Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 3.359 billion, a year-on-year decrease of 4.60% [3] - The gross profit margin was 35.19%, down by 2.36 percentage points compared to the previous year [3] - Net profit attributable to the parent company was CNY 238 million, impacted by price competition in the domestic market [3] Business Segment Analysis - Revenue from domestic civil and commercial fire safety business was CNY 2.103 billion, a decline of 9.88% year-on-year [3] - Revenue from domestic industrial and sector fire safety business was CNY 558 million, an increase of 4.58% [3] - Revenue from overseas fire safety business reached CNY 597 million, a growth of 13.33% [3] Strategic Developments - The company has made significant progress in emerging markets, with cumulative shipments in energy storage fire safety exceeding CNY 100 million, doubling year-on-year [3] - The company secured major contracts, including a historic high single contract amount in the petrochemical industry and a project with Datang International [3] - The launch of the "Qingniao Lingbao" robot at the Beijing International Fire Exhibition marks a step towards becoming a "fire safety technology ecosystem operator" [3] Market Position and Competitive Landscape - The company maintains a leading position in the domestic civil and commercial fire safety market despite challenges from the real estate sector [4] - Price competition has led to a nearly 15% drop in the price of alarm products and over 20% for evacuation products compared to the previous year [4] - The company is expected to benefit from a stabilization of prices and an improvement in gross margins as new national standards are implemented [4] Innovation and Future Outlook - The company is investing in humanoid robots for fire rescue, leveraging AI training and compatibility with existing firefighting tools [5][6] - The energy storage and data center businesses are experiencing rapid growth, with significant project orders and international certifications achieved [6] - The company aims to expand its remote monitoring services across the country, leveraging its extensive dealer network [9][10] International Market Strategy - The overseas market is primarily focused on developed countries, with a current market share of approximately 18% expected to increase [12] - The company has established teams in Europe, Canada, and the United States, operating under local brands to enhance market penetration [12] - Compliance with local regulations has been confirmed, with no significant barriers identified in overseas operations [12]