Performance Summary - In Q3 2025, the company achieved revenue of 182 million, a year-on-year increase of 57.3% [1] - Gross profit reached 120 million, up 74.3% year-on-year, with a gross margin of 65.2%, an increase of 6.4 percentage points compared to the same period last year [1] - Net profit after deducting non-recurring gains and losses was 12 million, a staggering increase of 6,260.6% year-on-year [1] - Cash received from sales and services was 89 million, down 43.1% year-on-year, while net cash flow from operating activities turned negative at -119 million due to increased material procurement [1] Operational Analysis - The significant revenue growth in Q3 is attributed to an increase in capacity growth from leading downstream wafer manufacturers compared to 2024 [2] - The rise in gross margin is expected to be driven by faster growth in high-margin software business compared to testing machines and accessories [2] - The company launched its first wafer-level aging testing system designed specifically for silicon carbide and gallium nitride power devices, expanding its testing equipment offerings [2] - In August 2025, the company acquired 100% of LUCEDA, a leading global silicon photonics chip design automation firm, aiming to transition from traditional EDA to PDA [2] - Future plans include developing a comprehensive solution covering all aspects of silicon photonics chip design, manufacturing, testing, and yield enhancement [2] Profit Forecast, Valuation, and Rating - Based on the operational data for the first three quarters of 2025, the company forecasts revenues of 750 million, 940 million, and 1.12 billion for 2025 to 2027, representing year-on-year growth of 37.7%, 24.3%, and 19.5% respectively [3] - The expected net profit attributable to shareholders is projected to be 130 million, 170 million, and 200 million for the same period, with year-on-year growth rates of 62.6%, 29.3%, and 16.1% respectively [3] - The company maintains a "buy" rating with corresponding price-to-sales ratios of 20.9, 16.8, and 14.1 for the years 2025 to 2027 [3]