Acrel(SZ:300286)2025-10-27 08:32Financial Performance - The company's revenue for the first three quarters of 2025 reached 837 million CNY, a year-on-year increase of 2.59% [1] - Net profit attributable to shareholders was 192 million CNY, up 21.31% year-on-year [1] - The gross profit margin for the first three quarters was 47.73%, an increase of 1.49 percentage points compared to the previous year [1] - The net profit margin improved to 22.96%, up 3.55 percentage points year-on-year [1] - Operating expenses for Q3 2025 were 224 million CNY, a decrease of 10.26 million CNY compared to the same period last year [1] Business Structure and Growth - EMS 2.0 and 3.0, along with virtual power plant platforms, are the core growth drivers, while traditional EMS 1.0 products have seen a decline [1] - Domestic business focuses on sectors like rail transportation and petrochemicals, showing clear growth; overseas business has also increased, particularly in Southeast Asia, Europe, and Brazil [1][2] - The company provides services in the data center sector, including power monitoring and energy management, with typical project sizes often exceeding one million CNY [2] Market Demand and Challenges - There is strong market demand for zero-carbon industrial parks, supported by national and local government policies [2] - The company is experiencing a transitional phase, with significant growth in targeted sectors, but traditional business declines are affecting overall revenue growth [2] - Some new business projects have longer cycles, which delays revenue recognition [2] Client Engagement and Strategy - Large client business, centered around EMS 3.0, is a significant focus, although the overall proportion of large clients has not been disclosed [2] - High repurchase rates from large clients can drive sales of hardware and systems, enhancing customer loyalty and enabling standardized solutions to be replicated across more clients [2]