Core Insights - The company has made steady progress in expanding its North American business this year, successfully securing new orders for electric fracturing equipment and core components [1] - In the gas turbine power generation business, the company has also achieved new orders, which are now entering the delivery and on-site operation phases [1]

Core Insights - The company has made steady progress in expanding its North American business this year, successfully securing new orders for electric fracturing equipment and core components [1] - In the gas turbine power generation business, the company has also achieved new order placements, which are now entering the delivery and on-site operation phases [1]

Group 1: Company Overview and Strategy - The company has implemented an internationalization strategy, achieving significant results with operations in over 70 countries and regions, leading to an increasing proportion of overseas business revenue [3][4] - The company focuses on global strategic customers and has made breakthroughs in various business segments, enhancing brand recognition and market share [3][4] Group 2: North America Market Development - The company has made steady progress in expanding its North American business, securing new orders for electric-driven fracturing equipment and gas turbine power generation [4][5] - Local capacity building and talent development in North America are ongoing to enhance operational and service capabilities [4] Group 3: Natural Gas Business and Capacity Management - The company has seen rapid growth in natural gas-related orders and is proactively managing production and delivery schedules to meet demand [5][6] - Key core components are being pre-stocked to ensure timely delivery, resulting in increased prepaid accounts and inventory compared to the beginning of the year [5] Group 4: Power Generation Business - The company has established Shandong Jereh Min Electric Energy Co., Ltd. to promote its power generation business, offering various gas turbine generator sets and services [6] - In North America, the company has successfully launched sales and service models for its gas turbine generators, focusing on oil and gas development and emergency power generation [6] Group 5: Cash Flow Improvement - The company emphasizes cash flow management, achieving an operating cash net inflow of CNY 2.927 billion in the first three quarters of 2025, a year-on-year increase of 99.5% [7][8] - Improved collection efforts and an increase in advance payments from new orders have positively impacted cash flow [7][8]