Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a slight decline in revenue for Q3 2025, attributed to fluctuations in downstream demand affecting the shipment of amorphous products [11]. - The gross margin for the first three quarters of 2025 was 28.52%, a decrease of 2.26 percentage points year-on-year, with Q3 2025 gross margin at 26.84%, down 4.96 percentage points year-on-year [11]. - The company is expected to achieve a net profit of 352 million yuan in 2025, corresponding to a PE ratio of approximately 36 times [11]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 1.46 billion yuan, a year-on-year increase of 5.0%, while net profit attributable to shareholders was 250 million yuan, a year-on-year decrease of 5.0% [2][4]. - In Q3 2025, the company’s revenue was 470 million yuan, down 1.2% year-on-year and 16.4% quarter-on-quarter, with net profit of 80 million yuan, down 16.2% year-on-year and 11.3% quarter-on-quarter [2][4]. - The company’s inventory at the end of Q3 2025 was 208 million yuan, an increase of 38.6% year-on-year, while contract liabilities were 18 million yuan, up 19.9% year-on-year [11]. Cost and Expense Management - The company maintained effective cost control, with total expense ratio for the first three quarters of 2025 at 9.81%, a decrease of 1.16 percentage points year-on-year [11]. - In Q3 2025, the total expense ratio was 10.38%, down 1.00 percentage points year-on-year but up 1.01 percentage points quarter-on-quarter [11].