Investment Rating - The investment rating for the company is "Buy-A" with a target price of 10.40 CNY, maintaining the rating [5]. Core Views - The company is experiencing pressure on its performance due to weak domestic demand, while the overseas market shows resilience. The company is actively promoting channel transformation and product upgrades to address market challenges [2]. - The company's profitability is under short-term pressure due to weak industry demand and reduced economies of scale, with a net profit margin of 2.20% in Q3 2025, down 4.07 percentage points year-on-year [4]. Financial Performance Summary - For Q1-Q3 2025, the company achieved revenue of 1.363 billion CNY, a year-on-year decline of 20.26%, and a net profit of 62 million CNY, down 51.26% year-on-year. In Q3 2025, revenue was 444 million CNY, down 21.81%, and net profit was 10 million CNY, down 71.99% [1]. - The gross margin for Q1-Q3 2025 was 26.07%, a decrease of 2.41 percentage points year-on-year, primarily due to price factors amid industry competition and weak demand [3]. - The company’s net profit margin for Q1-Q3 2025 was 4.50%, down 2.82 percentage points year-on-year, with a significant decline in Q3 2025 [4]. Future Projections - The company is expected to achieve revenues of 1.956 billion CNY, 2.160 billion CNY, and 2.416 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -17.05%, 10.44%, and 11.82% [10]. - The projected net profit for 2025 is 94 million CNY, with a year-on-year decline of 48.12%, followed by growth rates of 36.58% and 19.87% in 2026 and 2027 [10].