Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a recovery in performance, with a steady increase in orders, particularly in the food and beverage sector, which has bolstered its competitive edge [7] - The company is expanding its product categories in its main business and is making progress in its robotics segment, focusing on humanoid robots and core components [7] - Revenue forecasts for 2025-2027 are projected at 40.64 billion, 44.76 billion, and 50.09 billion RMB, with net profits expected to be 1.49 billion, 3.00 billion, and 3.40 billion RMB respectively [7] Financial Performance - For the fiscal year 2023, the company reported a revenue of 3,146 million RMB, with a growth rate of 14.4%. The net profit was 71 million RMB, reflecting a significant decline of 74% [6] - The company is expected to achieve a revenue of 4,064 million RMB in 2025, with a net profit of 149 million RMB, indicating a substantial recovery with a net profit growth rate of 853.9% [6][8] - The earnings per share (EPS) is projected to increase from 0.15 RMB in 2023 to 0.30 RMB in 2025, and further to 0.70 RMB by 2027 [6][8] Market Performance - The company's stock price closed at 12.89 RMB as of October 31, 2025, with a total circulating share capital of 480 million shares [2] - The company has outperformed the market index, with a notable increase in stock performance compared to the CSI 300 index [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned as a leading integrated real estate transaction and service platform in China, with a strong focus on both new and second-hand housing transactions, rental services, and home decoration [12][13] - The company has a stable market position in the second-hand housing sector, with significant growth potential due to the recovery of transaction volumes and a stable commission rate [8][30] - The "One Body Three Wings" strategy aims to expand into home decoration and rental services, creating new growth avenues [8][72] - Revenue is projected to grow significantly, with expectations of Non-GAAP net profits increasing from 7.4 billion yuan in 2025 to 10.8 billion yuan in 2027 [85] Summary by Sections 1. Company Overview - The company has over 20 years of experience in the real estate brokerage industry and is recognized as the first stock in China's residential service sector [12] - The company has a stable shareholding structure, with the founding team holding nearly 50% of voting rights [16][18] 2. Real Estate Brokerage Business - The second-hand housing transaction volume has shown a recovery, with a 30% year-on-year increase in 2023, reaching approximately 7.1 trillion yuan [30] - The company’s second-hand housing transaction volume increased by 13.7% to 1.1638 trillion yuan in the first half of 2025, contributing to a 4% rise in revenue to 13.6 billion yuan [46] - The new housing business has a market share of 12.6% as of June 30, 2025, with revenue growth of 29.9% year-on-year in the first half of 2025 [62] 3. Strategic Expansion - The company is expanding its home decoration business, which has significant market potential, with the home decoration industry expected to grow at a CAGR of 8.1% from 2025 to 2030 [72] - The rental business has seen rapid expansion, with over 590,000 units under management as of June 30, 2025, representing an 88% year-on-year increase [78] 4. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 103.3 billion yuan, 117.1 billion yuan, and 130.6 billion yuan respectively, with Non-GAAP net profits expected to be 7.4 billion yuan, 8.8 billion yuan, and 10.8 billion yuan [85]

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in pig farming, despite ongoing losses in the industry [1][3] - The report highlights a potential acceleration in capacity reduction due to supply pressures and policy guidance [6][19] Group 1: Pig Farming - The number of breeding sows decreased by 0.20% month-on-month in September, with a total of 40.35 million sows reported [20][21] - Pig prices have been on the rise, with the average price for market pigs reaching 12.22 CNY/kg on October 30, reflecting a week-on-week increase of 7.10% [29][30] - The profitability of pig farming remains negative, with losses of 89.33 CNY per head for self-bred pigs and 179.72 CNY per head for purchased piglets as of October 31 [35][37] Group 2: Poultry Farming - The average price for white feather broilers increased to 7.09 CNY/kg on October 31, marking a week-on-week rise of 3.05% [39][42] - The report notes a significant increase in the number of breeding stock, with a 143.18% month-on-month rise in the number of grandparent stock updated in October [39][40] Group 3: Animal Health - The demand for animal health products is expected to rebound, driven by a recovery in breeding cycles and an increase in livestock numbers [48] - The report mentions that several companies are actively developing new products, which may enhance growth prospects for the sector [48] Group 4: Seed Industry - The average prices for wheat, soybean meal, and corn have increased, with wheat and soybean meal rising by 0.9% and 1.3% respectively as of October 31 [52][53] - The report emphasizes the importance of food security and the promotion of biotechnology in the seed industry [52][56] Group 5: Pet Industry - Pet food exports amounted to 823 million CNY in September, showing a year-on-year decline of 6.8% [57][60] - Domestic sales of pet food have continued to grow, with a combined growth rate of 3% across major e-commerce platforms in September [60]

1. Report Industry Investment Rating No specific industry investment rating is provided in the content. 2. Core Views of the Report - The 10 - year Treasury bond may break below 1.75% (250016) and reach a new low by the end of the year (250011 breaking below 1.6%). The trend of bond market interest rate decline will not change, as the fundamental weakness and monetary easing are the general trends, and the supply - demand relationship is becoming more favorable for the bond market [3]. - The final version of the fund sales new regulations may be released in November, and the impact on the bond market is considered to be positive overall. The incremental growth - stabilizing policies are mainly focused on next year. The fundamental stabilization still needs time, and the central bank is likely to maintain a supportive monetary policy stance. The supply - demand structure is becoming more favorable for the bond market [3][4]. 3. Summary According to the Table of Contents 3.1 10 - month Bond Market: Ready to Take Off - In October, the bond market interest rate fluctuated downward and the curve flattened. The main driving factor was the central bank's announcement to restart Treasury bond purchases, which increased the market's expectation of monetary easing. The 10 - year Treasury bond yield dropped 6.51bp to 1.80%, and the term spread between 1 - year and 10 - year Treasury bonds narrowed 8.24BP to 41.28BP [8]. - Other factors included Sino - US trade frictions and subsequent improvement in relations, the release of the Fourth Plenary Session of the 20th CPC Central Committee and the 14th Five - Year Plan, and the weakening of the fundamentals [8][9]. 3.2 Historical Performance of the Bond Market in November - Historically, in November, Treasury bond interest rates mostly declined, which was related to macro data pressure, policy implementation, and institutional cross - year allocation demands. There were only two significant adjustments in 2020 and 2022 [14]. - The release of October macro data has an impact on the November bond market trend, especially economic and financial data. The main factors to focus on in November include policy implementation, fundamental stabilization, monetary policy and capital flow, and cross - year allocation [16][17]. 3.3 Policy Implementation - **Fund Sales New Regulations**: The final version may be released in November, which may cause a structural impact on the bond market. However, the overall view on regulatory impact is positive. The demand for bonds will not disappear, and the central bank has set an upper limit for the 10 - year Treasury bond yield. After the policy is implemented, the bond market may experience a situation of "bad news is out" [18][19]. - **Incremental Growth - Stabilizing Policies**: There have been incremental policies in the broad - sense fiscal area to hedge against the economic downturn pressure. The subsequent focus is on next year, and attention should be paid to the possible impact of policy expectations [4]. 3.4 Fundamental Stabilization - Recently, the demand and price of rebar have shown signs of stabilization and rebound, but the cement price remains at a low level. The PPI and bill interest rates indicate that the effect of previous incremental policies is not significant, and the fundamental stabilization still needs time [4]. 3.5 Supportive Monetary Policy Stance - The central bank is likely to maintain a supportive monetary policy stance. The probability of an overall interest rate cut within the year is limited, but DR001 can decline to OMO - 20bp, and the market expectation can further ferment. The restart of Treasury bond purchases is beneficial to the bond market, and the long - term and ultra - long - term yield spreads can continue to compress [4]. 3.6 Supply - Demand Structure Favors the Bond Market - **Supply Side**: The supply of government bonds is decreasing, and credit is relatively sluggish, which is conducive to pushing down interest rates [4]. - **Demand Side**: The central bank's restart of bond purchases, the low - level replenishment of institutional duration, and the cross - year allocation market are all beneficial to the bond market. The cross - year allocation will not be absent, and non - bank institutions have shown a trend of net buying in the secondary market recently [4].

- The report constructs a market style rotation solution based on macro data, including value-growth style rotation strategy and large-small cap style rotation strategy. The value-growth style rotation strategy scores higher for growth style with a comprehensive score of 6 as of October 31, 2025[6][8] - The large-small cap style rotation strategy scores higher for small cap style with a comprehensive score of 4 as of October 31, 2025[8][10] - The industry rotation solution is constructed using four dimensions: macro indicators, fundamental indicators, technical indicators, and crowding indicators, forming a comprehensive evaluation system for industry rotation[11][22] - The macro indicators divide the primary industries into five sectors: upstream cycle, midstream manufacturing, downstream consumption, TMT, and big finance, based on the second-order difference of macro growth and liquidity[13] - The fundamental indicators include historical prosperity, prosperity changes, and prosperity expectations. As of October 31, 2025, the top five industries ranked by fundamental indicators are non-bank finance, non-ferrous metals, electronics, communication, and power equipment and new energy[17] - The technical indicators include index momentum, leading stock momentum, and K-line patterns. As of October 31, 2025, the top five industries ranked by technical indicators are communication, media, banking, computer, and machinery[18] - The crowding indicators include financing inflow, turnover rate, and transaction ratio. As of October 31, 2025, the top five industries ranked by crowding indicators are power equipment and new energy, non-ferrous metals, coal, electronics, and communication[21] - The comprehensive industry rotation score, combining the four dimensions, ranks the top seven industries as banking, machinery, communication, non-ferrous metals, media, automotive, and electronics as of October 31, 2025[22][25] Model Backtest Results - Value-Growth Style Rotation Strategy: Comprehensive score of 6, growth style scored higher[6][8] - Large-Small Cap Style Rotation Strategy: Comprehensive score of 4, small cap style scored higher[8][10] Factor Backtest Results - Fundamental Indicators: Top five industries are non-bank finance, non-ferrous metals, electronics, communication, and power equipment and new energy[17] - Technical Indicators: Top five industries are communication, media, banking, computer, and machinery[18] - Crowding Indicators: Top five industries are power equipment and new energy, non-ferrous metals, coal, electronics, and communication[21] - Comprehensive Industry Rotation Score: Top seven industries are banking, machinery, communication, non-ferrous metals, media, automotive, and electronics[22][25]

Core Insights - The report emphasizes a strategic shift towards large financial and consumer sectors, indicating that the maximum negative impact from equal tariffs has been realized, leading to a potential rebound window after initial panic [3] - The report highlights a significant improvement in corporate earnings, with the Shanghai Composite Index rising over 15% to above 3900 points, driven by external friction easing, clear domestic policy blueprints, and accelerated corporate profit recovery [3][4] - The report suggests that the market is expected to gain momentum due to three converging factors: external friction easing, clear domestic policy direction, and improved corporate earnings [3] Overall Performance - The overall performance of the A-share market shows a cumulative year-on-year net profit growth of 5.9% for Q3 2025, with a notable improvement of 3.2 percentage points compared to Q2 [4][23] - The non-financial A-share companies reported a cumulative net profit growth of -0.1%, which is an improvement of 0.25 percentage points from the previous quarter [25] - The report indicates that the revenue growth for non-financial A-share companies has also improved, with a cumulative year-on-year growth of 1.7% [25] Industry Performance - Key industries such as electric equipment, military industry, and pharmaceuticals have shown accelerated performance, with significant upward trends in earnings and revenue [4][36] - The steel, military, non-bank financial, and non-ferrous metals sectors exhibited the most substantial quarter-on-quarter improvements [4] - The report notes that the semiconductor, industrial metals, and non-bank financial sectors continue to show high growth despite high base effects [38] Fund Allocation - The report indicates a shift in fund allocation towards technology and cyclical sectors, while reducing exposure to consumer, manufacturing, and dividend-paying stocks [4] - The TMT (Technology, Media, and Telecommunications) sector has reached a historical high in terms of holding proportions [4] Macro Economic Overview - The macroeconomic environment shows a stabilization in the US economy, with signs of recovery, while domestic recovery is experiencing some slowdown [5][22] - The report highlights that the US Treasury yields are fluctuating within a narrow range, and global funds continue to flow into capital markets [5] Micro Tracking - The report notes a marginal decline in turnover rate and transaction volume, with an increase in industry rotation speed [6] - High-end transportation equipment and non-ferrous metals sectors are leading in profit growth rates [6] Investment Strategy - The report suggests a focus on cyclical sectors, consumer goods, and electric new energy as key investment directions for November [7][22] - The investment strategy emphasizes a "barbell" approach, favoring TMT sectors while also considering cyclical and consumer sectors [7]

Report Industry Investment Rating - No information provided regarding the industry investment rating Core Viewpoints - The weekly technical analysis of Treasury bond futures suggests paying attention to the possibility of a bottom reversal. This week, the 10-year Treasury bond futures rose continuously, and a breakthrough gap appeared on Tuesday. The futures have formed a breakthrough of the bottom range, showing a reversal pattern. Maintaining this pattern in the future is optimistic. T2512 and TL2512 have strong bullish forces, and specific support and resistance levels are given [2][3]. - The tracking of Treasury bond futures data shows that the futures rose across the board this week, with overall increased trading activity. The average daily trading volume of most 2512 contracts increased compared to last week, and the net basis of most CTDs decreased. The IRR, except for T, increased, and the current IRR is significantly higher than the funding rate, highlighting the value of the cash-and-carry strategy [4]. Summary by Directory 1. Weekly Technical Analysis 1.1. Previous Trend Review - On Tuesday, there was a gap breakthrough in the bottom area, showing strong bullish forces. TL2512 continued to rebound after being supported on Monday. Due to the central bank's restart of Treasury bond trading, T2512 and TL2512 formed an upward gap on Tuesday, breaking through the bottom area. T rose more strongly on Tuesday and Wednesday, while TL冲高回落 with a long upper shadow. TL started to strengthen on Thursday and Friday [7]. 1.2. Future Market Outlook - The bottom reversal pattern is obvious, and the future market remains optimistic if the pattern is maintained. Affected by the central bank's restart of bond buying, T2512 and TL2512 had a gap on Tuesday, which was at the upper edge of the bottom range, forming a breakthrough of the bottom range. The gap lasted for more than 3 trading days, confirming it as a breakthrough gap, and both formed bottom reversal patterns. TL2512 may form a head-and-shoulders bottom, with the neckline at 115.8 - 115.9 not to be broken; T2512 rose more rapidly after breaking through the bottom, and the level of 108.45 - 108.55 should not be broken. If the pattern is maintained, the future market can be optimistic. Both T and TL showed strong trends, indicating high bullish sentiment among traders. For T2512, the upper resistance levels to watch are 108.93 and 109.1; for TL2512, the target level is 118.4 [11]. 2. Weekly Tracking of Treasury Bond Futures - This week, Treasury bond futures rose across the board. As of October 31, the closing prices of the 2-year, 5-year, 10-year, and 30-year Treasury bond futures 2512 contracts were 102.544, 106.065, 108.680, and 116.68 yuan respectively, up 0.212, 0.450, 0.675, and 1.67 yuan from the previous week. The trading activity of Treasury bond futures increased overall. The average daily trading volume of most 2512 contracts increased compared to last week, except for TL. The volume/position ratio of TL decreased, while the others increased. As of October 31, the positions of all 2512 contracts increased. The net basis of most CTDs decreased, except for T. The IRR, except for T, increased, and the current IRR is significantly higher than the funding rate, highlighting the value of the cash-and-carry strategy. The spread between the 2512 - 2603 contracts decreased overall [13][19].

Report Summary 1. Report Industry Investment Rating The report does not explicitly mention the industry investment rating. 2. Core Views - The overall market uncertainty in November is expected to decline, and the probability of institutional加仓 is relatively high. Geopolitical negotiations between China and the United States are progressing orderly, and there was a summit in Busan at the end of October. Historically, insurance funds tend to enter the market for allocation in November and reduce positions in December. From 2022 - 2024, the average convertible bond position of insurance funds in November increased by 3.2% month - on - month, only slightly lower than that in January. [1][7] - Historically, the convertible bond market in November has a strong risk preference, with small - scale and low - rating bonds having high win - rate and odds. However, in December, there may be an obvious style switch, with large - scale and high - rating convertible bonds being dominant. [2] - The market has continuously broken through the upper edge of the 10 - year "convergent triangle", and the market trend is more optimistic. In October, the Shanghai Composite Index broke through 4000 points and closed above the "convergent triangle" formed since 2015 for many consecutive days. Although there may be a back - test for confirmation later, the trend breakthrough may bring more confidence to the market, and the subsequent market is worth looking forward to. [3][7] - Historically, the convertible bond market in November has a certain calendar effect, with a relatively high probability of positive performance. From 2018 to 2024, the probability of the China Securities Convertible Bond Index rising in November was about 71%, second only to July; the average monthly increase was 1.3%, second only to February and July. The high prosperity of the convertible bond market in November mainly comes from the promotion of the underlying stocks, and the valuation performance is average. [3][8] - Quantitatively, it is recommended to continue to pay attention to convexity and undervaluation strategies. The deep - learning undervaluation + convexity strategy and the traditional high - convexity strategy proposed earlier both achieved positive excess returns in October. The MLP undervaluation strategy had an excess return of nearly 1.8% in the past month and over 15% in the past year, performing the best. [3][22] - The top ten convertible bonds in November are Yiwei, Guanyu, Liyang, Yirui, Shentong, Bojun, Zhongte, ALa, Hebang, and Bengang. [3][26] 3. Summary According to the Directory 3.1 Market Trend Breakthrough and Year - End Allocation Market - In October, due to profit - taking demands, the release of listed companies' third - quarter reports, and geopolitical uncertainties, institutional enthusiasm for participating in the convertible bond market was generally low. In September 2025, the convertible bond positions of insurance institutions in the Shanghai and Shenzhen stock markets decreased by more than 20% month - on - month, reaching the lowest level since 2023. [7] - Looking forward to November, the overall market uncertainty is expected to decline, and the probability of institutional加仓 is relatively high. The market has broken through the upper edge of the 10 - year "convergent triangle", and the subsequent market is worth looking forward to. [7] 3.2 November's Win - Rate and Odds, Focus on Stock - like Nature and Qualification Downgrade - From 2018 to 2024, the probability of the China Securities Convertible Bond Index rising in November was about 71%, and the average monthly increase was 1.3%, indicating a high probability of high prosperity. The high prosperity mainly comes from the promotion of the underlying stocks, and the valuation performance is average. The average change in the 100 - yuan premium rate in November from 2018 to 2024 was - 0.4%, with a probability of more than 50% of a decline. [8][12] - In terms of style, small - scale and low - rating bonds may have high win - rate and odds in November. Since 2020, the average excess return of low - rating bonds relative to high - rating bonds in November was 10.4%, and that of small - scale bonds relative to large - scale bonds was 8.6%, both being the highest among all months. The probability of positive excess returns for small - scale and low - rating convertible bonds in November is about 80%. However, in December, there may be an obvious style switch. [17] 3.3 Quantification: Timing Signals Strengthen at the End of the Month, Focus on Undervaluation and Convexity - In terms of timing, the model's bullish signal strengthened at the end of October. Based on the timing model in the previous report, the model signal fluctuated around the threshold throughout October, and the timing effect slightly outperformed the China Securities Convertible Bond Index. At the end of October, the model signal value was 9.4%, the strongest in the past month. It is considered that the probability of the model being bullish in November is relatively high. [20] - Strategically, it is recommended to continue to pay attention to convexity and undervaluation strategies. The MLP undervaluation strategy had an excess return of nearly 1.8% in the past month and over 15% in the past year, performing the best. The positions of the MLP undervaluation and small - scale high - convexity strategies as of October 31, 2025, are provided. [22][23] 3.4 Individual Bonds: Top Ten Convertible Bonds in November - In November, a dumbbell - shaped combination of technology and cyclical domestic demand is continued. In the technology sector, the lithium - battery and energy - storage directions are favored, such as Yiwei and Guanyu convertible bonds. Technology - related convertible bonds may continue to be the main line in November, such as Liyang, Yirui, and Shentong convertible bonds. For high - performance convertible bonds, Bojun is recommended. In the cyclical + domestic demand sector, Zhongte, ALa, Hebang, and Bengang convertible bonds are recommended. [26] 3.5 October Market Review - In October, the China Securities Convertible Bond Index fluctuated, and the valuation remained high. The index showed a "V" - shaped trend, and Sino - US game was the main influencing factor. Compared with major broad - based indexes, the China Securities Convertible Bond Index performed strongly, underperforming the Guozheng Value and Shanghai Composite Indexes but outperforming the Guozheng 2000 and China Securities 1000 with similar underlying stocks. The 100 - yuan premium rate continued to fluctuate at a high level, closing at 28.8% at the end of the month, remaining above 28% throughout the month. [28] - In terms of clause games, the probability of convertible bond downward revisions decreased month - on - month in October, and the probability of non - call increased. Only three companies proposed downward revisions in October. Nine listed companies announced call provisions in October, the lowest number in the second half of 2025. [30][31] - In terms of supply, there was a net exit of convertible bonds in October, and the acceptance speed of new bonds increased significantly. The net supply of the convertible bond market in October was - 3.31 billion yuan, and the scale of convertible bonds at the end of the month was 55.979 billion yuan. Three convertible bonds were listed in October, with a listing scale of 730.2 million yuan. The two exchanges accepted a total of 20 convertible bond issuance plans, with a face - value scale of 20.144 billion yuan, the highest monthly level since April 2023. [32] - In terms of institutional behavior, insurance funds may have continued to reduce their convertible bond positions in October, while the convertible bond positions of public funds were firm. Insurance's convertible bond positions on the Shanghai Stock Exchange decreased by 7.25% month - on - month in October 2025, and the scale of convertible bonds held by general institutional investors decreased significantly due to the delisting of Pufa Convertible Bonds. Bank - related funds, including wealth management and self - operation, significantly reduced their convertible bond holdings. [34]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has experienced pressure on gross margins but has managed to control expenses effectively [7] - The company reported a revenue of 2.366 billion yuan in Q3 2025, representing a year-on-year increase of 12.35%, while the net profit attributable to shareholders was 27 million yuan, down 48.64% year-on-year [7] - The report anticipates net profits for 2025-2027 to be 83 million, 102 million, and 125 million yuan respectively, with the current market capitalization corresponding to PE ratios of 81x, 66x, and 54x [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 5.241 billion yuan, a year-on-year increase of 10.96%, with a net profit of 67 million yuan, down 45.73% year-on-year [7] - The gross margin for Q3 2025 was 10.21%, a decrease of 2.78 percentage points year-on-year, while the overall net profit margin was 1.12%, down 1.34 percentage points year-on-year [7] - The company’s operating income for 2023 is projected at 3.298 billion yuan, with a growth rate of 559.0%, and is expected to reach 7.101 billion yuan in 2025, with a growth rate of 10.0% [6][8] Expense Management - The company has shown a decrease in sales and management expense ratios, with Q3 2025 sales and management expense ratios at 6.14% and 1.58%, respectively, down 1.47 and 0.34 percentage points year-on-year [7] - For the first three quarters of 2025, the sales and management expense ratios were 7.69% and 2.04%, respectively, with slight increases of 0.19 and 0.13 percentage points year-on-year [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 78.157 billion yuan in the first three quarters, representing a year-on-year growth of 11.61%, and a net profit attributable to shareholders of 5.977 billion yuan, also up 11.67% year-on-year [7] - The revenue growth accelerated in the third quarter, with a revenue of 23.349 billion yuan, marking a year-on-year increase of 20.99% [7] - The company has a global presence with nearly 50% of its revenue coming from overseas, supported by a robust global operational framework [7] - The engineering machinery industry is experiencing a recovery across all categories, driven by domestic demand and infrastructure projects [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 7.356 billion, 9.554 billion, and 11.995 billion yuan, respectively, with corresponding PE ratios of 17.0, 13.1, and 10.4 [7] Financial Performance Summary - Revenue (million yuan): 92,848 in 2023, 91,660 in 2024, projected 102,849 in 2025, 118,435 in 2026, and 138,034 in 2027 [6][8] - Net profit (million yuan): 5,326 in 2023, 5,976 in 2024, projected 7,356 in 2025, 9,554 in 2026, and 11,995 in 2027 [6][8] - EPS (yuan): 0.45 in 2023, 0.51 in 2024, projected 0.63 in 2025, 0.81 in 2026, and 1.02 in 2027 [6][8] - ROE (%): 9.5 in 2023, 10.1 in 2024, projected 12.0 in 2025, 14.1 in 2026, and 15.9 in 2027 [6][8] Market Performance - The company's stock price closed at 10.50 yuan as of October 30, 2025 [2] - The company's market performance over the last 12 months shows a decline of 8%, while the CSI 300 index has increased by 5% [4]