Core Viewpoint - The company, Kunshan Xinlai Clean Application Materials Co., Ltd., is focusing on three main business areas: clean application materials, high-purity and ultra-high-purity application materials, with a strong emphasis on food safety, biomedicine, and the semiconductor industry [3][4][8]. Business Layout - The core business structure includes the development, production, and sales of clean application materials, primarily serving the food safety, biomedicine, and semiconductor sectors [3]. - The wholly-owned subsidiary, Shandong Bihai Packaging Materials Co., Ltd., specializes in sterile packaging for liquid food, providing integrated services of equipment and packaging materials [3]. Q3 Revenue Growth - The increase in revenue for Q3 2025 is attributed to the domestic semiconductor industry's push for localization and the acceleration of domestic substitution processes [4]. - The company has strengthened its customer development efforts in the food sector, leveraging its integrated "equipment + packaging" business model to enhance customer loyalty and market share [4]. Core Competitiveness in Semiconductor Products - The company's competitive edge in the semiconductor field lies in its technological advantages in vacuum applications and ultra-high-purity (UHP) applications [5]. - The "AdvanTorr" series products meet stringent vacuum requirements and are certified for quality and environmental standards, while the "Nanopure" series ensures high purity and traceability [5]. Liquid Cooling Business - The company is entering the liquid cooling market through a 70% owned subsidiary, offering products like CDU and liquid cooling server connection components [6]. - The liquid cooling products leverage the company's existing expertise in sealing and corrosion resistance from the food and biomedicine sectors [6]. Future Strategy - The company aims to focus on research and development to shorten the technological gap and accelerate domestic substitution [8]. - Plans include increasing R&D investment in high-end products and enhancing the conversion of technological achievements [8]. Response to International Environment - Despite challenges in overseas markets, the company is capitalizing on domestic market opportunities through localization advantages [9]. - The management is adjusting market strategies in response to international economic conditions and is actively engaging with the supply chain to seize domestic substitution opportunities [9].