Core Viewpoint - The company has lowered its profit forecast and target price while maintaining a buy rating, with overall performance meeting expectations despite slight revenue shortfalls [2]. Financial Performance - The company announced its Q3 2025 results, with total revenue of 1.214 billion, a year-on-year increase of 32.58%, and a net profit attributable to shareholders of 260 million, up 78.55% year-on-year [2]. - Q3 revenue was 386 million, a year-on-year decline of 4.98%, while net profit for Q3 was 87 million, a year-on-year increase of 31.20% but a quarter-on-quarter decline of 7.46% [2]. - The company's Q3 gross margin remained stable at 36.15%, and the net profit margin reached 22.83%, an increase of 2 percentage points quarter-on-quarter [2]. Industry Demand and Business Development - Industry demand remains strong, with a focus on the advancement of the MDC business, as ultra-large clusters and rack-scale servers begin to ship, potentially making ultra-compact high-density connections the mainstream in new data centers [3]. - The company has received patent authorization for its MDC, indicating potential for better development in high-density optical connections in the future [3]. Catalysts - The acceleration of CPO technology implementation and continuous capacity expansion by the company are seen as positive catalysts for future growth [4].