Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the next 6-12 months [5]. Core Insights - The company reported Q3 2025 revenue of $75.79 million, a year-over-year increase of 78.5%, with a narrowed net loss of $1.62 million compared to the previous year [2][3]. - The strong revenue growth is driven by the company's proprietary brand business, which saw an 86% year-over-year increase when excluding the previous year's Xiaomi business [3]. - The company anticipates a peak in revenue for Q4 2025, projecting between $82 million and $86 million, representing a year-over-year growth of 38% to 45% [3]. Performance Summary - Q3 2025 gross margin improved to 38.2%, up 2 percentage points quarter-over-quarter, attributed to an optimized product mix [4]. - Non-GAAP operating profit turned positive at $360,000, indicating a recovery in profitability [4]. - The company has effectively controlled expenses, with sales expenses remaining stable and a significant reduction in expense ratios [4]. Financial Forecast - Revenue projections for 2025-2027 are $257 million, $352 million, and $456 million, respectively, with expected net profits of -$25 million, $17 million, and $56 million [5][11]. - The current stock price corresponds to a PE ratio of 32x for 2026 and 10x for 2027, indicating potential for future valuation growth [5].