Core Viewpoint - The company expects to report a net loss attributable to shareholders of the parent company for the year 2025, with losses projected between 1.53 billion to 1.28 billion yuan, indicating an increase in losses compared to the previous year [1] Company Performance - The company's performance aligns with the overall market situation, with a more than 25% increase in sales of 300mm semiconductor wafers compared to the same period in 2024 [1] - Despite the increase in sales volume, the revenue from 300mm semiconductors is expected to rise by approximately 15% year-on-year due to a decline in unit prices driven by market competition [1] - Sales of 200mm and smaller semiconductor wafers, including SOI wafers, also saw slight growth year-on-year; however, revenue levels remained stable due to declining unit prices, particularly affecting 200mm SOI wafers used in consumer electronics [1] - The gross profit margin for 200mm and smaller semiconductor wafers has been significantly impacted [1]

Core Viewpoint - Nvidia's Q3 revenue for fiscal year 2026 reached $57 billion, representing a 62% year-over-year increase, exceeding market expectations and aligning with the company's forecasts [1] Group 1: Financial Performance - Non-GAAP gross margin was 73.6%, down 1.4 percentage points year-over-year [1] - Net profit amounted to $31.8 billion, reflecting a 59% year-over-year increase [1] Group 2: Market Position and Forecasts - Strong demand for Blackwell products and successful shipments of the GB300 series contributed to the positive performance [1] - The company raised its revenue forecast for fiscal year 2026 by 3% to $213.6 billion, while maintaining its Non-GAAP net profit forecast [1] - For fiscal year 2027, revenue and Non-GAAP net profit forecasts were increased by 16% and 13% to $341.5 billion and $191.1 billion, respectively [1] - The company maintains an "outperform" rating and raised the target price by 14% to $228 [1]