Core Viewpoint - The performance of Spring Medical has shown significant recovery after the impact of centralized procurement, with notable increases in revenue and net profit in recent quarters [2][3][12]. Financial Performance - In Q3 2024, Spring Medical reported revenue of 756 million yuan, a year-on-year increase of 48.75%, and a net profit of 192 million yuan, up 213.21% year-on-year [2]. - The company's Q3 revenue reached 268 million yuan, marking a 109.51% increase year-on-year, and the net profit turned positive at 77.06 million yuan [2][3]. - In Q1 2023, Spring Medical achieved a revenue of 230 million yuan, a slight increase of 3.6%, and a net profit of 58 million yuan, up 5.2% [3]. Market Trends - The orthopedic consumables industry is experiencing a recovery, with Spring Medical's revenue growth in Q2 2025 reaching 62.85%, outperforming peers [6]. - The global orthopedic medical device market is projected to grow to $62.22 billion in 2024 and exceed $94 billion by 2032, with a stable annual growth rate of 5.3% [12]. Stock Performance - Spring Medical's stock price has increased by 122.13% year-to-date as of October 31, 2024, reflecting renewed market confidence [2]. - The stock experienced a significant rise in May, June, and July 2024, with respective increases of 17.69%, 12.18%, and 29.85% [9]. Strategic Developments - Spring Medical has been actively expanding its international market presence, with overseas revenue accounting for 40% of total revenue in the first half of 2025 [14]. - The company has received multiple regulatory approvals for its products, including the FDA 510(K) approval for its knee prosthesis system, enhancing its competitive edge in international markets [15]. Product Development - Spring Medical has made significant advancements in product development, with 35 new registrations obtained in the first nine months of the year, and R&D investment accounting for 11.44% of revenue [13]. - The company is the first in China to have a chemical vapor deposition manufacturing process for porous tantalum metal implants, breaking foreign monopolies [13].