Financial Performance - In Q3 2025, the company achieved a revenue of 249 million CNY, a year-on-year increase of 10.19% [2] - The net profit for Q3 2025 was 43 million CNY, reflecting a year-on-year growth of 21.39% [2] - For the first nine months of 2025, total revenue reached 728 million CNY, up 23.43% year-on-year, with a net profit of 137 million CNY, an 18.82% increase [2] Customer and Market Insights - The revenue from the largest customer in Q3 2025 decreased compared to the previous quarter [3] - Revenue from the automotive sector accounted for approximately 69% of total revenue in Q3 2025, with a year-on-year growth of 33% in the first nine months [3][4] - Domestic sales showed a 1% increase compared to Q2 2025, while overall sales remained stable [3] Production and Capacity - Domestic production capacity is concentrated in Dongguan, Jiangmen, and Suzhou, with high equipment utilization rates [4] - A new factory project in Dongguan is underway, covering nearly 7,000 square meters, expected to be operational by mid-2026 [4] - The Mexican facility is operational, while the Moroccan and Vietnamese factories are not expected to commence operations in the short term [4] Strategic Decisions - The company’s production layout is designed to meet the Just-In-Time (JIT) inventory management needs of the automotive industry, enhancing delivery efficiency and reducing logistics costs [4] - The company’s pricing strategy focuses on reasonable pricing through communication with clients, avoiding price wars with competitors [4] Research and Development - The company is developing tendon ropes and protective tubes for humanoid robots, currently in the testing phase [5] - The total investment for the Vietnamese subsidiary is planned to be no more than 900,000 USD, with a factory area of approximately 5,000-6,000 square meters [5] Risk Awareness - The company acknowledges that fluctuations in raw material prices, which account for about 65% of the main business costs, can impact gross margins [4] - Investors are advised to be aware of the risks associated with future plans and performance estimates, as these do not constitute binding commitments [5]