Core Viewpoint - Hengtong Co., Ltd. has shown significant profit growth despite a decline in revenue, primarily driven by strategic adjustments in its LNG business and the operational launch of new port facilities [1][2][3] Financial Performance - In Q3 2025, the company reported revenue of 381 million yuan, a year-on-year decrease of 26.83%, while net profit reached 76.568 million yuan, an increase of 182.55% [1][2] - For the first three quarters, total revenue was 1.05 billion yuan, down 39.29% year-on-year, with net profit at 176 million yuan, up 78.33% [2] Business Strategy - The company has strategically shifted its LNG business from a trading-integrated model to a transportation-focused model, resulting in reduced revenue but increased profitability [2][3] - Hengtong has established long-term partnerships with upstream suppliers to ensure stable gas supply and is expanding its customer base across various sectors [3] Port Operations - The new port facilities at Yulong Port have commenced operations, significantly enhancing service capabilities and contributing to profit growth [2][3] - In 2024, revenue from port operations increased by 120.26%, accounting for 10.87% of total revenue, with a gross margin of 58.81% [1][2] Future Outlook - The company aims to optimize its industrial layout and enhance profitability by leveraging the production capacity of the Yulong Petrochemical Industrial Park and adapting to changes in the LNG market [3][4] - Hengtong is focused on a dual strategy of securing stable upstream resources and expanding its downstream user base to increase market share [3]