Core Insights - The company reported a total revenue of 10.911 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.51% [1] - The net profit attributable to shareholders reached 890 million yuan, up 160.49% year-on-year, while the net profit excluding non-recurring items was 883 million yuan, also up 159.21% [1] - The company aims to become a leading global crop protection company, with strategic growth initiatives progressing steadily [2] Financial Performance - For Q3 2025, the company achieved a revenue of 4.381 billion yuan, a year-on-year increase of 6.76% [1] - The net profit attributable to shareholders for Q3 was 334 million yuan, reflecting a year-on-year growth of 109.13% [1] - The overall gross margin improved to 22.08%, an increase of 1.72 percentage points year-on-year, driven by higher-margin products and increased revenue from North America and the EU [1] Strategic Initiatives - The proportion of ToC (To Consumer) business increased to 41.39% in the first nine months of 2025, with a gross margin of 30.88% [2] - Revenue from the EU and North America accounted for 11.35% of total revenue in the same period [2] - The revenue share of insecticides and fungicides rose to 28.64% [2] - The company is expanding its biopesticide segment, launching Rainbow Bio in more countries across Africa, Asia, and the Americas [2] Future Outlook - The company is expected to see net profits of 1.175 billion yuan, 1.412 billion yuan, and 1.736 billion yuan for 2025, 2026, and 2027, with year-on-year growth rates of 161.01%, 20.19%, and 22.94% respectively [2] - Corresponding P/E ratios are projected to be 18X, 15X, and 12X for the respective years [3]