Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 revenue was 1.38 billion, down 5% year-on-year, and the net profit attributable to the parent company was 210 million, down 55% year-on-year, primarily due to non-recurring gains in the same period last year [5] - The company is waiting for a turning point with new products, as existing games have stabilized but are experiencing a decline in revenue [5] - The expansion of cloud services has negatively impacted the gross margin, which was 56.2% in Q3, down 5.0 percentage points year-on-year [5] - The company has a rich pipeline of new products and is optimistic about future growth despite a downward revision of earnings forecasts [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5.906 billion, with a year-on-year decline of 8.5% [4] - Net profit attributable to the parent company for 2025 is projected at 1.14 billion, down 20.1% year-on-year [4] - The company expects a gradual recovery in revenue and profit growth in the following years, with a projected net profit of 1.321 billion in 2026 and 1.579 billion in 2027 [4][5]