Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a non-net profit growth of double digits in Q3, with a focus on the progress of private placement [2] - The outdoor industry is experiencing rapid growth, becoming the next growth point in the apparel sector, with the company enhancing product functionality and marketing efforts [4] - The company has successfully integrated G2 Touch, benefiting from technology development and customer expansion, with potential growth in the automotive sector [4] Financial Summary - In Q3 2025, the company reported revenue of 30 million, net profit of 1.3 million, and non-net profit of 1.1 million, with year-on-year changes of -24.91%, -20.32%, and +12.94% respectively [2] - For the first three quarters of 2025, the company’s revenue was 95.3 million, net profit was 3.3 million, and non-net profit was 2.7 million, with year-on-year changes of -13.98%, -67.53%, and -70.46% respectively [2] - The company announced a private placement of up to 1.93 billion at a price of 7.28 per share, which will increase the chairman's shareholding from 22% to 33.6% [2] Profitability and Forecast - The gross profit margin for Q3 2025 was 46.5%, an increase of 1.8 percentage points year-on-year, while the net profit margin was 4.3%, an increase of 0.2 percentage points year-on-year [3] - The company maintains its revenue forecast for 2025-2027 at 2.011 billion, 2.280 billion, and 2.588 billion respectively, and net profit forecast at 237 million, 276 million, and 325 million respectively [4] - The earnings per share (EPS) forecast for 2025-2027 is 0.27, 0.31, and 0.37 respectively, with corresponding price-to-earnings (PE) ratios of 34, 29, and 25 [4]