Group 1: Industry Overview - The lighting industry has seen a decline in domestic market demand since 2021, influenced by macroeconomic slowdown and decreased real estate investment [2][3] - The market is entering a phase of stock competition, with intensified competition as overseas exporters shift focus to the domestic market [3] Group 2: Company Performance - In the first three quarters of this year, the company's revenue decreased by 10.78% year-on-year, with a net profit decline of 117.11% [4] - The revenue drop resulted in a decrease of approximately 16 million CNY in revenue and a reduction of about 46 million CNY in gross profit [4] - The gross margin fell from 32.57% in the third quarter of last year to 28.94% this year, a decrease of 3.63 percentage points [4][6] Group 3: R&D Focus - The company plans to focus its R&D efforts on high efficiency, smart technology, and human-centric lighting [5] - New policies in Guangdong Province may present opportunities for the company's emerging business in energy management contracts [5] Group 4: Future Profitability - The company aims to maintain a relatively stable gross margin despite the recent decline, focusing on high-end brand positioning and optimizing supply chain management [6] - Measures to enhance revenue include solidifying existing customer bases, increasing efforts in developing key accounts, and expanding EMC business [7]