Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's revenue for the first three quarters is 77.7 billion HKD, a year-on-year decline of 4.7%, while the net profit attributable to shareholders is 7.24 billion HKD, an increase of 6% year-on-year. In the third quarter alone, the net profit attributable to shareholders is 1.98 billion HKD, reflecting a year-on-year growth of 8.4% [2][6]. - The revenue structure is further optimized, with technology-driven businesses becoming a new growth engine. The revenue from technology-driven operations increased by 53.2% year-on-year, accounting for 34.9% of total revenue, an increase of approximately 13.2 percentage points [9]. - The company signed new contracts worth 128.01 billion HKD in the first three quarters, with technology-driven contracts accounting for 48.5% of the total, moving steadily towards the target of 50% [9]. - The gross profit margin in Hong Kong remains under pressure but is expected to stabilize and recover. The gross profit margin in Hong Kong is 5.2%, down 1.9 percentage points year-on-year, primarily due to a sluggish property market [9]. - The company's MiC (Modular Integrated Construction) business is making further breakthroughs, with projects in major cities like Beijing and Guangzhou. The Hong Kong government has increased its average annual infrastructure spending forecast from approximately 90 billion HKD to 120 billion HKD [9]. - The company is actively expanding its operational business through acquisitions, enhancing cash flow and highlighting its dividend attributes. If the company achieves a 10% growth rate in 2025, the projected dividend yield is approximately 6.5% based on a 33% payout ratio [9].