Core Insights - The company reported a revenue of 580 million yuan for the first three quarters of 2025, representing a year-on-year increase of 4.4% [1] - Net profit attributable to shareholders for the same period was 140 million yuan, up 2.2% year-on-year, while the non-recurring net profit was 130 million yuan, reflecting a 4.8% increase year-on-year [1] Q3 Performance - In Q3 2025, the company achieved a revenue of 190 million yuan, down 3.6% year-on-year and 3.0% quarter-on-quarter [2] - The net profit attributable to shareholders for Q3 was 40 million yuan, a decrease of 4.0% year-on-year and 22.9% quarter-on-quarter [2] - The non-recurring net profit for Q3 was also 40 million yuan, down 5.2% year-on-year and 24.6% quarter-on-quarter [2] Revenue and Profitability Analysis - The decline in Q3 revenue was attributed to adjustments in tariff policies and changes in customer purchasing patterns, leading to a delay in revenue recognition [2] - The gross profit margin for Q3 was 33.3%, while the net profit margin was 21.4%, indicating fluctuations due to changes in customer structure and exchange rate impacts [2] - The company maintained a stable profitability level despite these challenges [2] Financial Position - As of Q3 2025, the company had a strong cash position with cash and cash equivalents totaling 1.42 billion yuan, supporting future capacity expansion and business development [2] - The net operating cash flow for the first three quarters of 2025 was 153 million yuan, remaining stable year-on-year, while net cash flow from investment activities was 82 million yuan [2] - Overall, Q3 2025 saw a net increase in cash and cash equivalents of 193 million yuan, a significant year-on-year improvement [2] Outlook for Q4 - The company anticipates a recovery in customer orders and a normalization of growth rates in Q4 as the impact of tariff policy changes diminishes [3] - The first phase of the harmonic product capacity has been put into production, with the second phase expected to commence construction by the end of 2025 [3] - The company is actively advancing the construction of its Thai factory and preparing for operations in the U.S., indicating a proactive approach to expanding its business [3]