Ac t i o n | 26 Nov 2025 22:47:23 ET │ 15 pages Leader Drive (688017.SS) Price Performance (RIC: 688017.SS, BB: 688017 CH) Upbeat Humanoid and Industrial Robot Outlook with Positive GPM Guidance; Lift TP to Rmb187 CITI'S TAKE We raise our 2025/26E earnings forecasts by 10%/18% and lift our TP by ~7% to Rmb187.0 for Leader Drive (LD) to reflect the positive updates during our industrial tour last week (takeaway note), including 1) humanoid robot product shipment could grow exponentially in 2026, 2) industria ...