Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - Excluding the impact of the sold RuiLing Wireless vehicle-mounted pre-installed module business, the revenue from continuing operations grew by 7.32% year-on-year, while net profit slightly decreased by 2.19%, indicating a stable fundamental performance in the core wireless communication module business and the effectiveness of structural adjustments. Growth was observed in FWA, POS, and other IoT businesses. The gross margin for Q3 increased by 2.9 percentage points quarter-on-quarter, primarily due to strategic inventory buildup and an increase in the proportion of high-margin solution products, with expectations for continued upward trends in the future. Despite negative growth in revenue and profit for the first three quarters due to the impact of RuiLing Wireless's profit and investment income in 2024, Q4 is expected to show a significant year-on-year growth rebound [2][12][12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 5.366 billion yuan, a year-on-year decrease of 13.69%, and a net profit of 316 million yuan, down 51.50% year-on-year. In Q3 2025, revenue was 1.659 billion yuan, a year-on-year decline of 22.56%, with a net profit of 98 million yuan, down 69.14% year-on-year [5][12]. Business Growth Areas - Smart modules have emerged as a new growth direction. Compared to traditional cellular communication modules, smart modules are equipped with main control chips and memory, capable of running operating systems like Android and Linux, thus possessing strong real-time data processing capabilities and a variety of interfaces. These smart modules, which integrate computing and communication functions, are becoming key carriers for edge computing demands and are expected to drive growth in the smart terminal sector. The company has been increasing its R&D investment in smart modules since 2018 and has launched several products applicable in various industries, including smart retail and automotive electronics [12]. Future Outlook - Looking ahead to 2026, the company is expected to transition from modules to complete solutions in AI toys and embodied intelligent robots, expanding its capabilities and capturing more value in the industry chain. Excluding the impact of RuiLing Wireless in 2024, the company is projected to achieve revenue and profit growth in 2025. Profit forecasts indicate net profits of 412 million yuan, 568 million yuan, and 721 million yuan for 2025-2027, with year-on-year growth rates of -38%, 38%, and 27%, respectively, corresponding to PE valuations of 58x, 42x, and 33x [12].