Core Viewpoint - The company reported strong financial performance for Q3 2025, with revenue and net profit exceeding expectations, indicating a continuous improvement in profit margins [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 66.402 billion, a year-on-year increase of 32.95%, and a net profit attributable to shareholders of 11.881 billion, up 56.34% year-on-year [1] - In Q3 2025, the company recorded revenue of 22.869 billion, reflecting a year-on-year growth of 20.83% but a quarter-on-quarter decline of 6.65%. The net profit for Q3 was 4.147 billion, showing a year-on-year increase of 57.04% and a quarter-on-quarter rise of 6.10% [1] - The gross profit margin stood at 35.87% [1] Growth Drivers - The company experienced rapid overseas growth, with H1 2025 domestic and overseas revenues at 18.155 billion and 25.379 billion, respectively, accounting for 41.7% and 58.3% of total revenue. Domestic revenue grew by 3.48%, while overseas revenue surged by 88.32% [1] - The company is leveraging its high-voltage power electronics technology to comprehensively develop AIDC products, with storage systems and inverters typically operating above 800V and 1500V, showcasing its technological advantages [1] - The company has a decade-long research background in 35kV solid-state transformers, indicating a strong technical foundation [1] Profit Forecast and Investment Outlook - As a leading player in the global energy storage industry, the company is expected to achieve rapid growth, with the AIDC business likely to create a second growth curve. The ongoing surge in domestic and international energy storage demand supports this outlook [1]