On the evening of October 27, BLT (688333.SH) released its Q3 2026 report: revenue for the first three quarters was RMB 1.260 billion, up 8.54% year-on-year; net profit attributable to shareholders was RMB 107 million, down 30.99% year-on-year. Q3 single-quarter revenue was RMB 490 million (-0.79%), and net profit attributable to shareholders was RMB 56.3428 million (-29.07%). The company attributed the profit decline mainly to: a significant increase in R&D spending amid intensifying market competition—R&D expenses for the first three quarters were RMB 214 million (+17.11%), with Q3 alone at RMB 78.1292 million (+35.29%), accounting for 15.95% of revenue; increased foreign exchange losses from international expansion; and growth in bad debt losses on receivables and interest expenses on bank borrowings (financial expenses of RMB 27.62 million, +186% year-on-year). Gross margin fell from 43.48% to about 39.05% in the first three quarters, and on the same day the company announced provisions for credit and asset impairment totaling RMB 30.9583 million. Background: On October 8, BLT announced plans to invest approximately RMB 1 billion to build a high-end metal additive manufacturing industrial base in Taicang, Jiangsu (land purchase of about 100 mu, building area of about 104,000 m², construction period of 24 months). As of the October 27 close, BLT traded at RMB 77.36 per share, with a total market capitalization of RMB 21.222 billion. Value for powder buyers: (1) BLT's 8.5% growth in equipment and printing service revenue means its procurement of titanium alloy, superalloy, and aluminum alloy powder consumables is growing in tandem, creating outsourcing opportunities for powder suppliers; (2) the two-year construction of the Taicang base will bring new equipment deployment and expanded powder demand; (3) the profit pressure reflects intensifying price competition in the industry, so powder manufacturers need to pay attention to collection cycles and accounts receivable management.