Core Viewpoint - The report from Zhejiang Merchants Securities highlights that Boshi achieved a net profit attributable to shareholders of 180 million yuan in the first three quarters of 2025, marking a year-on-year increase of 33.95% [1]. Financial Performance - In Q3 alone, the company reported a net profit of 73 million yuan, reflecting a year-on-year growth of 64.42% and a quarter-on-quarter increase of 7.72% [1]. - The overall performance is driven by the growth in overseas markets and AIoT product launches [1]. Business Strategy - The company has improved its business profitability through optimizing product structure, enhancing operational efficiency, and deepening cost control measures [1]. - As scale effects are released, the gross profit margin is gradually recovering [1]. Emerging Opportunities - The rise of the "sleep economy" has prompted the company to actively incubate new AIoT products related to smart sleep terminals, which are expected to generate nearly 200 million yuan in revenue in 2024, accounting for 14.2% of total revenue [1]. - The smart vehicle terminal, which is the company's foundational business, is accelerating its expansion into overseas markets [1]. Key Partnerships - The company has established deep ties with leading clients such as Qinjun, Hello Chuxing, and Meituan Bikes, and is also a significant supplier for the smart two-wheeled electric vehicle brand Ninebot [1]. Investment Rating - The report maintains a "Buy" rating for the company's stock [1].