Core Viewpoint - The focus of the market is on maintaining stable profitability in the context of the renewable energy industry entering a parity era and overall pressure on electricity prices [2]. Company Overview - Jiaze New Energy Co., Ltd. is a comprehensive renewable energy power supplier dedicated to renewable energy generation, electricity sales, and supporting services, with core capabilities in the entire lifecycle operation, management, and trading of renewable energy power assets [2]. - The company operates through five major segments: renewable power station development, construction, operation, sales, operation management services, rooftop distributed photovoltaics, renewable industry funds, and renewable equipment manufacturing park construction [2]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 1.86 billion yuan, a year-on-year increase of 2.66%, and a net profit attributable to shareholders of 595 million yuan, a year-on-year increase of 7.99% [2]. - The sales gross margin for the first three quarters was 57.62%, although it has declined compared to the same period last year, raising concerns among investors about the sustainability of profitability [2]. Strategic Measures - The company has implemented a series of comprehensive measures to ensure the stability of future gross margins, including optimizing operational efficiency and strictly controlling generation costs through refined operations and technological innovation [3]. - The company is also optimizing its power source structure and electricity trading strategies, flexibly adjusting trading strategies based on regional electricity market rules to achieve better overall pricing [3]. Industry Insights - As the scale of renewable energy installations continues to expand, relying solely on scale expansion is no longer sustainable. The exploration of a green electricity industry chain-linked development model represents an important direction for the industry's transition to lean operations [4]. - The company's rolling development model of "development—operation—sale" maintains steady growth in asset scale while continuously optimizing asset structure, which is seen as a key capability for success in the future [4].