Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 13.059 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 29.8%. The net profit attributable to shareholders was 552 million yuan, up 41.54% year-on-year, while the net profit excluding non-recurring items reached 506 million yuan, growing by 48.2% [2][4]. - In Q3 2025 alone, the company achieved a revenue of 5.48 billion yuan, marking a 50.45% increase year-on-year, with a net profit of 217 million yuan, which is a 61.82% year-on-year growth [2][4]. - The company has seen a steady increase in sales volume of lithium battery cathode materials, reaching 99,900 tons in the first three quarters, a 40.41% increase year-on-year. The sales of lithium cobalt oxide reached 46,900 tons, up 45.38% year-on-year [11]. Summary by Sections Financial Performance - The company’s total revenue for 2025 is projected to be 17.166 billion yuan, with a net profit forecast of 1.049 billion yuan for 2026 [15]. - The gross profit margin is expected to improve, with a forecast of 10% for 2026 [15]. Business Outlook - The company is focusing on the stable growth of its main business, with expectations of benefiting from the technological iteration in AI smartphones, which may enhance its market share [11]. - The solid-state battery segment is being actively developed, with positive progress in the validation of new cathode materials and electrolytes [11]. Market Position - The company is positioned to benefit from the rising cobalt prices, which are expected to further enhance profitability [11]. - The competitive landscape in the industry is intensifying, but the company’s strategic initiatives in high-nickel cathode materials and low-cost production methods are anticipated to sustain its competitive edge [11].