Business Overview - The overall demand in the cybersecurity industry remains stable, with marginal improvements observed in the government sector. The financial and power industries are experiencing growth due to domestic substitution needs, while the telecom market shows steady demand [2]. - The company is implementing a "counter-cyclical orderly expansion" strategy, focusing on markets with demand and business foundations, and is not affected by short-term industry fluctuations [2]. - The product strategy emphasizes enhancing high-performance products, including firewalls, DDoS protection, IPS, load balancing, and network products [2]. AI Application - AI is being utilized to empower existing security products and significantly improve operational efficiency, enhancing the competitiveness of the company's offerings [2]. - The company is focusing on external protection needs in various AI application scenarios, optimizing internal processes to improve efficiency without reducing workload [2]. Financial Performance - As of the first three quarters of 2025, the company's revenue reached 8.71 billion yuan, representing a year-on-year growth of 6.28%. Sales expenses decreased by 93.6 million yuan, with a net profit margin of 1.32% [2]. Market Expansion - The company is intensifying its efforts in expanding network products in park networks and increasing investments in international markets [2]. - Key international markets include the Middle East, North Africa, and Central Asia, with a focus on load balancing products [3]. Product Development - The company has launched two models of box-type switches based on domestic chips, with plans for higher density and performance products in the future [3]. - The domestic chip capabilities are now sufficient to meet the mainstream demands of most data centers, with high-performance scenarios addressed through clustering solutions [3]. Strategic Insights - The company acknowledges the importance of continuous improvement in product capabilities and technical defense systems to transition from a network power to a network strong country [3]. - The "信创" (Xinchuang) initiative has become the default construction standard across various industries, accelerating the replacement of existing products like switches and firewalls [3]. Cash Flow Management - The company adheres to a "no credit" principle, prioritizing cash collection and allowing credit sales only in specific scenarios with clear repayment mechanisms [3]. - Future investment strategies will focus on high synergy with existing operations, mutual cooperation willingness, and long-term development without setting performance guarantees [3].