Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first three quarters of 2025, the company achieved revenue of 2.933 billion yuan, a year-on-year increase of 18.61%, and a net profit attributable to the parent company of 502 million yuan, a year-on-year increase of 73.50% [5][10]. - In Q3 2025, the company reported revenue of 999.5 million yuan, a year-on-year increase of 5.66% and a quarter-on-quarter increase of 5.42%, with a net profit of 197 million yuan, a year-on-year increase of 39.11% and a quarter-on-quarter increase of 72.19% [5][10]. - Despite the impact of national subsidy reductions and weakened downstream demand, the company still achieved growth in both year-on-year and quarter-on-quarter revenue in Q3 [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 38.51%, an increase of 4.75 percentage points year-on-year [10]. - The company has successfully expanded its market share through its leading technology and quality customer service, with rapid growth in the shipment of its 2800 series chips used in TWS headphones, smartwatches, and glasses [10]. - The company has introduced new clients such as Xiaotianzi and Songtu, and the shipment of smart watch chips continues to grow rapidly [10]. Research and Development - In the first three quarters of 2025, the company's R&D expenses amounted to 539 million yuan, a year-on-year increase of 13.73% [10]. - The company maintains a high level of R&D investment, which supports the continuous improvement of its core technological capabilities [10]. - The BES2800 series chips have advantages such as multi-concurrency, low latency, high bandwidth, and low power consumption, applicable in various scenarios including headphones, watches, and wireless microphones [10]. Future Outlook - The next-generation low-power high-performance smart wearable chip, the BES6000 series, is progressing well in development and is expected to enter the sample delivery stage in the first half of 2026 [10]. - The company is positioned as a leader in wearable SoC, with proven capabilities in expanding product categories from TWS headphones to smartwatches and wristbands [10]. - The company forecasts net profits attributable to the parent company of 703 million yuan, 951 million yuan, and 1.511 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 4.17 yuan, 5.64 yuan, and 8.96 yuan [10].