Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 3.108 billion CNY, with a slight decline in net profit attributable to shareholders [2] - The industrial automation segment generated nearly 2 billion CNY in revenue, a year-on-year increase of 5.31%, with stable gross margins [2] - The network energy segment reported approximately 520 million CNY in revenue, down 9.13%, but with a slight increase in gross margin [2] - The AI new energy vehicle business generated around 460 million CNY, reflecting a year-on-year growth of 4.19% and an increase in gross margin [2] - The photovoltaic energy storage business saw revenue of 130 million CNY, a decline of 25.95% [2] Business Strategy and Market Position - The company is focusing on product enhancement and differentiation strategies, resulting in a 14% increase in gross margins and significant loss reduction [3] - The network energy business emphasizes modular UPS and integrated solutions for data centers, providing advanced, reliable, and energy-efficient infrastructure [4] - The company holds a competitive edge in integrated solutions, with a strong focus on self-developed systems for power distribution, temperature control, and monitoring [4] - The network energy business has over 60% of its market share from overseas, covering regions such as Hong Kong, Thailand, South Africa, and Southeast Asia [5] Product Structure and R&D Investment - UPS products account for approximately 70% of the product structure, with precision air conditioning and integrated data center solutions gradually increasing their share [6] - R&D investment in the network energy business is nearly 10% of its revenue, consistent with other business segments [7] Challenges and Future Outlook - The decline in network energy business performance is attributed to a shift from traditional channels and a decrease in capital expenditure in public service markets [8] - The photovoltaic business underperformed due to a strategic focus on enhancing product competitiveness, leading to improved gross margins despite lower revenue [9] - High operating expenses are linked to management transformation and increased investment in organizational and talent development, with expectations of cost dilution as revenue scales up [10]