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 safety and customization of its products create core competitive barriers, while a differentiated and systematic service layout 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 will 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 market expectations. The scale effect is significant, and net profit margins are expected to be elastic. While market expectations are for stable sales growth and gradual price increases, the company believes that the new product launch in 2026 will lead to an unexpected increase in orders. The current long delivery cycle suggests that this order growth could lead to higher-than-expected delivery volumes 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 for the company include: 1) anticipated market recovery in March 2026 based on transaction volume and market performance; 2) the launch of new products in 2026; 3) quarterly delivery data released by GAMA [4].