Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Insights - The company has shown resilience in its core business of adsorption materials, achieving a net profit of 652 million yuan for the first three quarters of 2025, a year-on-year increase of 9.27% [7][8]. - The gross profit margin has improved to 55.62% in Q3 2025, reflecting a year-on-year increase of 4.42 percentage points and a quarter-on-quarter increase of 3.96 percentage points [7][8]. - The company plans to invest 1.15 billion yuan in a new high-end materials industrial park to support the growth of its life sciences segment [9][10]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 686 million yuan, a year-on-year increase of 14.86% and a quarter-on-quarter increase of 2.29% [7]. - The net profit for Q3 2025 was 207 million yuan, showing a year-on-year increase of 7.72% but a quarter-on-quarter decrease of 17.58% [7]. - The gross profit margin for the first three quarters of 2025 was 52.81%, up 4.16 percentage points year-on-year [8]. Business Development - The life sciences segment has been a key growth driver, with ongoing investments to meet increasing demand and enhance production capacity [9]. - The company has established long-term contracts with major clients in the high-end drinking water sector, leading to increased market penetration [10]. Profit Forecast - The report projects revenues of 2.765 billion yuan, 3.425 billion yuan, and 4.274 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 932 million yuan, 1.167 billion yuan, and 1.520 billion yuan [11][13].