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].

Investment Rating - The investment rating for the company is "Outperform the Market" [7][37]. Core Views - The company has experienced rapid growth in revenue and net profit in Q1-Q3 2025, driven by the strong performance of electric two-wheelers, lawn mowers, and all-terrain vehicles [1][10]. - The company maintains its profit forecast, expecting significant revenue and profit growth from new business segments such as all-terrain vehicles and lawn mowers [4][37]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported revenue of 183.9 billion yuan, a year-on-year increase of 68.6%, and a net profit of 17.9 billion yuan, up 84.3% year-on-year [1][10]. - In Q3 2025, revenue reached 66.5 billion yuan, reflecting a 56.8% year-on-year growth, while net profit was 5.5 billion yuan, a 45.9% increase year-on-year [1][10]. Profitability Metrics - The overall gross margin for Q1-Q3 2025 was 29.9%, a 0.2 percentage point increase year-on-year, while the net margin was 9.5%, up 0.6 percentage points year-on-year [2][14]. - In Q3 2025, the gross margin was 29.0%, a 0.5 percentage point increase year-on-year but a 2.0 percentage point decrease quarter-on-quarter, with a net margin of 7.5%, down 1.3 percentage points year-on-year and 4.5 percentage points quarter-on-quarter [2][14]. Business Segments - The electric two-wheeler segment is expected to see high growth due to the introduction of smart features and a diverse product lineup, with over 8,700 retail stores in China [3][23]. - The lawn mower segment is expanding with new product launches, including the Navimow X3 series, which offers superior cutting efficiency and coverage [4][28]. - The all-terrain vehicle segment is also growing, with new models enhancing performance in complex terrains [4][36]. Future Outlook - The company forecasts net profits of 20.77 billion yuan, 27.72 billion yuan, and 35.55 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share of 2.90 yuan, 3.87 yuan, and 4.96 yuan [4][37]. - The price-to-earnings ratios are projected to be 21, 16, and 12 for the years 2025, 2026, and 2027, respectively [4][37].

Investment Rating - The investment rating for the company is "Outperform the Market" [7][5]. Core Insights - The company experienced significant revenue and net profit growth in the first half of 2025, with revenue reaching 11.74 billion yuan, a year-on-year increase of 76.1%, and net profit of 1.24 billion yuan, up 108.5% year-on-year [2][9]. - The growth is attributed to the rapid expansion of electric two-wheelers, lawn mowers, and all-terrain vehicles, leading to improved profit margins and economies of scale [2][3]. - The company is enhancing its product matrix in the electric two-wheeler segment, with over 8,700 dedicated stores in China, and is recognized as a leading smart electric vehicle brand [3][23]. Summary by Sections Financial Performance - In 2025H1, the company achieved a gross margin of 30.4% and a net margin of 10.7%, with a decrease in overall expense ratio to 14.9% [3][18]. - The electric two-wheeler segment reported a gross margin of 23.7%, while the all-terrain vehicle segment achieved 25.9% [3][15]. Business Growth - The company is expanding its product offerings in the lawn mower and all-terrain vehicle markets, with new product launches expected to drive revenue growth [4][36]. - The introduction of the Navimow intelligent lawn mower series and the AT10 all-terrain vehicle is anticipated to enhance market share and sales [4][36]. Profit Forecast and Valuation - The profit forecast has been revised upward, with expected net profits of 2.077 billion yuan, 2.772 billion yuan, and 3.555 billion yuan for 2025, 2026, and 2027 respectively [5][37]. - The projected earnings per share for the same years are 2.89 yuan, 3.85 yuan, and 4.94 yuan, with corresponding price-to-earnings ratios of 21, 16, and 12 [5][37].