Biwin Storage Technology (SH:688525) Ge Long Hui A P P·2025-10-30 12:32Core Viewpoint - Baiwei Storage (688525.SH) reported significant growth in Q3 2025, with revenue and net profit showing substantial year-on-year increases, indicating a recovery in the storage market after a challenging start to the year [1] Financial Performance - Q3 revenue reached 2.663 billion yuan, a year-on-year increase of 68.06% [1] - Q3 net profit was 256 million yuan, reflecting a year-on-year growth of 563.77% [1] - Revenue for the first three quarters totaled 6.575 billion yuan, up 30.84% year-on-year [1] - Net profit for the first three quarters was 30 million yuan, a year-on-year decline of 86.67% [1] Factors Influencing Performance - The decline in sales prices during Q1 2025 due to falling storage prices significantly impacted revenue [1] - Starting from Q2, stabilization and recovery of storage prices, along with the gradual delivery of key projects, contributed to the recovery in sales revenue and gross margin [1] R&D Investment - R&D expenses increased by 20.98% year-on-year, primarily due to enhanced investments in chip design, firmware development, and advanced packaging [1]