Group 1 - The core viewpoint of the report indicates that China Xidian's net profit attributable to shareholders for Q1-3 of 2025 is 939 million yuan, representing a year-on-year increase of 19.29% [1] - In Q3 of 2025, the net profit attributable to shareholders is 340 million yuan, showing a year-on-year growth of 1.78% [1] - The gross profit margin of the company has been continuously improving in Q1-3 of 2025, with room for further reduction in expense ratios [1] Group 2 - The company's inventory amount remains at a high level, increasing to 5.672 billion yuan in Q1-3 of 2025, compared to 4.998 billion yuan in H1 of 2025 and 4.917 billion yuan in Q1-3 of 2024, which supports future business growth [1] - The State Grid's ultra-high voltage project bidding is progressing steadily, with the company winning bids exceeding 1.6 billion yuan in the 60th batch of procurement [1] - The company continues to benefit from the demand for power grid-related equipment and is a leader in domestic primary equipment, actively expanding into external markets while benefiting from the global power grid infrastructure cycle [1]