Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit that exceeded expectations, continuing its rapid growth trajectory. In Q3 2025, the company achieved total revenue of 307 million yuan, a year-on-year increase of 10.66%, and a net profit attributable to shareholders of 125 million yuan, representing a year-on-year growth of 75.70% [4][10]. - The company’s operating cash flow for Q3 2025 was 100 million yuan, up 47.42% year-on-year. For the first three quarters of 2025, total revenue reached 830 million yuan, a 31.90% increase year-on-year, with a net profit of 330 million yuan, marking an 89.11% year-on-year growth [4][10]. Summary by Sections Financial Performance - In Q3 2025, the company’s total revenue was 307 million yuan, with a year-on-year growth of 10.66%. The net profit was 125 million yuan, reflecting a significant year-on-year increase of 75.70%. The operating cash flow was 100 million yuan, up 47.42% year-on-year [4][10]. - For the first three quarters of 2025, total revenue was 830 million yuan, a 31.90% increase year-on-year, and the net profit was 330 million yuan, which is an 89.11% increase year-on-year [4][10]. Profitability and Cost Management - The company achieved a gross margin of 96.31% in Q3 2025, an increase of 23.72 percentage points year-on-year, primarily due to an optimized revenue structure and the high profitability of standardized software products. The total expense ratio was 59.87%, showing slight improvement from Q2 2025 [10]. - The net profit margin remained high at 40.43% [10]. Strategic Initiatives - The company announced a large-scale stock incentive plan, proposing to grant 3.394 million shares, which accounts for 2.997% of the current share capital, to 603 employees. This initiative aims to align employee interests with company performance [10]. - The company is expanding its market presence beyond core sectors like government and finance to include energy, transportation, telecommunications, and manufacturing, benefiting from national policies supporting domestic software [10]. Market Outlook - The database sector, as one of the three major foundational software areas, is expected to experience significant growth driven by the new round of domestic innovation and promotion from 2025 to 2027. The company is positioned as a leader in the domestic database market, with advantages in product autonomy, core technology breakthroughs, and ecosystem migration [10].