Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has seen a sequential increase in net profit margin in Q3 2025, with a focus on developing humanoid robot business to create a second growth curve [1] - In Q3 2025, the company achieved revenue of 39.53 billion yuan, representing a year-on-year increase of 12.65% and a quarter-on-quarter increase of 7.92% [4] - The company's gross margin was 19.86%, with a net profit margin of 10.99%, marking the highest net profit margin since 2024 [4] - The establishment of a new subsidiary for humanoid robots indicates a strategic move towards diversification and innovation in the robotics sector [4] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 39.53 billion yuan, with a year-on-year growth of 12.65% and a quarter-on-quarter growth of 7.92% [4] - The gross margin was recorded at 19.86%, while the net profit margin reached 10.99%, showing improvements in profitability [4] Business Development - The company has initiated the establishment of a subsidiary focused on humanoid robots, with a registered capital of 100 million yuan [4] - A strategic cooperation agreement was signed with a robotics company to enhance innovation and collaboration in the field of intelligent robotics [4] Earnings Forecast - The company is projected to achieve revenues of 156 billion yuan, 193 billion yuan, and 235 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18%, 24%, and 22% [5] - The expected net profit for the same years is forecasted to be 16.68 billion yuan, 20.65 billion yuan, and 26.10 billion yuan, with corresponding growth rates of 18%, 24%, and 26% [5]