Industry Overview - The private jet industry is experiencing steady growth, with high-end models (jets) growing at a faster rate. Post-pandemic, high-net-worth individuals prefer private travel for privacy, while tariff fluctuations have led to a decline in competitors' market share. The supply side continues to introduce competitive new models, driving order growth [1]. Company Insights - The company, as a leader in the piston private aircraft sector, is rapidly increasing its market share due to its strong product quality and customer service attributes. The core competitive barriers are built on product safety and customization, along with a differentiated and systematic service layout. The long-term customer-oriented strategy has established a deep brand effect. Following the launch of the SR series G7+ in 2025, orders are expected to grow rapidly, with a new model anticipated in 2026, which is expected to further drive order growth beyond expectations [2]. Key Expectations - The company has a rich pipeline of new products, with the 2026 launch expected to accelerate order growth beyond expectations. Significant scale effects are anticipated, providing elasticity in net profit margins. Market expectations suggest stable sales growth with gradual price increases, while the company believes that the new product launch in 2026 will lead to an unexpected increase in orders. The current long delivery cycle may support this unexpected order growth, establishing a foundation for exceeding delivery expectations in 2026-2027. Additionally, the service business revenue growth rate increased to 24% in the first half of 2025, indicating that high-margin service operations are entering a realization phase, potentially contributing to earnings and performance beyond expectations [3]. Potential Catalysts - Potential catalysts include: 1) Expected recovery in March 2026 based on 2025 transaction volume and market performance; 2) New product launches in 2026; 3) Quarterly delivery data released by GAMA [4].