Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 12-month target price of 121.5 CNY [4][7]. Core Views - The company has shown significant improvement in its financial performance, achieving a revenue of 2.12 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 211%. The net profit attributable to shareholders reached 10.88 million CNY, a turnaround from a loss of 27.6 million CNY in the same period last year [1]. - The company has successfully turned a profit in Q3 2025, with a revenue of 1.36 billion CNY, marking a year-on-year growth of 321.5% and a quarter-on-quarter increase of 169.6%. The net profit for this quarter was 18.43 million CNY, compared to a loss of 7.83 million CNY in the previous year [2]. - The company is actively preparing for production and inventory to meet the recovering demand in the market, with construction in progress valued at 32 million CNY and inventory increasing by 23.4% to 189 million CNY [3]. Financial Summary - The company is projected to achieve net profits of 23 million CNY, 70 million CNY, and 113 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of turning profitable, 209%, and 61.6% [4]. - The financial forecasts indicate a significant recovery in revenue, with expected figures of 307 million CNY in 2025, 572 million CNY in 2026, and 801 million CNY in 2027, reflecting growth rates of 87.5%, 86.3%, and 40.0% respectively [9]. - The company's gross margin has shown a consistent improvement, with Q3 2025 gross margin at 29.0%, up from a low of 5.2% in Q4 2024 [2].