Core Viewpoint - Shenzhen Nanhai Green Movement Technology Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Beijing Nanshan Green Movement Technology Co., Ltd. [1] Company Information - The legal representative of Shenzhen Nanhai Green Movement Technology Co., Ltd. is Ye Lvyuan [1] - The company is classified under the national standard industry of information transmission, software, and information technology services, specifically in internet and related services [1] - The registered address is located at 3 Huanghuai Road, Fubao Community, Fubao Street, Futian District, Shenzhen [1] - The company type is a limited liability company (sole proprietorship) with an operating period until December 30, 2025, with no fixed term thereafter [1] Shareholding Structure - The sole shareholder is Beijing Nanshan Green Movement Technology Co., Ltd., holding 100% of the shares [1] Business Scope - The business scope includes general business projects such as technical services, development, consulting, and transfer, as well as digital content production services (excluding publishing), software development, and various information technology consulting services [1] - The company is also involved in internet security services, internet data services, network technology services, and import/export of goods and technology [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 440 million yuan for the first three quarters of 2025, a year-on-year decline of 12.93%, and a net profit attributable to shareholders of 33 million yuan, down 50.25% year-on-year. In Q3 2025, the revenue was 147 million yuan, a decrease of 20.12% year-on-year, with a net profit of 12 million yuan, down 54.14% year-on-year. The slow recovery of high-speed rail passenger traffic has put continuous pressure on high-speed rail advertising, while the outdoor naked-eye 3D business is steadily advancing, with Q3 2025 gross margin improving to 32.79% [4][11][12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 440 million yuan, a decrease of 12.93% year-on-year, and a net profit of 33 million yuan, down 50.25% year-on-year. In Q3 2025, the revenue was 147 million yuan, a decline of 20.12% year-on-year, with a net profit of 12 million yuan, down 54.14% year-on-year [4][11]. Business Developments - The recovery of high-speed rail passenger traffic is slow, leading to ongoing pressure on advertising revenues. The company has signed agreements with 18 domestic railway bureau groups, establishing a digital media network that reaches over 2 billion passengers annually across 30 provincial-level regions. The media value of high-speed rail is expected to become more prominent as quality traffic becomes scarce [11]. - The outdoor naked-eye 3D screen business is progressing steadily, with the company focusing on digital content production to enhance user experience. The company has launched several high-definition outdoor naked-eye 3D screens in major commercial areas and is developing original content to redefine outdoor media experiences [11]. Margin and Cost Management - The company is optimizing its high-speed rail advertising locations, which has led to a significant improvement in gross margin, reaching 32.79% in Q3 2025, with a year-on-year decrease of 6.51 percentage points but an increase of 10.24 percentage points quarter-on-quarter. The reduction in advertising expenses has also contributed to a decrease in the sales expense ratio [11]. Profit Forecast - The company is expected to achieve a net profit attributable to shareholders of 72 million yuan in 2025 and 146 million yuan in 2026, corresponding to price-to-earnings ratios of 63.13 and 31.32, respectively. The "Buy" rating is maintained based on these projections [11].