of electric tools in China, with a diverse product structure across seven major categories and nearly 400 specifications, solidifying its position in various sectors including home renovation and industrial manufacturing [2]. - The company's core product, the hot air gun, ranks first in annual sales among domestic competitors, showcasing its brand pricing power and market dominance [2]. Research and Development - The company invested 26 million yuan in R&D for the first three quarters of 2025, a year-on-year increase of 7.54%, focusing on technological innovation and enhancing market competitiveness [3]. - Plade has established a global manufacturing network with two production bases, achieving a production capacity of 8 million units per year in China and 3 million units per year in Thailand by the end of the year [3]. Market Trends - The global electric tools market is projected to grow to 42.1 billion USD in 2024 and reach 54.09 billion USD by 2029, with a notable increase in the cordless tools segment [4]. - The company has achieved self-production of battery packs and PCBA, forming a vertically integrated supply chain that enhances its core technological capabilities in the electric tools sector [4]. Investor Confidence - The company has gained recognition from international capital markets, with Morgan Stanley and Goldman Sachs appearing in its top ten unrestricted shareholders, indicating strong confidence in its future growth potential [4].

Core Insights - The electric tools industry is undergoing significant technological transformation, with lithium battery technology and 5G integration being the most prominent trends driving high-quality development for companies like Prulde [1] Industry Overview - The global market for hand tools is approximately $25 billion, while power tools range from $45 to $50 billion, with electric tools accounting for about $30 billion [2] - The lithium battery penetration rate in China's electric tool market is projected to reach 59% in 2024, with general-purpose tools seeing a lithium battery adoption rate of 77.4% [1] - By 2030, the market share of lithium battery electric tools is expected to exceed 70%, with cordless electric tools penetration reaching 78% [1] Company Strategy - Prulde has adopted a dual-driven business model of ODM and OBM, with a diverse brand matrix including "Hengdong," "Neumaster," "PRULDE," "BATAVIA," and "PHALANX" to cover various market segments [3] - The company has established a comprehensive sales network and after-sales service system, utilizing major e-commerce platforms like Amazon, Walmart, Temu, and TikTok for online sales [3] - In the first half of 2025, Prulde achieved revenue of 460.6186 million yuan, with OBM business accounting for 20.42% of total revenue [3] Production and Market Adaptation - In response to international tariff policy changes, Prulde has adjusted its production strategy by shifting some orders to its subsidiary in Thailand, which is expected to reach full production capacity by the end of 2025 [4] - The Thai subsidiary has established a robust production and sales management system, certified for quality, occupational health, and safety [4] - The company plans to continue monitoring policy dynamics and adjust strategies to ensure long-term stable business development [4]