Core Viewpoint - The financial performance of Tietuo Machinery has significantly declined in 2023, with both revenue and net profit showing a downward trend after its IPO in early 2024, marking a shift from previous growth patterns [1][2]. Financial Performance - For the first three quarters of 2023, Tietuo Machinery reported revenue of approximately 302 million yuan, a year-on-year decrease of 13.80%, and a net profit of 35 million yuan, down 14.25% [1][2]. - In Q3 2023, revenue was 83 million yuan, reflecting an 11.23% decline year-on-year, while net profit dropped by 37.95% to 5 million yuan [1]. - Revenue growth has slowed from 47.10% in 2022 to 10.54% in 2024, with a reported revenue of 301 million yuan for the first three quarters of 2023 [2]. Cost Management - Tietuo Machinery has been focusing on cost reduction, with total costs increasing from 255 million yuan in 2022 to 318 million yuan in 2024, but showing a decrease in the first three quarters of 2025 [2]. - The total costs for the first three quarters of 2023 were reported at 261 million yuan, down 13.00% compared to the previous quarter [2]. Cash Flow Analysis - Cash received from sales for 2022-2024 was 393 million yuan, 409 million yuan, and 411 million yuan respectively, with a decline to 292 million yuan in the first three quarters of 2023, an 8.46% decrease year-on-year [3]. - The net cash flow from operating activities has shown a gradual decline, with a significant increase of 301.53% to 28 million yuan in the first three quarters of 2023 compared to the previous year [3]. Capital Expenditure and Future Prospects - Tietuo Machinery raised approximately 147 million yuan through its IPO, with investments planned for intelligent production of asphalt equipment and a research center [4]. - The company's construction in progress increased from 2.96 million yuan at the end of 2023 to 121 million yuan in the first three quarters of 2023 [4]. - Despite a decline in main business revenue, the company has seen growth in certain product lines, such as a 22.12% increase in revenue from original asphalt mixing equipment [4].