Core Viewpoint - The company reported a positive revenue growth in Q3 2025, with significant increases in net profit and net profit excluding non-recurring items, indicating a recovery in financial performance despite a challenging real estate market [1][2]. Financial Performance - In Q3 2025, the company achieved operating revenue of 1.486 billion yuan, a year-on-year increase of 3.96% [1]. - The net profit attributable to shareholders reached 74 million yuan, reflecting a substantial year-on-year growth of 244.89% [2]. - The net profit excluding non-recurring items was 62 million yuan, showing a remarkable year-on-year increase of 486.39% [1]. Revenue Trends - For the first three quarters of 2025, the company reported total operating revenue of 4.270 billion yuan, a decrease of 2.22% year-on-year [1]. - The net profit attributable to shareholders for the same period was 311 million yuan, representing a year-on-year increase of 45.90% [1]. - The net profit excluding non-recurring items for the first three quarters was 275 million yuan, with a year-on-year growth of 49.15% [1]. Contract Liabilities - As of the end of Q3 2025, the company's contract liabilities stood at 2.224 billion yuan, showing a slight year-on-year decrease of approximately 50 million yuan compared to the end of Q3 2024 [1]. - The reduction in contract liabilities indicates a recovery in new orders and contract signings, which is a positive sign for future revenue expectations [1]. Market Dynamics - The implementation of the new national standard for construction project pricing, effective from September 1, 2025, is expected to accelerate the marketization of pricing in the construction industry [2]. - The new standard emphasizes market price information and various factors in determining project costs, which may enhance the company's competitive advantage [2]. Profit Forecast - The company forecasts revenues of 6.105 billion yuan, 6.180 billion yuan, and 6.471 billion yuan for 2025, 2026, and 2027, respectively [2]. - The projected net profits attributable to shareholders for the same years are 478 million yuan, 679 million yuan, and 914 million yuan [2].