Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In the third quarter of 2025, the company's bulk commodity operating volume stabilized, with some core operating categories showing year-on-year and quarter-on-quarter increases [1][3]. - The company achieved an estimated spot gross profit of 1.36 billion yuan in the third quarter of 2025, representing a year-on-year increase of 11.8% and a quarter-on-quarter increase of 7.3%, indicating an improving trend [1][7]. - The estimated spot gross profit margin reached 1.54%, up 0.2 percentage points year-on-year, with profitability showing clear bottom characteristics [1][7]. - The company effectively controlled expenses, with period expenses decreasing by 12.3% year-on-year, primarily due to a 52.8% reduction in financial expenses [7]. - The net profit attributable to the parent company for the third quarter of 2025 was 50 million yuan, a significant improvement from a loss of 130 million yuan in the same period last year [3][7]. - The company is expected to see gradual stabilization in operations and anticipates a turning point in profitability, with projected net profits for 2025-2027 being 600 million, 900 million, and 1.37 billion yuan, respectively [7]. Summary by Sections Revenue and Profitability - In the third quarter of 2025, the company reported revenue of 88.69 billion yuan, a year-on-year decline of 2.7%, but the decline was significantly narrowed compared to previous quarters [3][7]. - The gross profit margin for the third quarter was 1.54%, reflecting a year-on-year increase of 0.2 percentage points, indicating a potential recovery in profitability [1][7]. Expense Management - The company managed to reduce its period expenses to 940 million yuan, down 12.3% year-on-year, largely due to improved debt structure and reduced financial costs [7]. Future Outlook - The company is pursuing a "three-chain integration" model to optimize its business structure and operational strategy, with expectations for gradual stabilization in operating volume and improvement in gross profit margins [7].