Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, achieving a revenue of 13.061 billion yuan (up 23.07% year-on-year) and a net profit of 3.457 billion yuan (up 48.45% year-on-year) [4][12] - In Q3 2025 alone, the company generated a revenue of 5.348 billion yuan (up 39.02% year-on-year) and a net profit of 1.766 billion yuan (up 100.52% year-on-year) [4][12] - The opening of the Global Digital Trade Center has contributed to the revenue growth, with the new market layout including various functional areas and a significant number of merchants [12] - The company's trade fulfillment services have also shown profitability, with a notable increase in cash flow due to the new market's operations [13] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 13.061 billion yuan, representing a year-on-year growth of 23.07%, and a net profit of 3.457 billion yuan, up 48.45% [4][12] - In Q3 2025, the revenue reached 5.348 billion yuan, marking a 39.02% increase year-on-year, while net profit surged to 1.766 billion yuan, reflecting a 100.52% growth [4][12] Market Developments - The Global Digital Trade Center officially opened on October 14, 2025, enhancing the company's market presence and service offerings [12] - The new market includes a total building area of 410,000 square meters with over 3,700 merchants across various new industries, contributing to the company's revenue [12] Future Outlook - The company expects continued revenue growth, projecting revenues of 19.945 billion yuan, 27.270 billion yuan, and 32.152 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 26.74%, 36.73%, and 17.90% [14] - Net profit forecasts for the same years are 4.323 billion yuan, 7.077 billion yuan, and 7.988 billion yuan, with growth rates of 40.64%, 63.71%, and 12.88% [14]