Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company experienced a decline in profit margins due to increased competition and the need for time to ramp up new product volumes, leading to a downward revision of profit forecasts for 2025-2027 [4][5] - The company achieved a revenue of 337 million yuan in the first three quarters of 2025, a year-on-year decrease of 7.46%, with a net profit attributable to the parent company of -16.39 million yuan, indicating an expanded loss [5] - The company is optimistic about the future of its COC (Cyclic Olefin Copolymer) production, which has entered the formal production phase and is expected to be a significant growth driver [5] Financial Summary - Revenue for Q3 2025 was 123 million yuan, a year-on-year increase of 0.79%, while the net profit attributable to the parent company was -11.08 million yuan, reflecting an expanded loss [5] - The company’s sales volume for fatty amines and optical materials in the first three quarters of 2025 were 14,881 tons and 4,151 tons, respectively, with year-on-year changes of +3.27% and -16.83% [5] - The average price for fatty amines decreased by 10.23% to 13,324 yuan/ton, while the average price for optical materials increased by 10.75% to 33,303 yuan/ton [5] - The company’s projected net profits for 2025, 2026, and 2027 are 5 million yuan, 44 million yuan, and 139 million yuan, respectively, with corresponding EPS of 0.05, 0.45, and 1.42 yuan per share [4][7] Production and Contracts - The company signed a sales contract for COC with a transaction amount of 2.6 million yuan, marking a milestone in its entry into the pharmaceutical packaging sector [5] - The COC production line has completed trial production and is now in formal production, with initial products being tested by downstream clients in various fields [5]