Core Viewpoint - The company maintains positive growth in performance, with new materials business starting to contribute revenue. For the first three quarters of 2025, the company achieved operating revenue of 5.88 billion yuan, a slight decrease of 2.74% year-on-year, and a net profit attributable to the parent company of 2.135 billion yuan, an increase of 1.14% year-on-year. In Q3 alone, the company achieved operating revenue of 1.976 billion yuan, a year-on-year increase of 2.28%, and a net profit of 710 million yuan, a year-on-year increase of 3.23% [2]. Group 1: New Materials Business - The new materials business has made progress, with the Jiaman project in Indonesia obtaining operational sales permission in July and generating revenue of 326 million yuan in Q3, achieving profitability. Additionally, the associated company Weiming Shengqing reported revenue of 1.045 billion yuan in the first three quarters (not consolidated), also achieving profitability in Q3. A three-year cooperation framework agreement was signed with leading customer Guangdong Bangpu for ternary precursor production, securing future sales and supporting the continuous growth of the new materials business [3]. Group 2: Traditional Environmental Business - The traditional environmental business has shown stable growth, with a total waste input of 10.5526 million tons in the first three quarters, a year-on-year increase of 7.50%, and an online electricity generation of 2.816 billion kWh, a year-on-year increase of 5.11%. The Kunshan recycling project has entered trial operation, providing new momentum for future revenue growth. At the end of the period, the company had 56 operational waste incineration projects and 20 kitchen waste treatment projects under its control [4]. Group 3: Equipment Manufacturing Orders - The equipment manufacturing business, as a core part of the company's integrated advantages, has significant growth potential. In the first three quarters, the total value of new equipment orders reached approximately 4.47 billion yuan, significantly exceeding the 2.688 billion yuan from the same period last year. The rapid growth in orders is driven by internal environmental project construction needs and the provision of equipment and EPC services in the new materials sector, reflecting the company's successful market expansion and equipment manufacturing capabilities [4]. Group 4: Profit Forecast - The company forecasts operating revenues of 8.409 billion yuan, 10.082 billion yuan, and 12.091 billion yuan for 2025-2027, representing year-on-year growth of 17.26%, 19.90%, and 19.92%, respectively. The net profit attributable to the parent company is expected to be 2.900 billion yuan, 3.389 billion yuan, and 3.866 billion yuan, with year-on-year growth of 7.25%, 16.87%, and 14.05%. Based on the closing price on October 24, 2025, the corresponding PE ratios are projected to be 12.92, 11.05, and 9.69, with EPS of 1.70, 1.99, and 2.27 yuan [5].