Core Insights - The company reported a revenue of 1.614 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.63% [1] - The net profit attributable to shareholders for the same period was 51 million yuan, up 2.40% year-on-year, while the net profit after deducting non-recurring items fell by 12.07% to 40 million yuan [1] Revenue Breakdown - Revenue growth was stronger outside mainland China compared to within, with Q3 revenue from mainland China at 260 million yuan, down 7.9% year-on-year, while non-mainland revenue was 310 million yuan, up 7.7% [2] - The decline in mainland revenue was attributed to the temporary pressure on small and medium-sized enterprises, while non-mainland regions saw growth due to successful expansion in Southeast Asia and strong performance in Taiwan driven by AI applications [2] Performance Analysis - The gross margin for Q3 was 55.39%, showing a decline of 0.82 percentage points year-on-year, primarily due to increased market competition across various business sectors [3] - Q3 expenses for sales, management, and R&D were 186 million yuan, 66 million yuan, and 44 million yuan respectively, with sales expenses rising significantly due to AI business promotion [3] Business Development - The company's core strategy of integrating AI into its offerings is progressing steadily, with AI applications being incorporated into ERP, PLM, and BI systems [4] - The company is expected to continue enhancing the integration of AI with its product matrix and anticipates growth in demand as AI-enabled effects become more apparent [4] Investment Outlook - Despite a slowdown in overall growth, the company is strategically reducing low-margin businesses while maintaining strong growth in traditional advantageous regions [4] - The company is expected to achieve net profits of 170 million yuan, 204 million yuan, and 237 million yuan from 2025 to 2027, with year-on-year growth rates of 9%, 20%, and 16% respectively [4]