Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 17.96 CNY, corresponding to a 15X PE for 2026 [5][3]. Core Views - The company has shown strong revenue growth, achieving 2.43 billion CNY in revenue for the first three quarters of 2025, a year-on-year increase of 15.2%. The net profit attributable to shareholders reached 300 million CNY, up 10.5% year-on-year [1][3]. - In Q3 2025, the company reported a revenue of 640 million CNY, reflecting a year-on-year growth of 22.3%, while the net profit attributable to shareholders was 80 million CNY, up 10.9% year-on-year [1][2]. - The company is expanding its market share in the global commercial refrigeration market, particularly through new customer acquisition and growth in overseas markets [1][2]. Summary by Sections Revenue Growth - Q3 revenue growth was driven by several factors: 1. Recovery in domestic ice cream sales led to increased sales of frozen cabinets [2]. 2. The company has established a strong customer base in the domestic refrigerated cabinet market, leading to rapid growth in sales [2]. 3. The company is deepening cooperation with existing clients and exploring new consumption scenarios, resulting in significant growth in supermarket cabinet revenue [2]. 4. However, revenue from smart cabinets declined due to fluctuations in client investment schedules [2]. Profitability - The net profit margin for Q3 2025 decreased by 1.3 percentage points year-on-year, primarily due to fluctuations in foreign exchange gains and losses, which increased the financial expense ratio by 3 percentage points [2][3]. Cash Flow - The operating cash flow for Q3 2025 decreased by 60 million CNY year-on-year, mainly due to an increase in cash payments for goods and services [3]. Financial Forecast - The company is expected to maintain strong growth, with projected EPS of 1.02 CNY, 1.20 CNY, and 1.40 CNY for 2025, 2026, and 2027 respectively [3][4].