Core Viewpoint - Bull Group reported a decline in both revenue and net profit for the first three quarters of 2025, indicating challenges in its business operations amid changing market conditions [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 12.198 billion CNY, a year-on-year decrease of 3.22% [2]. - The net profit attributable to shareholders was 2.978 billion CNY, down 8.72% year-on-year [2]. - In Q3 2025, revenue was 4.03 billion CNY, a decline of 4.44% compared to the same period last year [2]. - The net profit for Q3 was 919 million CNY, reflecting a decrease of 10.29% year-on-year [2]. Business Segment Analysis - The main business segments of Bull Group experienced varying degrees of revenue decline: - The electrical connection business generated 3.662 billion CNY, down 5.37% year-on-year [4]. - The smart electrical lighting business reported revenue of 4.094 billion CNY, a decrease of 2.78% [4]. - The only segment showing growth was the new energy business, which achieved revenue of 386 million CNY, up 33.52% year-on-year, but its scale is still too small to offset the overall decline [4]. Shareholder Activity - The actual controller of Bull Group, Mr. Ruan Xueping, announced plans to reduce his stake by up to 36.171 million shares, representing no more than 2% of the total share capital [5]. - The planned reduction is based on personal financial needs and is not expected to significantly impact the company's governance or ongoing operations [5]. Stock Performance - As of October 30, 2025, Bull Group's stock closed at 43.71 CNY per share, reflecting a downward trend throughout the year [5]. - The stock's 52-week high was 54.45 CNY, while the low was 43.15 CNY [6].