Core Insights - Company reported Q3 performance exceeding expectations with significant revenue and profit growth [1][3] Financial Performance - For Q1-3 2025, company achieved revenue of 24.03 billion yuan, a year-on-year increase of 17% [1] - Net profit attributable to shareholders reached 3.24 billion yuan, up 41% year-on-year [1] - Q3 alone saw revenue of 7.77 billion yuan, a 13% increase, and net profit of 1.13 billion yuan, growing 44% year-on-year [1] Business Segments - In the refrigeration parts sector, China's household air conditioning production reached 160 million units in the first three quarters of 2025, a 4.7% increase [2] - Domestic sales of air conditioners grew by 8% to 90.81 million units, driven by the "old-for-new" policy [2] - The company’s revenue growth in refrigeration parts is expected to align with the overall industry, despite a projected decline in demand in Q4 [2] Cost Management - Q3 gross profit margin was 28.02%, a slight decrease of 0.14 percentage points [3] - Effective control of selling, administrative, and financial expenses led to a net profit margin of 14.82%, an increase of 3.23 percentage points year-on-year [3] Profit Forecast - The company raised its profit forecast, expecting net profits of 4.04 billion, 4.46 billion, and 4.90 billion yuan for 2025-2027, reflecting year-on-year growth of 30%, 10%, and 10% respectively [3] - Current price-to-earnings ratios are projected at 52, 47, and 43 times for the respective years [3]