Core Viewpoint - The company is experiencing a decline in revenue and profit due to short-term industry challenges and increased market competition in the corn seed sector [1][2] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 1.526 billion yuan, a year-on-year decrease of 11.33%, with Q3 revenue at 375 million yuan, down 4.23% year-on-year [1] - The net profit attributable to the parent company for the first three quarters of 2025 was -91 million yuan, a year-on-year decline of 27.67%, with Q3 net profit at -63 million yuan, down 28.70% year-on-year [1] - The gross profit margin for the first three quarters of 2025 decreased by 1.14 percentage points to 9.16%, while the net profit margin fell by 1.64 percentage points to -6.41% due to rising expense ratios [2] Group 2: Cost and Inventory Management - Sales expenses for Q1-Q3 2025 were 95 million yuan, a decrease of 6.81% year-on-year, with a sales expense ratio of 6.26%, up 0.30 percentage points [2] - The company actively reduced the area for seed production, leading to a significant improvement in cash flow, with operating cash flow net amount turning positive to 137 million yuan [2] - As of July 31, 2025, the book value of corn seed inventory was 486 million yuan, an increase of 107.69% year-on-year, while rice seed inventory was 49 million yuan, down 3.88% year-on-year [2] Group 3: Market Outlook - For the 2024/2025 operating year, the company reported total seed revenue of 1.044 billion yuan, a year-on-year increase of 22.59%, with total sales volume at 93.1217 million kilograms, up 40.08% year-on-year [3] - Corn seed sales revenue reached 642 million yuan, a year-on-year increase of 26.46%, accounting for 61.49% of total sales, while rice seed sales revenue was 228 million yuan, up 18.50%, accounting for 21.81% [3] - As of Q3 2025, the company's contract liabilities stood at 691 million yuan, remaining stable year-on-year, indicating resilience in new season seed sales [3]