Core Viewpoint - The company reported steady revenue growth in the first three quarters of 2025, but faced significant pressure on net profit due to increased investments in R&D and ongoing product promotion phases [1][2]. Group 1: Financial Performance - For Q1-Q3 2025, the company achieved revenue of 805 million yuan, a year-on-year increase of 8.24%, while net profit attributable to shareholders was 9.06 million yuan, down 84.52% year-on-year [1]. - The operating cash flow for the same period was 185 million yuan, reflecting a substantial year-on-year increase of 545% due to improved accounts receivable collection and accelerated project subsidies [2]. - In Q3 2025 alone, the company generated revenue of 303 million yuan, representing a year-on-year increase of 1.16% and a quarter-on-quarter increase of 12.3% [1]. Group 2: Product Development and Market Position - The company is focusing on enhancing its EDA (Electronic Design Automation) product matrix, particularly in digital design, manufacturing simulation, and system-level design, to meet domestic substitution demands [3][4]. - Key products for 2025 include the Andes 2.0 digital design automation platform, Optimus Pro for optical proximity effect optimization, and Vision+ for wafer manufacturing analysis [3]. - The company aims to achieve comprehensive EDA tool coverage by the end of 2025, enhancing its competitiveness against international EDA giants [4]. Group 3: Profitability and Valuation Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 1.565 billion, 2.065 billion, and 2.662 billion yuan, reflecting decreases of 16.8%, 16.4%, and 15.3% respectively [5]. - The net profit forecasts for the same period have been revised down to 206 million, 277 million, and 356 million yuan, with corresponding EPS estimates of 0.38, 0.51, and 0.65 yuan [5]. - Despite the downward adjustments, the company maintains a "buy" rating, with a target price of 143.87 yuan, based on the anticipated acceleration of domestic EDA product capabilities [5].