Core Viewpoint - Wanfu Bio's net profit attributable to shareholders for the first three quarters of 2025 is 134 million yuan, a year-on-year decrease of 69.32%, with Q3 showing a net loss of 55 million yuan, a year-on-year increase in loss of 169.21% [1] Group 1: Financial Performance - The company's net profit for the first three quarters of 2025 is 134 million yuan, reflecting a significant decline of 69.32% compared to the previous year [1] - In Q3, the company reported a net loss of 55 million yuan, marking a year-on-year increase in loss of 169.21% [1] Group 2: Business Development - The overseas business is progressing well, while domestic operations face temporary pressure [1] - The U.S. subsidiary's toxicology business is recovering, and the introduction of respiratory business has brought significant incremental growth [1] - The company is continuously advancing its channel development for respiratory infectious disease business in the U.S., laying a solid foundation for future growth [1] Group 3: Supply Chain and Product Launch - The international department is accelerating supply chain localization, and new overseas subsidiaries have been established [1] - The rapid introduction of new platforms for luminescence and electrochemistry is underway [1] - Despite internal and external environmental pressures, the fluorescence business in the domestic market is stabilizing, with terminal pure sales tending to stabilize [1] - The growth rate of terminal pure sales in the luminescence business is accelerating, and the launch of wet blood gas products is contributing to business growth [1] Group 4: Investment Rating - The company maintains a "buy" rating [1]