Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 530 million yuan for the first three quarters of 2025, representing a year-on-year increase of 1.95%. However, the net profit attributable to the parent company decreased by 16.04% to 78 million yuan [2][6]. - In Q3 2025, the company achieved a revenue of 161 million yuan, which is a year-on-year decrease of 10.87% and a quarter-on-quarter decrease of 17.68%. The net profit attributable to the parent company for this quarter was 17 million yuan, down 34.78% year-on-year and 45.46% quarter-on-quarter [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a net profit of 78 million yuan, down 16.04% year-on-year, and a non-recurring net profit of 65 million yuan, down 27.93% year-on-year [2][6]. - The gross profit margin for the first three quarters was 38.32%, a decrease of 3.59 percentage points year-on-year. The net profit margin was 14.79%, down 2.81 percentage points year-on-year [12]. Cash Flow and Inventory - The company experienced a significant improvement in operating cash flow, with a net cash flow from operating activities of 119 million yuan for the first three quarters, including 87 million yuan in Q3 [12]. - As of the end of Q3 2025, the inventory balance was 229 million yuan, reflecting a 26.19% increase compared to the beginning of the year [12]. Market Trends - The report indicates a high demand trend in both domestic and international markets, despite short-term performance fluctuations due to delivery schedules [12].