Core Viewpoint - The company reported a 13.2% decline in net profit attributable to shareholders in the first three quarters, while gross margin improved significantly year-on-year, and operating cash flow showed improvement alongside a substantial decrease in accounts receivable [1][3]. Financial Performance - In the first three quarters of 2025, revenue was 9.175 billion yuan, a decrease of 27.2% year-on-year, with quarterly comparisons showing declines of 28.2%, 22.67%, and 31.14% respectively [3]. - The net profit attributable to shareholders for the same period was 556 million yuan, down 13.2%, with quarterly changes of +7.8%, -5.88%, and -40.5% [3]. - Gross margin for the first three quarters was 15.26%, an increase of 2.87 percentage points, while the expense ratio was 6.33%, up 1.05 percentage points [3]. - The net profit margin was 6.06%, an increase of 0.98 percentage points, and the weighted ROE was 6.47%, down 1.43 percentage points [3]. - The debt-to-asset ratio stood at 66.04%, a decrease of 0.93 percentage points [3]. Cash Flow and Accounts Receivable - Operating cash flow for the first three quarters was -1.211 billion yuan, an improvement from -3.985 billion yuan in the same period of 2024 [4]. - Accounts receivable at the end of the third quarter were 3.193 billion yuan, a decrease of 35.7%, with accounts receivable to revenue ratio at 34.8%, down 4.6 percentage points [4]. Order Intake and International Strategy - New orders signed in the first three quarters totaled 10.7 billion yuan, a decline of 29.3%, with domestic orders increasing by 46% to 4.1 billion yuan, while international orders decreased by 46.5% to 6.6 billion yuan [4]. - The company had a backlog of orders amounting to 41.68 billion yuan, with expected revenue from ongoing projects around 29.455 billion yuan, laying a solid foundation for stable development [4]. - The company is actively leveraging its international operational advantages to support Baowu's internationalization strategy, focusing on maintaining relationships with high-quality clients and pursuing low-carbon green projects [4][5].