Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong performance in Q3, with a year-to-date revenue of 428 million yuan, representing a year-on-year increase of 10.56%. The net profit attributable to the parent company reached 129 million yuan, up 54.18% year-on-year [1][3] - The decline in Q3 revenue by 3.97% year-on-year is attributed to seasonal factors, while domestic business remains the main growth driver [3] - The gross profit margin significantly improved to 46.20%, an increase of 11.18 percentage points year-on-year, mainly due to enhanced capacity utilization [3] - The company has terminated the acquisition of Ouyi due to changes in market conditions and the target company's operational status [3] - Future growth is expected from new overseas clients and the application of HMO in the domestic food sector, with projected EPS for 2025-2027 at 0.96, 1.13, and 1.29 yuan respectively [3] Financial Summary - For the first three quarters of 2025, the company achieved total revenue of 428 million yuan, with a net profit of 129 million yuan [1] - Q3 gross profit margin was 46.20%, with a net profit margin of 17.64% [3] - The company forecasts total revenue growth rates of 25.2% in 2024 and 9.5% in 2025, with net profit growth rates of 35.9% in 2024 and 30.5% in 2025 [4]