Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 734 million yuan for the first three quarters of 2025, representing a year-on-year increase of 9.89%, while the net profit attributable to shareholders was 25 million yuan, a decrease of 60.94% [2][4]. - In Q3 2025, the company achieved a revenue of 265 million yuan, up 22.83% year-on-year, and a net profit of 13 million yuan, an increase of 21.55% year-on-year [2][4]. - The company's gross margin for the first three quarters of 2025 was 24.58%, down 6.72 percentage points year-on-year, and the net margin was 3.47%, down 6.28 percentage points year-on-year [10]. - The report anticipates that the new energy efficiency standards for refrigerators, effective from June 1, 2026, will expand the market, as the new standards are expected to improve energy efficiency by approximately 40% [10]. - The company is expected to benefit from the vacuum glass business, with projected profits of 60 million yuan and 130 million yuan for 2025 and 2026, respectively [10]. Financial Summary - For 2024, the total revenue is projected to be 934 million yuan, with a net profit of 77 million yuan [16]. - The company’s earnings per share (EPS) for 2025 is estimated at 0.37 yuan, with a price-to-earnings (PE) ratio of 56 [16]. - The total assets are expected to be 2.009 billion yuan in 2025, with a debt-to-asset ratio of 40.5% [16].