Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.284 billion CNY and a net profit attributable to shareholders of 392 million CNY, with a net profit excluding non-recurring items of 353 million CNY [2] - The operating cash flow reached 249 million CNY, indicating stable operational performance [2] Product Development - The HRSG product line has become a key feature since its development began in 2010, with increasing production and sales, maintaining a leading market share [4] - The company plans to enhance HRSG product capacity and develop stainless steel and nickel-based products to improve competitiveness and value [4] Strategic Projects - The special materials project is a core initiative for high-end transformation, representing the highest investment and technical requirements since the company's establishment [5] - The project aims to address high-end pipe technology challenges and expand high-value application scenarios, with a completion ceremony planned to showcase achievements [5] Supply Chain Management - The main raw material is special steel pipe blanks, sourced from established partnerships with domestic steel enterprises, ensuring stable supply and quality [7] - A price-locking mechanism is in place to mitigate the impact of raw material price fluctuations on profitability [7] Future Growth Strategies - Over the next 3-5 years, the company will focus on new project implementation, product structure upgrades, international development, and operational efficiency improvements [8] - Emphasis will be placed on expanding the market for special materials and precision pipe projects, while enhancing the proportion of high-value products [8] - The company aims to improve overseas market competitiveness and customer satisfaction, while exploring international opportunities [9]