Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a steady revenue growth in Q3 2025, with total revenue reaching 106 million yuan, a year-on-year increase of 27.8%. However, the net loss attributable to shareholders was 75.95 million yuan, slightly widening compared to the previous year [7] - The first contract for the physical AI product has been awarded, marking the beginning of revenue generation from this segment. The company won a project worth 30.96 million yuan in October 2025 [7] - The company is actively pursuing mergers and acquisitions to enhance its core industrial software capabilities, with significant cash reserves available for future deals [7] - There is a clear demand for high-precision technology scenarios, particularly in simulation capabilities, which the company's physical AI technology can address [7] - The company is developing a virtual training solution for robotics, which includes real-time multi-physics simulations and adaptive intelligent agents [7] - A three-dimensional low-altitude map is being constructed to facilitate simulation training and real-time navigation, enhancing urban low-altitude environment management [7] - The report emphasizes the company's competitive advantage in physical solving capabilities and maintains the "Buy" rating, projecting revenues of 604 million, 850 million, and 1.105 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 81 million, 120 million, and 160 million yuan [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 604 million yuan, with a year-on-year growth rate of 59.5%. The net profit attributable to shareholders is expected to be 81 million yuan, reflecting a growth rate of 96.2% [6] - The gross margin is forecasted to be 72.4% for 2025, with a return on equity (ROE) of 2.8% [6] - The company anticipates achieving a net profit of 160 million yuan by 2027, with a corresponding ROE of 5.0% [6]