Group 1: General Information - The research object is Kehui Co., Ltd., belonging to the power grid equipment industry, and the reception time is November 5, 2025. The listed company's reception staff includes the chairman Zhu Yijun, the board secretary Qin Xiaolei, the financial director Lü Hongliang, and the independent director Wang Chuanshun [16] - The detailed research institutions are investors who participated in the company's Q3 2025 performance briefing online, and the reception object type is others [19] Group 2: Main Content - The new application scenarios of reluctance motor products include the application of synchronous reluctance motor products in general occasions such as fans and water pumps, and the application of switched reluctance motors in occasions such as traction locomotives and crushers. These new scenarios highlight the energy - saving and unique advantages of reluctance motors and increase market demand [23] - The company will continue to leverage its technological and product advantages in power fault monitoring, accelerate the automation and intelligent iteration of power fault detection instruments and the independent and controllable upgrade of power line fault monitoring systems, follow the national innovation - driven and scientific development strategies, and improve market share [23] - At the end of Q3, the company's comprehensive gross profit margin increased by more than 2 percentage points compared to last year. The gross profit margin of the smart grid fault monitoring business increased by more than 4.5 percentage points compared to the same period last year, and the motor business gross profit margin increased by 0.17 percentage points compared to the same period last year [23]