Core Insights - The company reported a revenue of 2.237 billion yuan for Q3 2025, a year-on-year decrease of 7.56% but a quarter-on-quarter increase of 3.37%, while the net profit attributable to shareholders was 321 million yuan, reflecting a year-on-year increase of 21.22% and a quarter-on-quarter increase of 6.68% [1] - The company's main business continued to grow, with a year-on-year increase of 9.68% in the first three quarters of 2025, despite a slight decline in overall revenue due to non-core business segments [1] - The company achieved a net profit of 899 million yuan in the first three quarters of 2025, a significant year-on-year increase of 21.73%, driven by stable major expenses and improved asset quality [2] Revenue and Profit Analysis - For the first three quarters of 2025, the company’s total revenue was 6.466 billion yuan, down 4.10% from 6.743 billion yuan in the same period last year, primarily due to a decrease in other business income by 842 million yuan [1] - Excluding the impact of other businesses, the main business revenue increased by 566 million yuan year-on-year, achieving a growth rate of 9.68% [1] - The company maintained stable major expenses, with R&D expense ratios of 5.73% and 5.49%, showing year-on-year increases of 0.72 percentage points and 0.69 percentage points, respectively [2] Business Development and Future Outlook - The company is progressing with the spin-off of its subsidiary, Huan Dong Technology, for a listing on the Sci-Tech Innovation Board, with the IPO application entering the "inquiry" stage on September 26, 2025 [3] - Huan Dong Technology focuses on the research, design, production, and sales of high-precision reducers for robotic joints, and has already entered the Tesla supply chain, providing core transmission components for models like the Model Y [3] - The company forecasts revenues of 9.791 billion yuan, 11.429 billion yuan, and 13.377 billion yuan for 2025-2027, with net profits of 1.150 billion yuan, 1.459 billion yuan, and 1.721 billion yuan, respectively, and an EPS of 1.35, 1.72, and 2.03 yuan [3]