Core Viewpoint - The report highlights the financial performance of Weixing Co. for the first three quarters of 2025, indicating a slight increase in revenue but a decline in net profit, with a notable impact from external factors on the company's operations [4]. Financial Performance Summary - For the first three quarters of 2025, Weixing Co. achieved a revenue of 3.63 billion, representing a year-on-year growth of 1.5%, while the net profit attributable to shareholders was 580 million, showing a decline of 6.5% [4]. - The quarterly breakdown shows revenues of 980 million, 1.36 billion, and 1.29 billion for Q1, Q2, and Q3 respectively, with year-on-year changes of +22.3%, -9.2%, and +0.9% [4]. - Net profits for the same quarters were 100 million, 270 million, and 210 million, with year-on-year changes of +28.8%, -20.4%, and +3% [4]. Margin and Expense Analysis - The gross margin for the first three quarters of 2025 increased by 1 percentage point to 43.7%, with quarterly gross margins of 38.8%, 45.8%, and 45.2% [5]. - The expense ratio for the same period rose by 2.3 percentage points to 24.1%, with specific increases in sales, management, and financial expense ratios [5]. - Financial expenses increased primarily due to foreign exchange losses and reduced interest income compared to the previous year [5]. Inventory and Receivables Management - As of September 2025, inventory increased by 0.9% year-on-year to 710 million, with a turnover period of 94 days, which is an increase of 7 days [5]. - Accounts receivable rose by 4.7% year-on-year to 590 million, with a turnover period of 41 days, an increase of 2 days [5]. - The net cash flow from operations was 720 million, reflecting a decrease of 2.1% year-on-year [5].