Core Viewpoint - The company, Hangyu Technology, reported strong financial performance in Q3 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, driven by increasing sales orders from domestic and international markets [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.517 billion yuan and a net profit of 146 million yuan [1] - In Q3 alone, revenue reached 603 million yuan, marking a year-on-year increase of 46.60% and a quarter-on-quarter increase of 22.62% [1] - The net profit for Q3 was 55.577 million yuan, up 26.45% year-on-year and 17.09% quarter-on-quarter [1] - The company's non-recurring net profit for Q3 was 54.988 million yuan, reflecting a year-on-year growth of 35.35% and a quarter-on-quarter increase of 33.36% [1] Order Backlog and Market Demand - As of June 2025, the company had a total order backlog of approximately 5.968 billion yuan, a year-on-year increase of 24.10% [1] - Long-term contract orders were estimated at about 3.030 billion yuan, with a year-on-year growth of 44.84%, providing a solid foundation for future revenue growth [1] - The aviation engine and gas turbine supply chains have been impacted by public health and geopolitical events, but demand is recovering, leading to a supply-demand imbalance and increased order expectations for domestic companies [1] Business Expansion and Product Development - The gas turbine market is experiencing a surge in demand, with IEA predicting that natural gas power generation will account for nearly 15% of total AIDC power demand over the next decade [2] - The company has expanded its product offerings from traditional forgings to high-value components such as compressor disks and turbine rotors, enhancing its market position [2] - Internationally, the company signed a framework agreement worth over 100 million yuan with Baker Hughes, achieving a "one-stop" delivery model from forgings to finished products [2] Emerging Fields and Long-term Growth - The company is diversifying into emerging sectors such as semiconductors, aerospace, nuclear power, and marine engineering, with positive results [3] - In the semiconductor sector, the company has completed the first trial production of key components for semiconductor front-end equipment, aiming to enter the high-value supply chain [3] - The company has also participated in major national aerospace projects and has developed new-generation rocket engine components [3] - In the nuclear power sector, the company has delivered its first product to French Electric and completed supplier certifications with several domestic companies [3] - The company aims to leverage opportunities from national strategies and global AI developments to enhance its market presence and accelerate industrialization in emerging applications [3]