Investment Rating - The investment rating for the company is "Accumulate" with a target price of 329.50 CNY [5]. Core Insights - The company continues to experience revenue growth driven by the launch of new two-wheeled and four-wheeled products, demonstrating strong operational resilience despite external disturbances such as tariffs and exchange rate fluctuations [2][11]. - The company reported a revenue of 14.9 billion CNY for the first nine months of 2025, representing a year-on-year increase of 30.1%, with a net profit of 1.42 billion CNY, also up by 30.9% [11]. - The company is focusing on product upgrades and expanding its product matrix, with significant growth in electric two-wheelers providing a new growth curve [11]. Financial Summary - Total revenue is projected to grow from 12.11 billion CNY in 2023 to 29.8 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.1% [4]. - Net profit attributable to shareholders is expected to increase from 1.008 billion CNY in 2023 to 2.925 billion CNY in 2027, with a CAGR of about 19.6% [4]. - Earnings per share (EPS) is forecasted to rise from 6.60 CNY in 2023 to 19.17 CNY in 2027 [4]. Market Performance - The company's stock has a 52-week price range of 139.46 CNY to 290.32 CNY, with a current price of 239.85 CNY [6]. - The market capitalization stands at 36.596 billion CNY [6]. - The company has shown a 12-month absolute increase of 58% in stock price [10]. Business Strategy - The company is implementing a dual-brand strategy in the European market to enhance its competitive edge [11]. - The introduction of new models such as the U10PRO all-terrain vehicle and various motorcycle models is expected to sustain strong performance in the two-wheeler segment [11]. - The electric vehicle segment is being positioned for high-end mobility, contributing to the company's growth trajectory [11].