Investment Rating - The report maintains a "Buy-B" rating for the company [5][9]. Core Insights - The company achieved record high performance in Q3 2025, with revenue of 12.3 billion yuan, a year-on-year increase of 20.5%, and a net profit of 1.23 billion yuan, up 44.57% year-on-year [6]. - The fluorochemical materials platform is driving growth across multiple sectors, with significant improvements in sales and profitability [7][8]. Financial Performance - For Q3 2025, the company reported revenue of 4.54 billion yuan, with a year-on-year growth of 22.33% and a net profit of 587 million yuan, reflecting an 84.3% increase year-on-year [6]. - The gross margin for Q3 2025 was 28.0%, up 7.7 percentage points year-on-year, while the net profit margin was 14.1%, an increase of 6.4 percentage points year-on-year [8]. Sales Breakdown - The sales volume of fluorocarbon chemicals was 34,000 tons, with an average price of 45,520 yuan per ton, reflecting a 2.5% increase from the previous quarter [7]. - Sales in various segments showed growth: fluorine lithium battery materials (410 million yuan, +10.8% QoQ), fluorine polymers (447 million yuan, +7.1% QoQ), and rubber products (145 million yuan, +23.0% QoQ) [7]. Future Projections - Expected net profits for 2025-2027 are projected at 1.68 billion, 2.51 billion, and 3.32 billion yuan, corresponding to P/E ratios of 24, 16, and 12 times respectively [9][12].