October 29, 2025 01:50 PM GMT Foxconn Industrial Internet Co. Ltd. | Asia Pacific M Update 3Q25 Margin Beat with Sound Balance Sheet Management Reaction to earnings Unchanged Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research Key Takeaways 3Q25 details: Operating margin expanded 1ppt QoQ and 0.4ppt YoY, to 5.2%, even though revenue was 14% shy of our estimate at Rmb243bn. Non-op losses and high ...