Core Insights - The company reported a revenue of 37.59 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.25%, and a net profit attributable to shareholders of 1.941 billion yuan, up 37.66% year-on-year [1] - In Q3 2025, the company achieved a revenue of 13.965 billion yuan, a year-on-year increase of 12.91% and a quarter-on-quarter increase of 15.12%, with a net profit of 1.012 billion yuan, reflecting a year-on-year growth of 39.28% and a significant quarter-on-quarter increase of 177.37% [1] - The company is strategically positioned in four key sectors: robotics, AI glasses, foldable screens, and servers, benefiting from the ongoing AI development [1][2] Business Segments - **Robotics**: The company has established partnerships with various robotics innovation centers and has received hardware orders from domestic and international humanoid robot clients, building a robust product matrix in humanoid robotics [1][2] - **AI Glasses**: Focused on the core components and technology development for AR, VR, MR, and AI glasses, the company is enhancing its capabilities in smart wearable devices [2] - **Foldable Screens**: The company offers a range of critical components for foldable screens, including support structures and thermal management solutions, and is collaborating with well-known brands in this segment [2] - **Servers**: By integrating self-developed thermal management technologies, the company has become a core supplier for AMD and has developed high-performance cooling products that outperform competitors in various power conditions [2] Strategic Acquisition - The company announced the acquisition of Zhejiang Xianglong for 2.404 billion yuan, aiming to strengthen its product matrix in the electric vehicle components sector and enhance its automotive supply chain [3] - This acquisition is expected to create synergies between automotive and robotics components, facilitating a "vehicle-robot symbiosis" effect and providing a foundation for exploring hardware applications in AI terminals and humanoid robots [3] Financial Forecast - The company anticipates significant growth in net profit, projecting 2.480 billion yuan in 2025, 3.160 billion yuan in 2026, and 4.197 billion yuan in 2027, with corresponding price-to-earnings ratios of 43.72, 34.31, and 25.84 [3]

Core Viewpoint - The company reported significant growth in its first half of 2025, driven by multiple business segments, with a focus on AI and robotics technologies [2][3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 23.625 billion yuan, a year-on-year increase of 35.94% [2] - The net profit attributable to shareholders, excluding stock incentive amortization, was 1.073 billion yuan, up 53.29% year-on-year [2] - In Q2 2025, revenue reached 12.131 billion yuan, a 29.91% increase year-on-year, with net profit of 365 million yuan, a significant rise of 61.02% [2] - For Q2, the net profit attributable to shareholders, after excluding stock incentive amortization, was 432 million yuan, reflecting a 77.78% year-on-year growth [2] Business Segments - The AI terminal business generated revenue of 20.865 billion yuan, growing 17.26% year-on-year [2] - The automotive and low-altitude economy segment reported revenue of 1.183 billion yuan, a 38.41% increase, with a gross margin improvement of 13.27 percentage points [2] - Other business segments achieved approximately 1.577 billion yuan in revenue, marking a 212.98% year-on-year growth [2] Robotics Business - The company has established extensive collaborations in the humanoid robotics sector, partnering with various innovation centers and technology firms [3] - It has accumulated significant core technologies in this field, including servo motors and reducers, and holds patents in multiple countries [3] AI Server Development - The company is actively expanding in the AI server market, collaborating with global clients on cooling products and solutions [4] - It has developed advanced cooling products that outperform competitors in various power consumption scenarios [4] Foldable Screen Products - The company offers a diverse range of products in the foldable screen sector, supplying key components to renowned brands, including Samsung [5] Future Plans and Dividends - For the second half of 2025, the company aims to focus on core businesses and expand into new growth areas such as robotics and servers, while also targeting overseas markets [6] - The board has approved a cash dividend plan, proposing a distribution of 0.2 yuan per 10 shares, totaling 139 million yuan [6] - The total cash dividends and share buybacks in the first half of 2025 amounted to 459 million yuan, representing 49.40% of the net profit attributable to shareholders [6]

Financial Performance - In the first half of 2025, the company achieved a revenue of 23.625 billion CNY, a year-on-year increase of 23.35% [3] - The net profit attributable to shareholders was 930 million CNY, up 35.94% year-on-year; after deducting stock incentive expenses, the net profit was 1.073 billion CNY, a growth of 53.29% [3] - In Q2 2025, revenue reached 12.131 billion CNY, with a year-on-year growth of 29.91%; net profit was 365 million CNY, a significant increase of 61.02% [3] Business Segments - AI terminal business generated 20.865 billion CNY, a growth of 17.26% [3] - Automotive and low-altitude economy business achieved 1.183 billion CNY, with a year-on-year increase of 38.41% and a gross margin improvement of 13.27 percentage points [3] - Other businesses saw revenue of approximately 1.577 billion CNY, a remarkable growth of 212.98% [3] Strategic Partnerships and Innovations - The company has established collaborations with various firms in the humanoid robot sector, including Beijing Humanoid Robot Innovation Center and others, securing hardware orders from domestic and international clients [4] - In the AI server domain, the company has developed cooling solutions and partnered with global clients for GPU, CPU, and AI applications [5] Product Offerings - The company supplies key components for foldable screens, including titanium alloy support parts and heat dissipation modules, to major brands like Samsung [6] - The product range includes advanced cooling solutions such as CDU, liquid cooling modules, and heat pipes, enhancing performance in high-power applications [5] Future Plans - For the second half of 2025, the company aims to focus on strategic stability and innovation, expanding into robotics, servers, AI glasses, and low-altitude economy sectors while enhancing overseas market capabilities [8] - The company plans to build a smart manufacturing platform integrating lean, digital, automated, and green practices to strengthen its core competitiveness [8] Dividend Distribution - The board approved a cash dividend of 0.2 CNY per 10 shares, totaling 139 million CNY, which represents 49.40% of the net profit attributable to shareholders for the first half of 2025 [9]

Financial Performance - In the first half of 2025, the company achieved a revenue of 236.25 million RMB, a year-on-year increase of 23.35% [5] - Net profit attributable to shareholders reached 9.30 million RMB, up 35.94% year-on-year [5] - Excluding stock incentive amortization, net profit attributable to shareholders was 10.73 million RMB, a growth of 53.29% [5] - In Q2 2025, revenue was 121.31 million RMB, reflecting a 29.91% year-on-year increase [5] - Q2 net profit, excluding stock incentive amortization, was 4.32 million RMB, a significant increase of 77.78% year-on-year [5] Business Segments - AI terminal business revenue grew by 17.26% [5] - Automotive and low-altitude economy business revenue reached 208.65 million RMB, a growth of 38.41% [5] - Other business segments saw a revenue increase of 212.98% [5] Robotics Development - The company has established partnerships with various organizations in the humanoid robotics sector, enhancing its customer base and order volume [6] - The company aims to be a top 3 global manufacturer of embodied intelligent hardware, focusing on core components and comprehensive hardware services [7] AI Server Solutions - The company is actively developing AI server solutions, focusing on cooling and power supply opportunities [10] - Collaborations with global clients in GPU, CPU, and AI applications have been established, enhancing the company's product offerings in cooling solutions [10] Shareholder Returns - The company announced a share buyback plan with a total amount of 3.20 billion RMB, representing 0.55% of the total share capital [12] - A cash dividend of 1.39 million RMB was proposed, with total cash dividends and share buybacks amounting to 49.40% of the net profit attributable to shareholders for the first half of 2025 [12]