Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter of 2025, primarily due to the impact of national drug procurement policies and increased market competition for certain products [1] Financial Performance - The company's third-quarter revenue was 168 million yuan, representing a year-on-year decrease of 46.83% [1] - The net profit for the third quarter was -116 million yuan [1] - For the first three quarters of 2025, the total revenue was 581 million yuan, down 30.75% year-on-year [1] - The net profit for the first three quarters was -209 million yuan, with a basic earnings per share of -0.66 yuan [1] Market Conditions - The decline in sales prices for certain products is attributed to the effects of national drug procurement policies and intensified competition in the market for non-collection-based formulations [1]