Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but its core business remains stable with a solid long-term foundation [2][9]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 2.039 billion yuan, a year-on-year decrease of 7.14% - The net profit attributable to shareholders was 400 million yuan, down 8.23% year-on-year - The third quarter alone saw operating revenue of 679 million yuan, a decrease of 1.14% year-on-year, and net profit of 120 million yuan, down 4.01% year-on-year [2][9]. Investment Projects - The company is implementing five fundraising investment projects, including high-performance elastic materials and parts for aviation, and has made significant progress in the high-performance elastic materials project, with the factory structure completed [3]. - The large aircraft windshield project is being reassessed due to changes in macroeconomic conditions and market demand [3]. Acquisition Progress - The company approved the acquisition of the Jiangsu Titanium Alloy Company, which will become a wholly-owned subsidiary, enhancing its titanium alloy production capacity, particularly for international aerospace applications [4]. Overseas Market Development - The company has become a qualified supplier for several international engine manufacturers, with overseas market revenue of 146 million yuan in the first three quarters, reflecting a year-on-year increase of 13.53% [5]. Corporate Governance - The company is actively working on revising its governance structure to comply with new regulations, including the cancellation of the supervisory board and the establishment of an audit committee [5]. Strategic Planning - The company is focused on high-quality development and innovation as part of its "14th Five-Year Plan," aligning with national policies and industry trends [6]. Employee Shareholding - As of September 30, 2025, the company has seven employee shareholding platforms holding a total of 21.27 million shares, accounting for 4.73% of the total share capital [7]. Share Lock-up Commitments - The company's directors and senior management have committed to extending the lock-up period for their shares by six months and will not sell shares below the issue price within two years after the lock-up period ends [8].