October 13, 2025 04:46 PM GMT Shenzhen Envicool Technology Co Ltd | Asia Pacific M Update 3Q25 Results: Revenue in Line; Slight NP Miss Reaction to earnings Unchanged Modest shortfall Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research Key Takeaways Exhibit 1: 3Q25 results summary | Rmb mn | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 3Q25 y-y 3Q25 q-q | | 1-3Q24 | 1-3Q25 1-3Q25 YoY | | | --- | --- | --- | --- | --- | --- ...