Core Insights - The company reported a revenue of 1.025 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 10.00%, while the net profit attributable to shareholders decreased by 10.51% to 181 million yuan [1] - In Q3 2025, the company achieved a revenue of 471 million yuan, a significant year-on-year growth of 38.00%, with a net profit of 124 million yuan, up 3.33% [1] Revenue and Profit Analysis - The core exhibition business entered a peak season in Q3, contributing to rapid revenue growth, driven by increased exhibition organization income [1] - The company organized 17 exhibitions covering over 1.237 million square meters and hosted 8 events with over 37,000 participants in the first three quarters of 2025 [1] - The gross profit margin for Q3 2025 was 26.50%, a decrease of 6.08 percentage points year-on-year [2] Cost Management - The company demonstrated effective cost control, with sales, management, and R&D expense ratios of 3.06%, 10.27%, and 0.10%, respectively, showing year-on-year decreases [2] - The significant difference between net profit and adjusted net profit was primarily due to non-recurring gains from changes in the fair value of financial assets amounting to 88.998 million yuan [2] Investment Strategy - The company is expanding its market through various collaborations, including project, equity, and strategic partnerships, achieving a nationwide layout [3] - It is accelerating into new sectors, such as the pet economy, with significant growth in the scale of exhibitions and strategic acquisitions [3] - The company has a strong dividend policy, with a mid-2025 dividend payout ratio of 76.32% of the first half's net profit, and has outlined a shareholder return plan for 2025-2027 [3] - Revenue projections for 2025-2027 are 1.714 billion, 1.845 billion, and 1.987 billion yuan, with corresponding net profits of 335 million, 380 million, and 429 million yuan, indicating growth rates of 4.3%, 7.7%, and 7.7% respectively [3]