脂鲤技术股价波动调整，机构关注其业绩与业务进展

Core Viewpoint - The stock price of TTI has shown volatility in the past week, with a year-to-date increase of 22.41% despite recent declines [1] Financial Performance - For Q3 2025, the company reported an earnings per share (EPS) of 0.05 yuan and a net asset value of 1.19 yuan, with a stable gross margin of 23.40% [2] - The year-on-year growth rate of basic EPS decreased by 78.26%, and the total revenue (TTM) declined by 1.80% [2] - Operating cash flow improved, with a net cash flow per share of 0.23 yuan, showing significant year-on-year growth [2] - The next financial report for Q4 2025 and the full year is expected to be released in early 2026, highlighting the need to monitor the company's ability to recover earnings [2] Recent Developments - The company has achieved a 92% water recovery rate in a desalination pilot project with EOG Resources in the Permian Basin, which could serve as a catalyst for long-term growth as the technology moves towards large-scale commercial application [3] - The company's revenue is highly dependent on unconventional oil and gas activities in North America, making it vulnerable to fluctuations in oil prices and changes in capital expenditures by operators [3] Institutional Perspectives - Five rating agencies have maintained a "buy" recommendation for the company as of December 22, 2025, but caution is advised regarding whether valuation levels align with growth performance [4] - Potential adjustments to ratings may occur if future financial reports or business developments fall short of expectations [4]