Ge Long Hui·2025-11-04 21:10Core Insights - The company reported a revenue of 335.09 billion yuan for the first three quarters of 2025, a year-on-year decrease of 18.79% [1] - The net profit attributable to shareholders was 3.97 billion yuan, down 41.88% year-on-year, while the net profit after deducting non-recurring gains and losses was 3.05 billion yuan, a decline of 45.74% year-on-year [1] Financial Performance - Revenue decline narrowed in Q3, with year-on-year changes of -18.46% in Q1, -22.59% in Q2, and -14.25% in Q3; net profit changes were -40.00% in Q1, +1.43% in Q2, and -67.52% in Q3 [1] - Gross margin increased by 0.95 percentage points to 10.00%, while the expense ratio rose by 0.57 percentage points to 6.18% [1] - Significant decrease in asset disposal income, which fell by 80.85% year-on-year to 192 million yuan, accounting for 0.06% of revenue [1] Cash Flow and Contracts - Operating cash flow net outflow for the first three quarters was 19.39 billion yuan, a reduction of 36.91% year-on-year; cash collection ratio improved by 20.48 percentage points to 91.39% [2] - New contracts signed in the first nine months totaled 760.67 billion yuan, a decrease of 14.7% year-on-year, with domestic contracts down 16.5% and overseas contracts up 10.1% [2] Investment Outlook - The company forecasts net profits attributable to shareholders of 6.75 billion yuan, 7.05 billion yuan, and 7.36 billion yuan for 2025 to 2027, with corresponding EPS of 0.33, 0.34, and 0.36 yuan [2]