Core Viewpoint - The company reported a revenue of 2.88 billion yuan for the first three quarters of 2025, showing a year-on-year increase of 13.42%, while the net profit attributable to shareholders was a loss of 327 million yuan, indicating a reduction in losses compared to the previous year [1][2]. Revenue Performance - In Q3 2025, the company achieved a revenue of 982 million yuan, reflecting a year-on-year growth of 11.07% but a slight quarter-on-quarter decline of 0.59% [1][2]. - The cumulative revenue for the first three quarters reached 2.88 billion yuan, marking a 13.42% increase year-on-year [1][2]. Profitability Improvement - The core business of cellular baseband chips saw a remarkable performance with a revenue increase of 25%, leading to a significant rise in gross profit margin, which improved the overall gross margin by 4.71 percentage points year-on-year and 3.44 percentage points quarter-on-quarter to 26.65% [2]. - The net loss attributable to shareholders in Q3 2025 narrowed to 82 million yuan, representing a year-on-year reduction in losses of 44.5% and a quarter-on-quarter reduction of 33.41% [2]. Customization Business Outlook - Despite a 60% year-on-year decline in revenue from chip customization and IP licensing in the first three quarters, the company has a strong order backlog, with contract liabilities increasing by 110 million yuan to 199 million yuan, indicating growth in deposits for customized chips and new large customer orders [3]. - The demand for ASIC customization services in areas such as smart wearables, edge AI, and RISC-V chips is on the rise, suggesting significant market expansion [3]. Market Growth Potential - The cellular baseband and smartphone SoC sectors are expected to experience long-term growth due to the continuous improvement in product competitiveness and successful entry into emerging fields such as AI toys and smart wearables [4]. - The company anticipates revenues of 3.88 billion, 5.89 billion, and 7.56 billion yuan for the years 2025 to 2027, with corresponding price-to-sales ratios of 10X, 6X, and 5X, maintaining a "buy" rating [4].