Core Viewpoint - The company is initiating a dual-driven model of "capital operation + strategic focus" to overcome growth bottlenecks amid the domestic semiconductor equipment wave, following significant management changes [1][4]. Group 1: Management Changes - The company appointed Lang Yu, former director of institutional department at CITIC Securities Shenzhen, as the board secretary, indicating a strong focus on capital operations [2]. - The management restructuring includes the return of founder Zheng Guangwen as general manager, which is seen as a key move to stabilize strategic direction [3]. - Internal promotion of financial director Luan Yufeng from a grassroots position is expected to improve cost control and gross margin [3]. Group 2: Financial Performance - In the first three quarters of 2025, the company's net profit attributable to shareholders declined by 80.24%, while revenue growth was 17.94%, resulting in a low net profit margin of 0.96% [2]. - The gross margin for the same period was reported at 24.94%, down by 1.03 percentage points year-on-year [3]. Group 3: Strategic Focus - The company is heavily reliant on the integrated circuit sector, with 88.61% of revenue coming from this segment in 2024 [4]. - The management changes aim to accelerate technological breakthroughs and capacity expansion, with a 35% year-on-year increase in R&D investment in the first three quarters of 2025 [4]. - The company is focusing on domestic production of core components for etching and thin film deposition equipment, aiming to shorten the R&D cycle for high-end products [4]. Group 4: Market Reaction - Following the announcement, the company's stock price did not show significant movement, indicating a cautious market sentiment [5]. - Investors are particularly focused on the effectiveness of the new management in integrating capital operations into actual order growth, the progress of gross margin improvement, and the ability to capture market share amid changing international trade conditions [5].