Core Viewpoint - Jinggong Steel Structure is a leading steel structure construction service provider in China, with a full industry chain advantage and rich project experience [1] Group 1: Business Performance - In Q3 2025, Jinggong Steel Structure achieved revenue of 14.557 billion yuan, ranking 2nd in the industry, while the industry leader, Honglu Steel Structure, reported revenue of 15.917 billion yuan [2] - The company's net profit for the same period was 593 million yuan, ranking 1st in the industry, with Honglu Steel Structure at 497 million yuan [2] - Year-on-year growth for revenue was 20.85%, and net profit increased by 24.02% [6] Group 2: Financial Ratios - As of Q3 2025, the company's asset-liability ratio was 64.76%, higher than the industry average of 56.77% [3] - The gross profit margin for the same period was 11.52%, lower than the industry average of 13.40% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.29% to 78,400 [5] - The average number of circulating A-shares held per shareholder increased by 9.04% to 25,400 [5] - New significant shareholders include funds such as Xingquan Trend Investment Mixed and GF Multi-Factor Mixed [5] Group 4: Future Outlook - The company plans to distribute cash dividends of no less than 70% of the annual net profit or 400 million yuan (whichever is higher) for the years 2025-2027, with a current market value corresponding to a dividend yield of 4.8% [6] - The order structure is improving, with overseas new contracts increasing by 87.3% year-on-year, accounting for 27.8% of total orders [6] - Revenue projections for 2025-2027 are 23.836 billion, 28.335 billion, and 32.490 billion yuan, with net profits of 640 million, 733 million, and 838 million yuan respectively [6]