Financial Performance - The company's Q3 2025 revenue reached 1.04 billion yuan, representing a year-on-year growth of 1.09% [1] - Net profit attributable to shareholders was 104 million yuan, an increase of 37.44% year-on-year [1] - The company holds trading financial assets amounting to 833 million yuan and cash flow is reported as very healthy, providing a solid foundation for future R&D and market expansion [1] Market Segmentation - As of September 30, 2025, 58.99% of the company's revenue comes from the waste-to-energy sector [3] - Other significant revenue contributions are from the chemical, paper-making, coal-fired power generation, and gas turbine industries [3] International Business Development - The company's overseas revenue was approximately 200 million yuan, accounting for about 54.28% of total revenue [4] - Key export markets include Asia, the United States, South America, and Europe, with business development primarily through negotiations [4] Market Opportunities - The domestic waste incineration market is experiencing a slowdown in new projects, but there remains a demand for upgrades and renovations [5] - The overseas market, particularly in developing regions like Southeast Asia and Central Asia, presents significant growth potential due to increasing waste generation and the inadequacy of traditional landfill methods [6] - In developed regions like Europe and North America, there is a growing need for upgrading existing waste incineration facilities [6] Gas Turbine Market Insights - The global gas turbine market is expected to grow, driven by demand from North America, the Middle East, and Europe [7] - The North American market is experiencing a surge in electricity demand due to the rapid expansion of AI data centers [8] - The company's products for gas turbines, particularly heat recovery steam generators (HRSG), are primarily supplied to the North American market [8] Order Status - As of the end of the reporting period, the company had signed contracts with an unfulfilled revenue amount of approximately 377 million yuan [8] - The company reports a healthy order backlog, with a high capacity utilization rate and good operational conditions [8]