Core Insights - The company reported a revenue of 2.717 billion, net profit attributable to shareholders of 317 million, and net profit excluding non-recurring items of 337 million for Q1-Q3 2025, showing a year-on-year change of +15.90%, -23.86%, and -6.74% respectively [1] - In Q3 2025, the company achieved a revenue of 986 million, net profit attributable to shareholders of 177 million, and net profit excluding non-recurring items of 147 million, with year-on-year changes of +16.83%, -7.93%, and +1.08% respectively [1] Operational Analysis - Core products are gaining traction, with EBITDA showing steady growth, and the launch of Ensartinib in the U.S. market [2] - The company currently has 8 marketed drugs, with sales growth driven by existing products and the gradual release of new products [2] - EBITDA for Q1-Q3 2025 reached 860 million, reflecting a year-on-year increase of +20.15% [2] - The innovative product Tarecitinib was approved for sale in China in June 2025, and Ensartinib opened its first prescription in the U.S. in August 2025, both expected to contribute to revenue growth [2] - Strategic collaborations and innovative ecosystem layouts are beginning to show results, with the nationwide sales of Trastuzumab starting in July 2025 [2] - The company has exclusive distribution rights for a new indication of a strategic investment project approved in July 2025 [2] - Key Phase III clinical trials for EYP-1901 have completed patient enrollment, with another trial starting in October 2025 [2] Research and Development Progress - Ongoing projects are advancing steadily, with the MCLA-129 Phase II study in lung cancer having completed its first patient enrollment [3] - Research data on Ensartinib and other studies have been presented at major academic conferences [3] Financial Forecast and Valuation - The company is expected to achieve revenues of 3.554 billion, 4.200 billion, and 5.193 billion for the years 2025, 2026, and 2027 respectively, with net profits of 563 million, 691 million, and 869 million [4] - The core business is projected to grow steadily, with operational management improving efficiency [4]