Core Viewpoint - Minfeng Special Paper (600235) reported a significant decline in both revenue and net profit for the third quarter of 2025, indicating ongoing operational challenges and financial strain [1] Financial Performance - The company's third-quarter revenue was 287 million yuan, a year-on-year decrease of 24.44% [1] - Net profit for the third quarter was 3.57 million yuan, down 71.56% year-on-year [1] - For the first three quarters, total revenue reached 889 million yuan, reflecting a 23.61% decline compared to the previous year [1] - Net profit for the first three quarters was 18.64 million yuan, a decrease of 69.43% year-on-year [1] - Basic earnings per share stood at 0.053 yuan [1] Operational Challenges - The PM22 paper machine is scheduled to cease operations by the end of August 2024, which has already resulted in zero production during the reporting period [1] - The reduction in overall production and sales volume is attributed to the shutdown of this machine [1] Financial Costs - The capitalization of project loan interest expenses after the completion of the first and second phase projects has led to increased financial costs and operating expenses [1] - This rise in financial costs has contributed to a decline in operating profit [1]