1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The convertible bond market digested the high valuations accumulated last week, with the underlying stocks rebounding moderately while the convertible bonds lagged in following the upward trend. The structure of the valuation has changed compared to the previous central level, with the valuation in the equity - biased area remaining relatively stable, but there are signs of loosening in the low - parity debt - biased area, especially in the 90 - 100 yuan parity range. The poor performance of bank and non - bank convertible bonds this week may be an important factor dragging down the debt - biased area valuation. Given the large fluctuations in the equity market and the unclear upward trend, and the insufficient protection at the high valuation level of the debt - biased area, attention can be focused on the structural opportunities of equity - biased convertible bonds [2][6]. 3. Summary by Directory 3.1 Weekly Viewpoint and Outlook - The convertible bond market mainly digested high valuations this week. The underlying stocks rebounded moderately, but convertible bonds had a weak follow - up increase. The valuation structure changed, with the equity - biased area stable and the low - parity debt - biased area showing signs of valuation decline, especially in the 90 - 100 yuan parity range. The poor performance of financial convertible bonds may have dragged down the debt - biased area valuation. Amid large equity market fluctuations and an unclear upward trend, focus on the structural opportunities of equity - biased convertible bonds [2][6]. 3.2 Convertible Bond Valuation - This week, with the rebound of underlying stocks and the digestion of high convertible bond valuations, the 100 - yuan premium rate dropped to the normal level (37.1%) before the sharp increase. As of the latest data, in the scenario of retaining outliers, the 100 - yuan premium rate of the entire market's convertible bonds was 37.1%, a single - week decline of 2.6%, and the latest quantile was at the 95.5% percentile since 2017. - The high - parity area mainly digested valuations this week, and attention should be paid to the downward shift of the valuation center in the low - parity debt - biased area. Due to the increase in the parity level and the resurgence of the call expectation, the conversion premium rate in the 130 - 140 yuan parity range declined the most and basically returned to the previous normal level. However, both the conversion premium rate and the bottom - up premium rate in the low - parity debt - biased area declined, with a relatively larger decline in the 90 - 100 yuan parity range. - The median price of convertible bonds and the yield to maturity were reported at 131.11 yuan and - 6.54% respectively, a change of - 0.28 yuan and - 0.13% from last week. Currently, the quantile levels are at the 97.60 and 1.30 percentiles since 2017 [5][7][12]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Zhongneng, Wei 24, and Zhongqi Convertible Bonds announced redemptions, and 1 convertible bond announced non - redemption, with a forced redemption rate of 75%. Currently, there are 19 convertible bonds that have issued forced redemption or maturity redemption announcements but have not yet delisted, and the potential conversion or maturity balance of the forced - redeemed and matured convertible bonds among the non - delisted ones is 7 billion yuan. There are currently 37 convertible bonds in the redemption process, 8 are expected to meet the redemption conditions next week, and 13 are expected to issue trigger redemption announcements [19][20]. 3.3.2 Downward Revision - This week, Tianneng and Lanfan Convertible Bonds proposed downward revisions. As of the latest, 101 convertible bonds are in the non - downward - revision period, 20 cannot be downward - revised due to net asset constraints, 2 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 37 are accumulating downward - revision days, and 2 have issued board of directors' pre - plans for downward revision but have not yet gone to the shareholders' meeting [23]. 3.3.3 Put Option - This week, Qiaqia Convertible Bond issued a conditional put option announcement. As of the latest, 5 convertible bonds are accumulating put option trigger days, among which 1 proposed a downward revision and 4 are in the non - downward - revision period [26]. 3.4 Primary Issuance - There was no convertible bond issuance this week. Maolai and Ruike Convertible Bonds have been issued and are awaiting listing. As of the latest, there are 9 convertible bonds in the approval - for - registration progress, with a to - be - issued scale of 7.4 billion yuan; and 6 convertible bonds in the listing - committee - approved progress, with a to - be - issued scale of 7.5 billion yuan [28].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has issued the first consumer private REITs in China, expanding its equity financing channels and creating a virtuous cycle of investment, financing, management, and exit [4] - The China Securities Regulatory Commission has initiated a pilot program for commercial real estate REITs, which is expected to support the high-quality development of the commercial real estate sector [6] - The company’s commercial mall revenue and gross profit share have been continuously increasing, indicating a stable operational performance [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 59,785 million yuan, with a year-on-year decline of 32.8% [5] - The net profit attributable to the parent company for 2025 is projected to be 945 million yuan, reflecting a year-on-year growth of 25.6% [5] - The company’s gross margin is expected to improve from 24.9% in 2025 to 34.7% by 2027 [5] - The company’s total revenue for 2024 is 88,999 million yuan, with a net profit of 752 million yuan [8] Market Position and Strategy - The company operates 176 malls as of Q3 2025, with a rental rate of 97.8% [6] - The company is transitioning from a developer to an asset manager, which is expected to enhance its long-term growth prospects [6] - The company’s debt levels are decreasing, with interest-bearing liabilities down by 7.3% year-on-year [6]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly highlighting the strong performance of dry bulk freight rates and VLCC (Very Large Crude Carrier) rates, while also noting the recent increase in new ship prices for oil and bulk carriers [5][6]. Core Insights - Dry bulk freight rates have exceeded expectations, with the Baltic Dry Index (BDI) reaching 2560 points, a 12.5% increase week-on-week. Capesize rates have surged by 22.7%, marking the highest levels in nearly two years [5][6]. - The VLCC market remains robust, with current charter rates at $57,000 per day, significantly higher than the spot market rate of $140,000 per day. The report suggests that if spot rates decline, charter rates may rise, indicating a potential seasonal trading phase [5]. - Newbuilding prices for oil and bulk carriers have seen consecutive increases over the past three weeks, with second-hand ship prices also reaching new highs, suggesting a turning point in the newbuilding market [5]. - The report emphasizes the importance of monitoring the seasonal decline in freight rates from Christmas to the Spring Festival, which could impact market dynamics [5]. Summary by Sections Shipping Market Performance - The shipping index has shown a decline of 0.47%, underperforming the CSI 300 index, which rose by 1.64%. Among the sub-sectors, the intermediate products and consumer goods supply chain services saw the largest increase of 4.20%, while the airline transportation sector experienced the most significant drop of 2.05% [6][13]. Freight Rates and Trends - The report highlights that the dry bulk freight rates have reached a two-year high, driven by increased shipments from major exporters like Australia and Brazil. The Capesize rates have particularly benefited from tight capacity and favorable weather conditions affecting vessel turnover [5][6]. - The report also notes fluctuations in oil tanker rates, with VLCC rates experiencing a slight decline of 3% week-on-week, while Suezmax rates decreased by 2% [5]. Airline and Logistics Sector - The airline industry is poised for significant improvement due to a combination of rising passenger demand and constrained supply, with recommendations to focus on major airlines such as China Eastern Airlines and China Southern Airlines [5]. - The express delivery sector is entering a new phase of competition, with potential for price recovery and improved profitability, particularly for companies like Shentong Express and YTO Express [5]. Investment Recommendations - The report recommends continued investment in companies such as China Merchants Energy Shipping, COSCO Shipping Energy Transportation, and China Shipbuilding Industry Corporation, while also suggesting a watch on companies like SITC International Holdings and Pacific Basin Shipping [5].

Investment Rating - The report maintains an "Overweight" rating for the commercial real estate REITs sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate investment trusts (REITs), which is expected to significantly enhance the valuation of quality commercial assets [3]. - The potential market for public REITs in China is estimated to exceed 10 trillion yuan, with the current market size at 219.9 billion yuan, of which commercial real estate accounts for 130.9 billion yuan, indicating substantial growth potential [3]. - The pilot program aims to create a multi-tiered market for commercial real estate asset securitization, which will help in revitalizing existing assets, mitigating risks, and facilitating corporate transformation [3]. - The new model of real estate development emphasizes the operational management of existing assets rather than new construction, aligning with the broader economic goals of sustainable development [3]. Summary by Sections Pilot Program Overview - The CSRC has launched a pilot for commercial real estate REITs, which will include a wider range of underlying assets such as office buildings and hotels, thereby expanding the asset revitalization scope [3]. Market Potential - The global REIT market is characterized by a significant proportion of holding-type real estate and infrastructure assets, with market values approximately 60% and 40% respectively [3]. - The report highlights that the commercial real estate REITs pilot will complement existing infrastructure REITs, forming a complete public REITs market in China [3]. Strategic Implications - The introduction of commercial real estate REITs is seen as a critical step in transitioning the real estate sector from a developer-focused model to an asset management-oriented approach, which is essential for high-quality development [3]. - The report identifies two key opportunities: the favorable policy environment for quality housing and the strong performance of quality commercial enterprises during a period of monetary easing [3]. Investment Recommendations - The report recommends several companies for investment, including: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development [3]. - Quality housing companies: Jianfa International, Binjiang Group, China Jinmao, and Greentown China [3]. - Undervalued companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments [3]. - Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property [3]. - Second-hand housing intermediaries: Beike-W, with attention to I Love My Home [3].

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - On November 28, 2025, after the market closed, the China Securities Regulatory Commission (CSRC) released the "Announcement on the Pilot Program of Commercial Real Estate Investment Trust Funds (Draft for Comment)", planning to introduce a new product, "Commercial Real Estate REITs," in addition to infrastructure REITs. The scope of public - offering REITs will include commercial properties such as commercial complexes, commercial retail, office buildings, and hotels. This is a significant milestone after five years of development [3]. - The CSRC emphasizes the fund manager's active role in the operation and management of commercial real estate, which is expected to shift the domestic commercial real estate from a development - oriented to an operation - oriented model and make the institutional arrangement closer to that of mature international REITs markets [3]. - The review process of REITs may change marginally, potentially simplifying the review chain of commercial real estate REITs and accelerating product expansion [3]. - The launch of commercial real estate REITs provides a market - based financing and exit channel for real - estate enterprises and local state - owned enterprises holding high - quality commercial properties, alleviating their liquidity pressure and supporting the construction of a new real - estate development model [3]. 3. Summary According to the Catalog 3.1 Primary Market: Three Newly Issued Public - Offering REITs Made Progress - As of November 28, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 24.1%. This week, three newly issued public - offering REITs made progress: the Orient Hong Kong Tunnel Expressway REIT (the first tunnel REIT in China) was accepted, the Ping An Xi'an High - tech Industrial Park REIT was declared, and the AVIC CNNC Energy REIT was accepted [3]. - Currently, there are 11 REITs in the declaration stage, 2 have responded to inquiries, 1 has passed the review, and 1 has been registered and is awaiting listing. In terms of expansion, 5 have been declared, 3 have responded to inquiries, and 3 have passed the review [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell 0.08% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1040.34 points, down 0.08%, underperforming the CSI 300 by 1.72 percentage points and outperforming the CSI Dividend Index by 0.08 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.49%, underperforming the CSI 300 by 7.55 percentage points and outperforming the CSI Dividend Index by 8.13 percentage points [4]. - By project attribute, equity - type REITs fell 0.02% this week, and concession - type REITs fell 0.43%. By asset type, data centers (+1.84%), affordable housing (+0.77%), consumption (-0.13%), and warehousing and logistics (-0.30%) sectors performed well [4]. - Among individual bonds, 34 rose and 42 fell this week. CICC Xiamen Anju REIT (+3.65%), Huaxia Capital First - Initiative Outlets REIT (+2.67%), and Huaxia Beijing Affordable Housing REIT (+2.52%) led the gainers, while Huatai Nanjing Jianye REIT (-5.92%), CICC Chongqing Liangjiang REIT (-4.55%), and China Merchants Expressway REIT (-4.41%) were the biggest losers [4]. 3.2.2 Liquidity: The Liquidity of the Affordable Housing Sector Increased Significantly - The average daily turnover rates of equity - type and concession - type REITs this week were 0.51% and 0.47% respectively, up 7.22BP and 2.49BP from last week. The trading volumes this week were 490 million and 157 million shares respectively, up 16.59% and 15.38% week - on - week. The affordable housing sector was the most active [4]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - The ChinaBond valuation yields of equity - type and concession - type REITs were 3.95% and 4.17% respectively [29]. 3.3 This Week's Important News and Announcements - On November 25, 2025, the bidding announcement for the fund manager of the infrastructure REITs of the Southern Xinjiang Energy Group was released. The service location is Alar City, the service period is 3 years, and the opening time is December 16 [34]. - On November 26, 2025, the winning candidate for the public - offering REITs project of the Lanzhou Thermal Group was announced. The first winning candidate is Dongxing Securities, with a consulting service fee of 2.8 million yuan, a fund management fee of 0.193% per year, and an ABN underwriting fee of 0.13% per year [34]. - On November 27, 2025, the National Development and Reform Commission (NDRC) stated that it is actively promoting the expansion of infrastructure REITs to more industries and asset types such as urban renewal facilities, hotels, sports stadiums, and commercial office facilities, and will continue to cooperate with the CSRC to optimize the application and recommendation process [34]. - On November 28, 2025, the CSRC drafted and solicited public opinions on the "Announcement on the Pilot Program of Commercial Real Estate Investment Trust Funds", which contains eight articles, emphasizing the manager's operation responsibility and other aspects [34].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Views of the Report - After five - year development, the pilot program for commercial real - estate investment trusts (REITs) is officially launched. On November 28, 2025, the China Securities Regulatory Commission (CSRC) released a draft for public comment, planning to introduce a new product of "commercial real - estate REITs" outside of "infrastructure REITs", including commercial complexes, commercial retail, office buildings, hotels and other commercial properties [3]. - The announcement emphasizes that fund managers should actively perform the operation and management duties of commercial real estate. This is expected to shift the domestic commercial real - estate from a development - oriented to an operation - oriented model and make the institutional arrangement closer to that of mature international REITs markets [3]. - There may be marginal changes in the REITs review process, accelerating the product expansion. The notice is issued solely by the CSRC without mentioning the National Development and Reform Commission (NDRC) recommendation mechanism for now, which may simplify the review chain of commercial real - estate REITs [3]. - The launch of commercial real - estate REITs provides a market - based financing and exit channel for real - estate enterprises and local state - owned enterprises holding high - quality commercial properties, alleviating their liquidity pressure and supporting the construction of a new real - estate development model [3]. 3. Summary According to the Directory 3.1 Primary Market: Three Newly Issued Public REITs Made Progress - As of November 28, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 24.1%. Three newly issued public REITs made progress this week: Dongfanghong Tunnel Expressway REIT was accepted, with the underlying asset being the Qianjiang Tunnel in Zhejiang; Ping An Xi'an Hi - tech Industrial Park REIT was declared; and AVIC Zhonghe Energy REIT was accepted [3]. - The current approval process includes 11 declared REITs, 2 that have been questioned and responded, 1 that has passed the review, and 1 that has been registered and is awaiting listing. For the expansion of existing REITs, 5 have been declared, 3 have been questioned and responded, and 3 have passed the review [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.08% - As of November 28, 2025, the CSI REITs Total Return Index closed at 1040.34 points, a decline of 0.08% this week. It underperformed the CSI 300 by 1.72 percentage points and outperformed the CSI Dividend Index by 0.08 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 7.49%, underperforming the CSI 300 by 7.55 percentage points and outperforming the CSI Dividend Index by 8.13 percentage points [4]. - By project attribute, equity - type REITs fell 0.02% and concession - type REITs fell 0.43% this week. By asset type, the data center (+1.84%), affordable housing (+0.77%), consumption (-0.13%), and warehousing and logistics (-0.30%) sectors performed well [4]. - Among individual bonds, 34 rose and 42 fell this week. CICC Xiamen Anju REIT (+3.65%), Huaxia Capital First - Choice Outlets REIT (+2.67%), and Huaxia Beijing Affordable Housing REIT (+2.52%) were the top three, while Huatai Nanjing Jianye REIT (-5.92%), CICC Chongqing Liangjiang REIT (-4.55%), and China Merchants Expressway REIT (-4.41%) were the bottom three [4]. 3.2.2 Liquidity: The Liquidity of the Affordable Housing Sector Increased Significantly - The average daily turnover rates of equity - type and concession - type REITs this week were 0.51% and 0.47% respectively, an increase of 7.22 and 2.49 basis points compared to last week. The trading volumes this week were 490 million and 157 million shares respectively, a week - on - week increase of 16.59% and 15.38% [4]. - The affordable housing sector had the highest activity, with an average daily turnover rate of 1.11% this week, an increase of 34.61 basis points compared to last week, and a trading volume of 154 million shares, a week - on - week increase of 45.71% [27]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity - type and concession - type REITs were 3.95% and 4.17% respectively. The warehousing and logistics (5.55%), transportation (5.03%), and park (4.75%) sectors ranked among the top three [4]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On November 25, 2025, the infrastructure REITs fund manager public project tender announcement of Nanjiang Energy Group was released. - On November 26, 2025, the winning candidate for the Lanzhou Thermal Power Group's public REITs project was announced. - On November 27, 2025, the NDRC stated that it was actively promoting the expansion of infrastructure REITs to more industries and asset types such as urban renewal facilities, hotels, sports stadiums, and commercial office facilities. - On November 28, 2025, the CSRC drafted the "Announcement on the Pilot Program of Commercial Real - Estate Investment Trust Funds (Draft for Public Comment)" [35]. 3.3.2 Important Announcements - Many REITs released announcements this week, including operation data announcements, share unlocking announcements, and dividend announcements. For example, Guojin China Railway Construction REIT released its operation data for October 2025; Huaxia Fund China Resources Youchao REIT announced the unlocking of strategic placement shares; and Huaxia Beijing Affordable Housing REIT announced a dividend plan [35][36].

Investment Rating - The report maintains a "Positive" outlook on the home appliance sector, highlighting its performance against the Shanghai and Shenzhen 300 Index [3][4]. Core Insights - The home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with the sector index rising by 1.8% compared to a 1.6% increase in the broader index [4][5]. - Key companies such as Beiyi Co., Lek Electric, and Huaxiang Co. showed significant gains, while Aopu Technology and Stone Technology faced declines [4][7]. - December 2025 production data for major appliances indicates a total production of 30.18 million units, a 14.1% decrease from the previous year [10]. - The Ministry of Industry and Information Technology and five other departments issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for a significant optimization of the supply structure by 2027 [11]. Summary by Sections Market Performance - The home appliance sector index increased by 1.8%, outperforming the Shanghai and Shenzhen 300 Index [4][5]. - Notable performers included Beiyi Co. (10.2%), Lek Electric (9.0%), and Huaxiang Co. (8.4%) [4][7]. Industry Dynamics - December 2025 production data shows a total of 30.18 million units for air conditioners, refrigerators, and washing machines, with air conditioner production down 22.3% year-on-year [10]. - The government plan aims to create three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027 [11]. Sales Data - October sales data revealed a significant decline in offline sales for major appliances, with air conditioner retail volume down 48.3% and retail value down 53.7% [33][36]. - The average retail price for air conditioners decreased by 10.7% to 4,224 yuan [33]. Investment Opportunities - The report identifies three main investment themes: 1. Head companies in white and black appliances with low valuations and high dividends [4]. 2. Core component manufacturers expanding into emerging tech fields [4]. 3. Growth in overseas demand for new consumer appliances [4]. Raw Material Prices - As of November 28, 2025, copper prices increased by 17.83% year-on-year, while aluminum prices rose by 5.15% [13][20].

Group 1 - The report presents the "Shenwan Hongyuan Top Ten Stock Portfolio" for December 2025, reflecting the firm's market outlook and stock selection capabilities [1][11] - The previous portfolio saw a decline of 1.90% from November 1 to November 28, 2025, with A-shares averaging a drop of 3.17%, while the Hong Kong stock in the portfolio rose by 9.54% [6][14] - Since the first portfolio release on March 28, 2017, the cumulative return of the portfolio has been 401.02%, with A-shares up 290.03% and Hong Kong stocks up 1250.43% [6][14] Group 2 - The current strategy indicates a balanced style judgment, suggesting a transitional phase rather than a bull-bear conversion, with expectations for a "policy bottom" to support economic growth in 2026 [14] - Recommendations include investing in both cyclical and technology sectors, focusing on basic chemicals, industrial technology, storage, energy storage, and high-dividend low-volatility assets [14] - The top three recommended stocks, referred to as the "Iron Triangle," are Alibaba-W (Hong Kong), JinkoSolar, and Giant Network, highlighting their growth potential and market positioning [17][18] Group 3 - The full list of the top ten stocks includes Alibaba-W, JinkoSolar, Giant Network, Guotou Power, Fuda Co., Yake Technology, Luzhou Laojiao, Tax Friend, Industrial Bank, and AVIC Shenyang Aircraft [17][18] - Each stock is selected based on specific growth drivers, such as Alibaba's shift towards a consumer ecosystem, JinkoSolar's expansion in energy storage, and Giant Network's potential in the gaming sector [17][18][20] - The report provides detailed valuation and profit forecasts for each stock, indicating expected growth rates and price-to-earnings ratios [22][23]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [4][7]. Core Insights - The company is focusing on cross-regional expansion and IP development to support long-term operations, with a significant increase in revenue and net profit projected over the next few years [7]. - The company has successfully expanded its overseas retail presence, with 171 stores globally, and is well-positioned to meet growing demand from international markets [7]. - The report highlights the company's strong brand power and competitive advantages in IP design, operation, and supply chain management, which are expected to sustain long-term value creation [7]. Financial Data and Profit Forecast - Revenue projections show a substantial increase from RMB 6.301 billion in 2023 to RMB 66.946 billion by 2027, with a compound annual growth rate (CAGR) of approximately 27% [5][8]. - Net profit is expected to grow from RMB 1.184 billion in 2023 to RMB 23.569 billion in 2027, reflecting a CAGR of around 28% [5][8]. - The report anticipates a significant rise in earnings per share (EPS), from RMB 0.88 in 2023 to RMB 17.55 in 2027, indicating strong profitability growth [5][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expanding its global presence and IP portfolio, which supports long-term operations. The retail store expansion is expected to activate new user demand in various regions [9] - The company has demonstrated strong IP operation capabilities, maintaining fan engagement through product innovation and iteration. The overall brand strength has significantly improved [9] - The long-term business model is viewed positively, with competitive advantages in IP design, operation, and supply chain management [9] - Revenue and profit forecasts have been revised upwards for 2025-2027, reflecting confidence in the company's growth trajectory [9] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 6,301 million RMB - 2024: 13,038 million RMB - 2025E: 38,865 million RMB - 2026E: 52,738 million RMB - 2027E: 66,946 million RMB - Net profit projections for the same period are: - 2023: 1,184 million RMB - 2024: 3,220 million RMB - 2025E: 13,648 million RMB - 2026E: 18,429 million RMB - 2027E: 23,569 million RMB - The company expects significant growth rates, with net profit growth rates reaching 324% in 2025 [7][10]