Core Viewpoint - The company is experiencing significant growth in revenue and net profit, driven by the rapid expansion of its electric two-wheeler, lawn mower, and all-terrain vehicle businesses, indicating a strong market position and potential for future growth [2][12][17]. Financial Performance - For Q1-Q3 2025, the company reported revenue of 18.39 billion, a year-on-year increase of 68.6%, and a net profit of 1.79 billion, up 84.3% year-on-year [2][12]. - In Q3 2025, revenue reached 6.65 billion, reflecting a 56.8% year-on-year growth, while net profit was 0.55 billion, a 45.9% increase year-on-year [2][12]. - The company’s comprehensive gross margin for Q1-Q3 2025 was 29.9%, up 0.2 percentage points year-on-year, while the net margin was 9.5%, an increase of 0.6 percentage points year-on-year [4][16]. Business Segments - The electric two-wheeler segment saw sales of 1.4867 million units in Q3 2025, generating revenue of 4.454 billion [12]. - The lawn mower segment is expanding with the introduction of the Navimow X3 series, which offers enhanced cutting efficiency and coverage [8][22]. - The all-terrain vehicle segment is also growing, with new models launched to enhance performance in various terrains [29]. Product Innovation - The company has launched the RideyGo! 3.0 smart vehicle system, enhancing the smart features of its electric two-wheelers, which are recognized as leading smart electric vehicle brands [6][18]. - Continuous upgrades in the lawn mower product line, including the introduction of the i series, aim to capture a broader market share by offering competitive pricing and advanced features [27][24]. Market Position - The company has established a strong brand image in the smart and high-end market segments, with a recognition rate of 41.2% among consumers for smart electric vehicles [18][20]. - The company’s competitive advantages in the lawn mower market include superior cutting capabilities, larger battery capacity, and higher protection levels compared to competitors [24][26].