Core Viewpoint - The company has signed a contract worth 152 million yuan for the procurement of high-voltage cascade storage systems, which is expected to positively impact its financial performance in the current and future years [1] Group 1: Financial Performance - In Q3 2025, the company reported revenue of 864 million yuan, a year-on-year increase of 32.63%, marking the highest quarterly revenue since its listing [1] - For the first three quarters of the year, the company achieved a total revenue of 2.507 billion yuan, up 32.03% year-on-year [1] - The company's contract liabilities increased by 73.47% compared to the end of the previous period [1] Group 2: Market Demand and Policy Impact - The company believes that the shift from "mandatory storage" to "value-based storage" will sustain the growing demand for energy storage systems, driven by the need for power security and trading value [2] - The company noted that the performance of energy storage systems is crucial for winning frequency modulation service bids, suggesting limited impact from the current policies in Guangdong province on its independent energy storage projects [2] Group 3: Asset Management - The company is accelerating asset disposal related to the Pinglu project to optimize its asset structure and improve cash flow [3] - A termination agreement for the PPP project in Pinglu has been signed, indicating a strategic move to streamline operations [3]