According to the Huaan Securities Research Report, Shiyuan's 26Q3 performance greatly exceeded market expectations. 26Q3 revenue was 2,231 million yuan, up 15.53% year on year; net profit to mother was 422 million yuan, up 31.59% year on year. By product: Among 26Q3's core products, special A+/ special A revenue each increased 11.3%/24.3% year-on-year. The subhigh-end price band continued to recover, and the mass price band continued to increase. On the revenue side, the company seizes the competitive window within the province and continues to expand its market share; outside the province, actively build a benchmark market, steadily promote regional expansion, and increase revenue growth while actively promoting an increase in terminal opening rates to achieve efficient growth. On the profit side, with marginal product structure optimization and accurate cost allocation, profitability has steadily rebounded. Maintain a “buy” rating.

According to the Huaan Securities Research Report, Shiyuan's 26Q3 performance greatly exceeded market expectations. 26Q3 revenue was 2,231 million yuan, up 15.53% year on year; net profit to mother was 422 million yuan, up 31.59% year on year. By product: Among 26Q3's core products, special A+/ special A revenue each increased 11.3%/24.3% year-on-year. The subhigh-end price band continued to recover, and the mass price band continued to increase. On the revenue side, the company seizes the competitive window within the province and continues to expand its market share; outside the province, actively build a benchmark market, steadily promote regional expansion, and increase revenue growth while actively promoting an increase in terminal opening rates to achieve efficient growth. On the profit side, with marginal optimization of product structure and accurate cost allocation, profitability has steadily rebounded. Maintain a “buy” rating.