Core Insights - The company reported a steady growth in revenue and net profit for the first three quarters of 2025, driven by the modernization of national defense equipment and the mass production of non-refrigerated infrared and optical products [1][5] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 716 million yuan, a year-on-year increase of 11.31% - The net profit attributable to the parent company was 126 million yuan, reflecting a year-on-year growth of 17.63% - In Q3 2025, revenue reached 310 million yuan, up 16.25% year-on-year, with a notable acceleration in growth compared to Q2 [1] Market Drivers - The increase in defense spending, with a budget of 1.81 trillion yuan for 2025, represents a 7.2% growth from the previous year, contributing to the rising demand for military equipment, including infrared and optical products [1] - The company’s non-refrigerated infrared and optical products have begun mass supply, becoming a new growth driver for revenue [3] Product Development - The company has established a solid foundation in the antimony-based infrared field and has achieved pilot production capabilities for Type II superlattice detectors, differentiating itself from competitors using cadmium mercury technology [2] - The company is expanding its product offerings in non-refrigerated detectors, with a focus on emerging markets such as robotics, smart driving, and drones [3] Future Projects - The company is actively developing projects for near-infrared APD photodetector production lines and mid-wave infrared semiconductor laser construction, aiming to enhance its product range and market coverage [4] - The mid-wave infrared semiconductor laser project is expected to support applications in various fields, including special equipment, environmental monitoring, and medical applications [4] Revenue Forecast - The company anticipates revenue growth for 2025-2027, with projected revenues of 1.128 billion yuan, 1.482 billion yuan, and 2.020 billion yuan, representing year-on-year growth rates of 17.4%, 31.3%, and 36.4% respectively [6]