Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 613 million yuan for the third quarter of 2025, representing a year-on-year growth of 33.88%. The net profit attributable to shareholders was 2 million yuan, marking a turnaround from losses, while the non-recurring net profit was -36 million yuan, indicating a narrowing of losses [6][13]. - In the third quarter alone, the company achieved a revenue of 221 million yuan, a year-on-year increase of 50.12%, with a net profit attributable to shareholders of 27 million yuan, also a turnaround from losses, while the non-recurring net profit was -9 million yuan, showing a reduction in losses [6][13]. - The gross profit margin for the reporting period was 37.23%, an increase of 6.66 percentage points year-on-year. For the third quarter, the gross profit margin was 45.87%, up 18.44 percentage points year-on-year and 14.24 percentage points quarter-on-quarter, driven by an optimized business structure and increased contributions from high-margin sectors [13]. - The company significantly increased its R&D investment, with R&D expenses amounting to 136 million yuan, a year-on-year increase of 87.76%, representing 22.14% of revenue, up 6.35 percentage points year-on-year. This investment has led to technological breakthroughs across various fields [13]. - The company is positioned in the photonics technology sector, benefiting from demand growth in optical communication, consumer electronics, semiconductor applications, and automotive sectors. It is expected to continue optimizing its business structure and improving profitability [13]. Financial Performance and Forecast - The company forecasts earnings per share (EPS) of 0.24 yuan, 1.18 yuan, and 2.04 yuan for the years 2025, 2026, and 2027, respectively [13][20].