Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company reported a revenue of 23.55 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.46%, with a net profit attributable to shareholders of 2.37 billion yuan, down 22.14% year-on-year [3][6] - In Q3 2025, the company achieved a revenue of 7.79 billion yuan, with a year-on-year decrease of 5.07% and a quarter-on-quarter decrease of 2.54% [3][6] - The gross profit margin and net profit margin improved year-on-year in Q3 2025, with a gross margin of 19.14% and a net profit margin of 10.34% [3][6] Summary by Sections Financial Performance - For Q1-3 2025, the overall gross margin was 18.38%, and the net profit margin was 10.08%, both showing a decline of 1.63 and 2.03 percentage points year-on-year [3] - The company’s expenses as a percentage of revenue for sales, management, finance, and R&D were 0.29%, 1.02%, 0.78%, and 2.24%, respectively, with slight increases year-on-year [3] Product Performance - The company’s revenue from new energy materials, chemical fertilizers, organic amines, and acetic acid and derivatives for Q1-3 2025 were 11.56 billion, 5.83 billion, 1.77 billion, and 2.52 billion yuan, respectively, with the chemical fertilizer segment showing a notable revenue increase of 11.01% year-on-year [2] - The production volumes for these segments were 3.57 million, 4.39 million, 424,200, and 1.15 million tons, reflecting year-on-year increases of 12.40%, 30.16%, and 5.30% [2] Project Development - The company is progressing with its TDI project, with the environmental impact report for the 300,000 tons/year TDI project being publicly announced [3] - The company has successfully completed all processes for its 200,000 tons/year BDO project, which has entered the trial production phase [3] Future Projections - The company’s projected net profits for 2025-2027 are 3.15 billion, 3.93 billion, and 4.48 billion yuan, corresponding to P/E ratios of 17.5, 14.0, and 12.3 times [3][4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a significant increase in net profit for the first three quarters of 2025, achieving a net profit of 828 million yuan, which represents a year-on-year growth of 77.57% [1] - The company's gross margin and net margin improved substantially, with Q1-Q3 2025 gross margin at 40.53% and net margin at 24.40%, reflecting increases of 10.23 percentage points and 9.40 percentage points year-on-year, respectively [2] - The company is expected to benefit from rising potassium fertilizer prices in the short term and new production capacity in the medium to long term, with projected net profits of 1.268 billion, 1.446 billion, and 1.719 billion yuan for 2025, 2026, and 2027, respectively [4] Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved revenue of 3.392 billion yuan, a year-on-year increase of 9.05%, and Q3 revenue of 1.244 billion yuan, with a quarter-on-quarter increase of 4.27% [1] - The company’s Q3 net profit reached 335 million yuan, with a year-on-year increase of 75.26% and a quarter-on-quarter increase of 16.43% [1] Profitability - The overall gross margin for Q1-Q3 2025 was 40.53%, with Q3 gross margin at 43.55%, indicating a significant improvement [2] - The company’s selling expense ratio was 1.22%, management expense ratio was 3.10%, and financial expense ratio was 0.60%, totaling a decrease of 0.19 percentage points to 4.92% [2] Future Prospects - The company is expected to obtain mining rights for phosphate rock in 2026 and double its potassium fertilizer production capacity by 2027 [3] - The company currently has a potassium chloride production capacity of 1 million tons per year and is advancing a second project in Laos, which is expected to benefit from rising potassium fertilizer prices [3]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated resilience in its performance despite a significant decline in revenue due to weak demand, with a year-on-year revenue decrease of 10.06% for the first three quarters of 2025, while net profit increased by 21.28% [1][2] - The cement industry has faced continuous demand pressure, with national cement production declining by 1.43%, 5.7%, and 6.8% year-on-year in Q1, Q2, and Q3 respectively, leading to a further drop in prices [2][3] - The company is expected to benefit from policies aimed at tightening supply in the cement industry, which may lead to the elimination of outdated production capacity [3][4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 612.98 billion yuan, a decrease of 10.06% year-on-year, while net profit reached 63.05 billion yuan, an increase of 21.28% [1][6] - In Q3 alone, the company reported revenue of 200.06 billion yuan, down 11.42% year-on-year, but net profit increased by 3.41% to 19.37 billion yuan [1][2] Profitability Metrics - The company's gross margin for the first three quarters of 2025 improved by 4.76 percentage points to 24.30%, while the net profit margin increased by 2.76 percentage points to 10.45% [3] - In Q3, the gross margin was 22.44%, showing a decline from the previous quarter but an increase year-on-year [3] Future Outlook - The company is projected to achieve net profits of 87.94 billion yuan, 105.86 billion yuan, and 125.15 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.66, 2.00, and 2.36 yuan per share [4] - The company is expected to maintain its leadership position in the industry, benefiting from cost and scale advantages even during periods of declining demand [4]

Investment Rating - The investment rating for the company is "Buy" [5][11]. Core Views - The company has shown strong revenue growth, with a 45% year-over-year increase in revenue for the first three quarters of 2025, reaching 1206.69 billion yuan. The net profit attributable to shareholders increased by 15% year-over-year to 14.82 billion yuan [1][5]. - The company has a solid demand outlook, as indicated by the increase in contract liabilities, which rose by 36.93 billion yuan to 315.45 billion yuan by the end of Q3 2025. This reflects a high certainty of downstream demand [1][2]. - The company is actively investing in research and development, particularly in AI server technology, which positions it well for future growth as clients expand their capital expenditures in generative AI applications [2][5]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 404.77 billion yuan, a decrease of 1% year-over-year but an increase of 21% quarter-over-quarter. The net profit for the same quarter was 6.83 billion yuan, down 2% year-over-year but up 103% quarter-over-quarter [1][5]. - The gross margin for the first three quarters of 2025 was 4.91%, a decrease of 1.79 percentage points year-over-year, while the net margin was 1.23%, down 0.30 percentage points year-over-year [1][5]. Future Projections - The company is projected to achieve net profits of 26.38 billion yuan, 37.31 billion yuan, and 47.77 billion yuan for the years 2025, 2026, and 2027, respectively [2][5]. - Revenue forecasts for the upcoming years are as follows: 158.16 billion yuan in 2025, 221.15 billion yuan in 2026, and 286.19 billion yuan in 2027, with growth rates of 37.8%, 39.8%, and 29.4% respectively [3][10]. Market Position - The company maintains strong technical reserves in the server industry, particularly in AI servers, and has established long-term business relationships with downstream clients [2][5]. - The company’s stock is currently priced at 63.78 yuan, with a price-to-earnings ratio projected to decrease from 52.7 in 2023 to 19.7 by 2027 [3][10].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company reported a revenue of 9.156 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.23%, and a net profit attributable to the parent company of 1.055 billion yuan, up 2.88% year-on-year [1] - In Q3 2025, the company achieved a revenue of 2.923 billion yuan, with a year-on-year increase of 26.15% but a quarter-on-quarter decrease of 2.34%. The net profit for Q3 was 250 million yuan, down 5.01% year-on-year and 32.72% quarter-on-quarter [1][2] - The gross profit margin for Q1-Q3 2025 was 22.35%, a decrease of 1.67 percentage points year-on-year, while the net profit margin was 11.53%, down 1.27 percentage points year-on-year [2] - The company is experiencing a steady increase in the sales volume of raw materials, with Q3 raw material production at 29,200 tons and sales at 29,600 tons, a year-on-year increase of 13.53% [2][3] - The price of glyphosate has shown an upward trend, with a price of 27,295 yuan per ton as of October 27, 2025, reflecting a year-to-date increase of 15.62% [3] Financial Performance Summary - For 2025, the company is expected to achieve a net profit of 1.438 billion yuan, with a corresponding PE ratio of 19.0 [4][10] - The projected revenue for 2025 is 11.484 billion yuan, with a growth rate of 10.1% [4] - The company’s gross profit margin is expected to be 24.6% in 2025, with a net profit margin of 12.5% [4]

Investment Rating - The investment rating for the company is "Buy" [5][3]. Core Insights - The company reported a revenue of 20.068 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 1.71%, while the net profit attributable to shareholders was 1.081 billion yuan, up 25.97% year-on-year [1][5]. - The company has entered a phase of optimizing store layouts and focusing on direct franchise stores, with a total of 17,385 stores as of Q3 2025, including 7,029 franchise stores [2]. - The retail business gross margin increased to 37.70%, and the sales expense ratio improved to 21.78% [2]. Financial Performance Summary - For Q1-Q3 2025, the company achieved a revenue of 20.068 billion yuan, with a net profit of 1.081 billion yuan, and a net profit excluding non-recurring items of 1.073 billion yuan [1][5]. - The revenue from traditional Chinese and Western medicine was 15.451 billion yuan, with a gross margin of 30.12% [1]. - The company expects EPS of 1.06, 1.21, and 1.41 yuan for 2025, 2026, and 2027 respectively [3]. Store Expansion and Management - The company completed its cross-province expansion and is now focusing on increasing market share in existing provinces, with a net increase of 832 stores in Q1-Q3 2025 [2]. - The company has optimized its store network by closing 447 stores while opening 300 new self-built stores and adding 979 franchise stores [2]. Profitability and Efficiency - The company is benefiting from improved gross margins in non-pharmaceutical products, which increased to 45.62% [1]. - The digital transformation has enhanced operational efficiency, contributing to a competitive advantage [2]. Future Earnings Projections - The company is projected to have a revenue of 27.186 billion yuan in 2025, with a growth rate of 2.6% [4]. - The net profit attributable to shareholders is expected to reach 1.205 billion yuan in 2025, reflecting a growth rate of 31.7% [4].

Group 1: Fund Analysis - The public FOF fund scale increased in Q3 2025, with 518 funds totaling 1934.89 billion yuan, a growth of 278.16 billion yuan from Q2 2025 [8][9] - The proportion of equity funds, secondary bond funds, and commodity funds increased, with the top performing equity funds being E Fund Growth Power, Boda Growth Smart Navigation, and Caitong Asset Digital Economy [10][11] - The focus remains on the technology sector, with a refined approach to capturing structural market opportunities [7][8] Group 2: Insurance Industry Overview - The insurance industry saw significant growth in the first three quarters of 2025, driven by a rapid increase in new business value for life insurance and improved cost ratios for property insurance [15][17] - Investment performance was strong, with total investment returns for major insurers like Xinhua Insurance at +8.60%, and Ping An at +7.20% [16] - The average growth rate of new business value (NBV) for listed insurers approached 45%, indicating a recovery in profitability supported by economic revival and policy backing [17] Group 3: Securities Industry Overview - The securities industry experienced high growth in revenue and net profit in Q3 2025, with 42 listed brokerages achieving a total revenue of 4,195.6 billion yuan and a net profit of 1,690.5 billion yuan, representing year-on-year increases of 42.6% and 62.4% respectively [19][20] - Brokerage net income increased by 75% year-on-year, with A-share average daily trading (ADT) reaching 1.65 trillion yuan, a 107% increase [20] - The industry is expected to continue its upward trend, with projected revenues for 2025 reaching 5,503 billion yuan, a 22% increase year-on-year [21] Group 4: Company-Specific Insights - Guosen Securities, after acquiring Wanhua Securities, is positioned to leverage cross-border asset management policies in Hainan, enhancing its wealth management and investment trading capabilities [23][24] - Luxshare Precision reported a Q3 2025 revenue of 964.11 billion yuan, a year-on-year increase of 31.03%, driven by AI demand in consumer electronics [26][27] - Pro Pharmaceutical's revenue for the first three quarters of 2025 was 77.6 billion yuan, a decline of 16.4%, but its CDMO business showed strong growth with a 20% increase in revenue [29][30]

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report In 25Q3, the scale of public offering FOF increased, with 7 fund companies having over 10 billion yuan in assets under management, and China - Europe took the lead in scale, with CR10 rising to 64%. The proportion of FOF funds with positive returns was close to 100%, and Cathay Preferred Pilot recorded the best performance in Q3. In terms of allocation, the proportions of partial - stock funds, secondary bond funds, and commodity - type funds increased. The equity funds that were significantly increased in holdings included E Fund Growth Momentum, Boda Growth Zhihang, and Caitong Asset Management Digital Economy. Overall, the focus was on the technology theme to capture market structural opportunities in a refined manner [1]. Summary According to Relevant Catalogs I. Development of Public Offering FOF Funds 1.1 Public Offering FOF Scale Increased, and 2 FOF Funds Exceeded 1 Billion Yuan - **1.1.1 Increase in Quantity and Scale of Public Offering FOF** - In 25Q3, the number of public offering FOF funds increased by 1 to 518, and the scale increased by 278.16 billion yuan to 193.489 billion yuan compared to 25Q2. Since Q3 2025 (as of October 28, 2025), 19 FOF funds were liquidated. The proportion of public offering FOF funds in non - monetary funds was 0.91%, up 0.06 pct from the previous quarter [14]. - **1.1.2 Decline in New - Issue Scale in the Quarter, Positive Continued - Operation Scale** - In 25Q3, 17 FOF funds were newly issued, with a total scale of 6.532 billion yuan, and the average issuance scale per fund was 384 million yuan. Since Q3 2025 (as of October 28, 2025), 25 FOF funds were newly issued, with a total scale of 21.805 billion yuan, and the average issuance scale per fund was 872 million yuan. The continued - operation scale of public offering FOF funds in Q3 was positive, increasing by 2.1285 billion yuan [19]. - **1.1.3 Scale of Partial - Debt FOF Increased by Over 2.2 Billion Yuan** - In 25Q3, the number of partial - debt hybrid FOF funds increased by 2, and the scale increased by 2.2084 billion yuan, accounting for 51.32% of the total scale, up 4.71 pct from 25Q2. The scale of bond - type FOF increased by 162.9 million yuan, the scale of stock - type FOF increased by 18.5 million yuan, and the scale of hybrid FOF increased by 2.6003 billion yuan [25]. 1.2 Over Half of the Funds' Scale Increased, with Fullgoal Yinghe Zhenxuan 3 - Month Holding Leading - **1.2.1 2 FOF Funds Exceeded 1 Billion Yuan in Scale, with Fullgoal Yinghe Zhenxuan 3 - Month Holding Leading** - The total scale of the top - ten FOF funds was 6.4135 billion yuan, accounting for 33.15%. As of 25Q3, Fullgoal Yinghe Zhenxuan 3 - Month Holding ranked first with a scale of 1.1759 billion yuan, followed by China - Europe Yingxuan Steady 6 - Month Holding with a scale of 1.0815 billion yuan [26]. - **1.2.2 Over Half of the Funds' Scale Increased, and 11 Funds' Scale Increased by Over 1 Billion Yuan** - In 25Q3, 297 funds' scale increased, accounting for 57.34%. After excluding newly - issued funds, 278 funds' scale increased, accounting for 55.82%. 11 funds' scale increased by over 1 billion yuan [29]. 1.3 7 FOF Managers with Over 10 Billion Yuan in Assets, and China - Europe Took the Lead - **1.3.1 China - Europe Took the Lead, and Fullgoal, GF, and Huaxia Exceeded 1 Billion Yuan for the First Time** - As of 25Q3, there were 82 managers deploying public offering FOF products, 7 of which had over 10 billion yuan in assets: China - Europe, Xingzheng Global, E Fund, Fullgoal, GF, Huaxia, and Huaan. China - Europe rose to the first place [31][32]. - **1.3.2 Scale of Fullgoal, China - Europe, and GF Increased by Over 5 Billion Yuan** - In 25Q3, the FOF scale of 52 fund companies increased. 9 fund companies' scale increased by over 1 billion yuan, and Fullgoal, China - Europe, and GF increased by over 5 billion yuan [34]. - **1.3.3 Obvious Head - Effect, CR10 Increased to 64%** - In 25Q3, the CR10 of public offering FOF fund companies increased to 63.73%, up 2.75 pct from 25Q2. The concentration of the top - ten managers of pension FOF was 45.80%, down 1.96 pct from 25Q2 [37]. 1.4 3 Fund Managers with Over 10 Billion Yuan in Assets, and the Top - Ten's Scale Accounted for Over 40% - The top - ten fund managers' total management scale was 8.5878 billion yuan, accounting for 44.38%. In 25Q3, there were 3 fund managers with over 10 billion yuan in assets: Lin Guohuai of Xingzheng Global, Wang Dengyuan of Fullgoal, and Deng Da of China - Europe [42]. 1.5 31 Custodian Banks, with China Merchants Bank Ranking First in Scale - There were 31 custodian banks for public offering FOF, including 24 banks and 7 securities firms. China Merchants Bank ranked first in terms of scale and number of products. In Q3, its scale increased by 2.0592 billion yuan, ranking first in scale growth [43]. II. Performance of Public Offering FOF Funds 2.1 Over 90% of FOF Funds Had Positive Returns in Q3 - **2.1.1 The Equity Market Performed Strongly, and Partial - Stock FOF Had the Best Performance** - In Q3, the average returns of partial - stock hybrid FOF, balanced hybrid FOF, partial - debt hybrid FOF, and target - date FOF were 22.75%, 11.45%, 3.94%, and 13.63% respectively. Compared with the Wind Fund Index, partial - stock FOF had negative excess returns, while balanced FOF had positive excess returns [47]. - **2.1.2 The Proportion of Funds with Positive Returns in Q3 Was Close to 100%** - The dispersion of partial - stock FOF was higher, and the gap between the best and worst - performing balanced FOF was the smallest. The proportion of FOF funds with positive returns in Q3 was 99.35% [50]. 2.2 Balanced FOF Had Positive Excess Returns, while Partial - Stock FOF Had Negative Excess Returns - Partial - stock FOF had negative excess returns compared with the partial - stock hybrid fund index in 25Q3 and since 2025, and the negative excess return in Q3 further widened. Balanced FOF had positive excess returns compared with the balanced hybrid fund index [54]. 2.3 Analysis of FOF Fund Performance Based on Position Penetration - According to the equity position after penetration, FOF funds were classified into three types: conservative (equity position no more than 30%), aggressive (equity position over 60%), and balanced (equity position between 30% - 60%). Aggressive FOF had smaller dispersion, conservative FOF was mainly in the middle - performance and low - drawdown area of fixed - income + funds, and balanced FOF was concentrated in the high - return and low - drawdown area [63][64]. 2.4 Cathay Preferred Pilot One - Year Holding Was the Performance Champion in Q3 - Cathay Preferred Pilot One - Year Holding and Cathay Industry Rotation A were the champion and runner - up in Q3 performance. E Fund had the most funds in the top - ten performance list of each type of FOF [69]. III. Allocation of Public Offering FOF Funds 3.1 Public Offering FOF Asset Allocation: About 30% Directly Invested in Stocks, and the Position Increased - FOF funds mainly invested in funds, with a proportion of 88% - 91%. In 25Q3, the proportion of fund assets was 90.27%, up 0.01 pct from 25Q2, and the proportion of stock assets was 1.63%, up 0.11 pct from 25Q2. About 30% of FOF funds directly invested in stocks in 25Q3, down 1.66 pct from 25Q2 [76]. 3.2 Asset Allocation of Public Offering FOF after Position Penetration - **3.2.1 After Penetration, the Stock Position Decreased** - After penetration in 25H1, the proportions of stock assets, bond assets, QDII funds, and commodity - type funds were 41.39% (- 0.97 pct), 50.09% (+ 0.36 pct), 5.97% (- 0.02 pct), and 2.42% (+ 0.60 pct) respectively compared with 24H2. Only the position of target - date FOF increased [81][85]. - **3.2.2 Industry Allocation after Penetration: More Holdings in Electronics and Pharmaceutical Biology** - In 25H1, the top - five industries in terms of allocation proportion were electronics, pharmaceutical biology, power equipment, banks, and non - bank finance, with changes of + 0.83 pct, + 1.67 pct, - 2.14 pct, + 1.25 pct, and + 0.99 pct respectively compared with 24H2. Public offering FOF over - allocated pharmaceutical biology, media, etc., and under - allocated banks, non - bank finance, etc., compared with the CSI 300 [92]. 3.3 Public Offering FOF Fund Allocation: The Proportions of Partial - Stock Funds, Secondary Bond Funds, and Commodity - Type Funds Increased - The number and scale of bond - type funds held by FOF funds still ranked first. The scale proportion of passive index - type bond funds increased significantly, and the number proportion of secondary bond funds increased significantly. The scale and number proportions of secondary bond funds and short - term bond funds increased, while those of medium - long - term pure - bond funds, first - level bond funds, and convertible bond funds decreased [94].

Investment Rating - The industry investment rating is "Overweight" [5] Core Views - The securities industry has shown significant growth in performance, driven by a strong equity market, with total revenue and net profit for 42 listed brokers reaching CNY 4,195.6 billion and CNY 1,690.5 billion respectively, representing year-on-year increases of 42.6% and 62.4% [1][10] - The report predicts that the securities industry will achieve total revenue and net profit of CNY 5,503 billion and CNY 2,476 billion in 2025, reflecting year-on-year growth of 22.0% and 48.0% [3] Revenue Summary - In the first three quarters of 2025, the total revenue and net profit of 42 listed brokers were CNY 4,195.6 billion and CNY 1,690.5 billion, with year-on-year growth of 42.6% and 62.4% respectively [10][11] - The breakdown of revenue sources includes brokerage income of CNY 1,117.8 billion (up 74.6%), investment banking income of CNY 251.5 billion (up 23.5%), asset management income of CNY 332.5 billion (up 2.4%), proprietary trading income of CNY 1,952.5 billion (up 43.3%), and net interest income of CNY 339.1 billion (up 54.5%) [10][11] - The average daily trading volume (ADT) in the A-share market reached CNY 1.65 trillion, a year-on-year increase of 107% [2] Business Performance - Brokerage and proprietary trading are the main drivers of performance recovery in 2025, with brokerage net income increasing by 75% year-on-year [2] - The investment banking sector saw a significant increase in IPO issuance, with A/H shares totaling CNY 773 billion and HKD 1,878 billion, representing year-on-year growth of 61% and 237% respectively [2] - Asset management income remained stable, with a slight increase of 2.4% year-on-year, indicating a potential recovery in this segment [2] Outlook - The report anticipates continued growth in the securities industry, supported by favorable economic conditions and a rising capital market [3] - The report highlights that the brokerage sector is currently undervalued and presents a good investment opportunity, recommending specific companies such as Guotai Junan, Huatai Securities, and GF Securities [3]

Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Views - The company achieved a revenue of 10.83 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 1.70 billion yuan, up 37.25% year-on-year [2][3] - The company is expected to see rapid growth in the shipment of negative electrode materials, with an estimated annual shipment of 140,000 to 150,000 tons in 2025 and a projected 250,000 tons in 2026 [2][3] - The coating processing business has experienced significant growth, with a shipment volume of over 26 billion square meters in Q3 2025, and a total of over 73.8 billion square meters in the first three quarters, reflecting a year-on-year increase of 56.8% [3][2] - The company is advancing in the solid-state battery sector, having completed pilot tests for solid electrolytes and established a pilot production line for solid electrolytes with an annual capacity of 200 tons [3][2] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.742 billion yuan, with a quarter-on-quarter increase of 6.66% and a year-on-year increase of 69.30% for net profit [2][3] - The company’s negative electrode material shipment exceeded 100,000 tons in the first three quarters of 2025, with expectations for a total shipment of 140,000 to 150,000 tons for the year [2][3] Market Outlook - The company is well-positioned to benefit from the rapid growth of the downstream power battery and energy storage markets, with a target of achieving 10 billion square meters in coating processing shipments in 2025 and 13 billion to 15 billion square meters in 2026 [3][2] - The solid-state battery strategy includes both materials and equipment, with significant progress in dry electrode technology and solid electrolyte production [3][2] Profitability Forecast - The company is projected to achieve net profits of 2.324 billion yuan, 3.067 billion yuan, and 3.875 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 95.2%, 32.0%, and 26.3% [3][2]