How did WIT Industrial perform in the first three quarters of 2025?

Wuxi WIT Industrial Technology Co., Ltd. (stock abbreviation: WIT Industrial), established in 2008 and listed on the ChiNext of the Shenzhen Stock Exchange in October 2017, is headquartered in Xinwu District, Wuxi. It is a high-tech enterprise specializing in advanced automotive equipment and auto parts, with core technologies in metal forming and metal joining for the automotive industry. The company offers a broad portfolio of niche products, serves a wide customer base, and possesses strong application development capabilities. Its main products include automotive stamping dies, inspection fixtures, stamped and welded auto components, new-energy vehicle battery enclosures, and related industrial automation products. "Dies & Fixtures" and "Stamped Parts" constitute WIT Industrial’s two core businesses, with minor contributions from other operations. Domestic and international markets are roughly comparable in scale, though the domestic market holds a slightly larger share. In the first three quarters of 2025, WIT Industrial’s revenue declined 10.7% year-on-year—the first time since 2020 that the decline exceeded 10%. Combined with subpar performance over the prior two years, the company’s overall operational situation can only be described as mediocre. Net profit plummeted over 60% in 2023 and has seen only modest recovery in 2024 and the first three quarters of 2025. While it remains possible—though unlikely—that full-year 2025 net profit could surpass the pre-decline level of 2022, such an outcome appears improbable. Gross margin has trended downward overall. A sharp drop occurred in 2020, partly attributable to changes in revenue recognition standards—not solely due to pandemic-related and macroeconomic pressures. However, the subsequent four years of continuous decline were unrelated to accounting methodology and instead reflected genuine market headwinds. In the first three quarters of 2025, gross margin posted a slight rebound—modest in magnitude but encouraging in directional shift. Return on sales (ROS) and return on equity (ROE) were generally excellent through 2022, but have since fallen to merely passable levels over the past two-plus years. ROS and ROE remain closely aligned, reflecting conservative use of financial leverage. From 2021 to 2022, gross profit margins on core operations fluctuated around 10 percentage points—indicating acceptable profitability. In 2023 and 2024, however, they fell below 5 percentage points, signaling a substantial erosion of profitability. In the first three quarters of 2025, core business profitability stood at 6.6 percentage points—marking an improvement over the prior two years. This rebound stems from both the recovery in gross margin and a favorable reduction in period expenses as a share of revenue. Among period expenses, administrative expenses dominate, followed by R&D and selling expenses. Although absolute expense levels are modest, WIT Industrial’s relatively small revenue base makes it difficult to significantly lower the ratio of period expenses to revenue—unless revenue surges substantially. Regarding other income, the company recorded net losses from 2022 through 2024. Relative to WIT Industrial’s revenue and net profit scale, these losses are not trivial. The combined effects of "asset impairment losses," "credit impairment losses," and "investment gains/losses" have alternated without clear pattern—making detailed analysis appear unnecessary.

Huawei’s Intelligent Selection ‘ecosystem’ expands again; stock-market leader Yinbao Shanxin achieves seven consecutive trading-day price limits.

Huawei’s Intelligent Selection collaboration with Chery debuted in November 2023, with the first model—Zhijie S7—positioned as a mid-to-large-size pure-electric sedan. Chery, a pioneer among Chinese自主品牌 (independent domestic brands), leads China’s passenger vehicle exports. Founded in Wuhu, Anhui Province in 1997, its subsidiary Chery Automobile was the first domestic brand to exceed one million annual vehicle sales. Today, Chery operates six synergistic brands: Chery Automobile, Chery New Energy, EXEED, JETOUR, iCAR, and Chery Jaguar Land Rover. Most Chery models are priced between RMB 50,000 and 150,000; higher-value segments rely on the EXEED sub-brand. Chery employs a supply-chain model combining in-house R&D of core components with procurement of other parts from external suppliers. Key suppliers include EKOTEC, Xinquan Holdings, Songyuan Holdings, Yinlun Holdings, Yachuang Electronics, Fangzheng Motor, Jiyi Technology, INOVANCE, Guoxuan High-Tech, Zhaofeng Holdings, and Huazhong Automotive Interior. According to Yu Chengdong, following the launch of the 'Wenjie' (AITO) and 'Zhijie' (Intelligent Selection) series, two additional 'Jie'-branded models will emerge—partnering with BAIC and JAC. BAIC BluePark, China’s first independently operated new-energy vehicle (NEV) manufacturer and the first domestic firm to obtain NEV production qualifications, ranks among China’s most technologically advanced NEV enterprises. In September 2018, BAIC BluePark became China’s first listed NEV company via a major asset restructuring. In April 2021, BAIC BluePark and Huawei jointly launched the Arcfox Alpha S HI Edition at the Shanghai Auto Show—the first commercial implementation of Huawei’s HI (Huawei Inside) model. In 2023, their partnership upgraded to the Intelligent Selection model, with the debut vehicle positioned as a premium intelligent pure-electric sedan. Anhui Jianghuai Automobile Group (JAC), founded in 1964, is an integrated automaker engaged in R&D, manufacturing, sales, and after-sales service for commercial vehicles, passenger vehicles, and powertrains. In December 2019, JAC and Huawei formally signed a comprehensive cooperation framework agreement and an MDC platform project agreement in Shenzhen. JAC has collaborated with Huawei on multiple vehicle models—including several in the Sehol series—equipped with Huawei’s ecosystem infotainment system, intelligent driving system, and 77 GHz millimeter-wave radar. Currently, neither party has publicly disclosed details of their ongoing collaboration. Reports indicate that JAC’s newly constructed factory—designed for an annual capacity of 300,000 units—will produce various new-energy vehicle models across B- to D+-class segments under the JAC–Huawei joint initiative. Yinbao Shanxin Achieves Seven Consecutive Trading-Day Price Limits Huatai Securities’ research report notes a market perception gap regarding Huawei’s growth potential in the automotive sector. With intelligent driving penetration continuously rising—and increasingly becoming a decisive factor in consumers’ purchase decisions—the firm expects Huawei’s Intelligent Selection vehicle model to broaden its traditional OEM partnerships, unlocking extensive investment opportunities across the industrial chain. On November 17, Yinbao Shanxin issued an announcement regarding abnormal stock price fluctuations, stating that its closing prices on November 15 and November 16, 2023, deviated cumulatively by over 20% from the weighted average of the previous trading days. The company emphasized that its operational status and internal/external business environment had undergone no significant changes recently, urging investors to maintain rationality and exercise caution. Yinbao Shanxin centers its core technology on large-scale precision molds and focuses on three key business areas: automotive components, communications and consumer electronics, and high-end equipment.

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