Core Viewpoint - The report from Zhongyou Securities indicates that Jingjin Equipment's net profit attributable to shareholders for Q1-Q3 2025 reached 435 million yuan, a decrease of 34.53% year-on-year, with Q3 alone showing a net profit of 107 million yuan, down 47.9% year-on-year. Despite the short-term pressure on performance, there is optimism regarding a rebound in demand driven by lithium battery sector recovery. [1] Company Performance - Jingjin Equipment's net profit for Q1-Q3 2025 was 435 million yuan, reflecting a year-on-year decline of 34.53% [1] - In Q3 2025, the company reported a net profit of 107 million yuan, which is a significant decrease of 47.9% compared to the same period last year [1] - Despite the decline in profits, the company's cash flow has shown growth, with net cash flow from operating activities significantly exceeding overall net profit, which is expected to support dividend distribution [1] Industry Outlook - The report highlights that several companies, including Fulim Precision, Longpan Technology, Hunan Youneng, and Fengyuan Co., have announced expansion plans, indicating a new round of capacity expansion in the lithium battery cathode materials sector [1] - There is an expectation for a reversal in demand within the filter press industry, driven by the recovery in the lithium battery market [1] - The overall sentiment remains positive, maintaining a "buy" rating for Jingjin Equipment based on the anticipated demand recovery [1]