Company Summary - Haier Biomedical (688139.SH) reported a revenue of 566 million yuan for Q3 2025, representing a year-on-year growth of 1.24% and a quarter-on-quarter increase of 11.68% [1] - The net profit attributable to shareholders reached 55.65 million yuan, with a significant quarter-on-quarter increase in the net profit excluding non-recurring items [1] Industry Summary - The life sciences upstream industry has entered a new phase of valuation recovery and industrial upgrading after a decade of development [1] - Current sector valuations remain low, supported by three key factors: supply clearing, demand recovery, and accelerated domestic substitution [1]