Group 1: Business Performance and Market Impact - The current tariff rate for products exported to the U.S. is 55%, which includes a 25% Section 301 tariff and an additional 30% base tariff. Tariffs and freight costs have decreased by 30% year-on-year, positively impacting gross margins [1] - The U.S. and Europe remain the primary markets, while emerging markets in Asia are growing rapidly but contribute less overall due to their smaller base [1][2] - The domestic market shows strong performance in the measurement and sensor industry, with its share in domestic revenue increasing from single digits to over 12% due to demand for automatic pressure control products [5] Group 2: Financial Health and Cash Flow - Operating cash flow increased by approximately 35 million yuan year-on-year, driven by agents adopting a cash-on-delivery policy and an increase in prepayment ratios from domestic private enterprises [7] - State-owned enterprises account for about 60% of domestic sales, providing reliable revenue despite potential accounts receivable issues [7] Group 3: Research and Development - The company aims for a research and development investment ratio of 15% or more, with a slight increase in investment in the third quarter due to new project establishment [8] - The self-developed sensor project is expected to conclude this year, with plans to produce 10,000 units primarily for internal use and testing [9] Group 4: Digital Platform and Future Outlook - The digital platform business, primarily driven by the subsidiary Mingde, has shown rapid growth in the third quarter, although its overall revenue contribution remains low [10] - The company anticipates that the digital platform's performance will be stable, with slight growth expected compared to the previous year [10]