Core Viewpoint - The company is experiencing a recovery in traditional business growth, with emerging businesses gradually ramping up, leading to improved profitability quarter by quarter [1] Financial Performance - For Q1-Q3 2025, revenue reached 2.544 billion yuan, a year-on-year increase of 19.7%, with a net profit attributable to shareholders of 79.92 million yuan, marking a turnaround from losses [2] - In Q3 alone, revenue was 923 million yuan, up 19.4% year-on-year, and net profit was 52.86 million yuan, significantly improving from losses, with a quarter-on-quarter growth of 68.7% [2] - The gross margin for Q1-Q3 2025 was 28.86%, an increase of 5.6 percentage points year-on-year, while Q3 gross margin was 31.02%, stable year-on-year and up 2.1 percentage points quarter-on-quarter [2] Business Segments - Revenue from small molecule APIs for Q1-Q3 2025 was 2.350 billion yuan, a year-on-year increase of 19.4%, while emerging business revenue was 190 million yuan, up 23.4% [3] - The small molecule formulation CDMO segment generated 101 million yuan, remaining flat year-on-year, while CGT CDMO revenue was 43 million yuan, up 7.1% [3] - New molecular businesses, including peptides, oligonucleotides, and ADCs, saw revenue of 46 million yuan, a substantial increase of 254.8% year-on-year [3] Market Performance - Overseas market revenue for Q1-Q3 2025 was 1.805 billion yuan, a year-on-year increase of 17%, while domestic market revenue was 739 million yuan, up 21% [3] Profitability Trends - The gross margin for the overseas market was approximately 40%, an increase of 5 percentage points year-on-year, driven by high-value commercial projects [4] - The domestic market gross margin was around 1%, improving from -3% in H1 2025; excluding emerging business impacts, the domestic gross margin was about 18% [4] - Overall gross margin for the company was approximately 35%, showing a trend of improvement [4] Emerging Business Impact - The new business segments negatively impacted the net profit attributable to shareholders by approximately 164 million yuan, with a total reduction in losses of about 17.5 million yuan [4] - The small molecule formulation, gene cell therapy, and new molecular businesses contributed to the net profit reductions of 67.69 million yuan, 38.67 million yuan, and 57.25 million yuan, respectively [4] Catalysts - There is an unexpected growth in orders and terminal demand for new businesses, indicating positive market dynamics [5]

Core Insights - The article discusses the career paths of professionals in commercial product roles, particularly focusing on the age-related challenges faced around 35 years old and the different trajectories available in the industry [1][2][3] Group 1: Two Core Paths of Commercial Products - There are two main categories of commercial products: link-type and business-type, which significantly influence subsequent career paths [4] - Link-type commercial products focus on serving advertisers and media, with less direct correlation to personal income, while business-type products are revenue-driven and results-oriented [4][5] Group 2: Link-Type Commercial Products - Link-type professionals tend to have strong risk resilience and are less affected by layoffs, as their roles require significant experience and expertise [5][6] - The 35-year crisis for link-type professionals is more about platform stability than personal capability, with many choosing to "lie flat" after leaving major companies [6][7] Group 3: Business-Type Commercial Products - Business-type professionals often evolve into decision-makers in smaller companies or pursue entrepreneurial ventures, leveraging their experience to adapt to market changes [7][8] - Many business-type professionals focus on ROI and can pivot quickly in their ventures, indicating a lower risk compared to traditional businesses [8][9] Group 4: Choosing Between Link-Type and Business-Type - Each path has its advantages and disadvantages, and professionals should align their career choices with their core aspirations [10][11] - The 35-year crisis in commercial products stems from a lack of suitable opportunities rather than a deficiency in skills, emphasizing the importance of deepening expertise in chosen areas [12][13]