Financial Performance - The company achieved a revenue of CNY 3.941 billion in 2025, representing a year-on-year growth of 32.41% [1] - Sales revenue from electric mobility products reached CNY 2.787 billion, up 47.64% year-on-year [1] - The net profit attributable to shareholders was CNY 816 million, reflecting an increase of 89.29% [1] - The overall gross margin was 41.48%, and the net profit margin stood at 20.71% [1] U.S. Operations - The company has established an international team of nearly 400 people in the U.S. and Canada, covering the entire industry chain [2] - The U.S. factory has a current monthly production capacity of 3,000 to 4,000 units, with production efficiency and product quality comparable to domestic factories [2] Cost Management - The main cost difference between U.S. and domestic production is in employee compensation [3] - A price adjustment was made in March 2026 to address cost differences, which has not negatively impacted sales volume [3] - The impact of rising raw material prices on overall operations is limited due to the low proportion of raw materials in total costs [4] Business Growth Strategies - The electric bicycle business will deepen cooperation with major retail channels like Walmart to expand market share [5] - The company plans to focus on electric vehicle product iterations and targeted marketing to enhance brand influence and user loyalty [5] - In the all-terrain vehicle and off-road motorcycle segments, the company will prioritize electrification and expand into new application scenarios [6] Future Outlook - The company aims for sustainable growth with a focus on intelligent and high-end products, global layout, and stable operations [7] - The management is confident in achieving steady and moderate growth in 2026, supported by ongoing capacity release and multi-brand strategies [7]

Core Viewpoint - The company, Taotao Automotive (301345), has indicated that the rising prices of battery cells have a limited impact on its profitability due to the relatively low proportion of battery cell procurement costs in the overall vehicle manufacturing expenses and the good gross margin of its products [1] Group 1 - The company assembles various models and configurations of battery packs for electric mobility products, with battery cell procurement being a minor cost component in the overall manufacturing process [1] - The company has established a mature mechanism to respond to fluctuations in raw material prices, which helps mitigate the impact of sustained price increases on profitability [1] - The company possesses strong bargaining power on the sales side, allowing it to effectively counteract the effects of rising raw material costs on its profitability [1]