Core Insights - The company reported a revenue of 607 million yuan for the first three quarters of 2025, representing a year-on-year growth of 8.09%, and a net profit attributable to shareholders of 96 million yuan, up 13.21% year-on-year [1] - In Q3 alone, the company achieved a revenue of 228 million yuan, marking a 24.48% increase year-on-year, and a net profit of 34 million yuan, which is a 32.98% year-on-year growth [1] Group 1: Clinical Business Recovery - The clinical business shows signs of recovery, with some order prices rebounding due to the recovery in domestic biopharmaceutical demand, leading to an increase in order volume in the CRO industry [2] - Price pressures have eased and stabilized, with some high-end clients experiencing a price increase due to the company's scientific advantages [2] - The combination of price stabilization and the company's refined management and AI technology applications is expected to further enhance gross margin levels [2] Group 2: Cost Optimization and Performance Improvement - The company has optimized its cost structure, with sales expense ratio at 1.66%, management expense ratio at 10.07%, and R&D expense ratio at 7.54% for the first three quarters of 2025 [3] - In Q3, the sales expense ratio was 1.65% (up 0.17 percentage points quarter-on-quarter), management expense ratio was 8.45% (down 2.14 percentage points quarter-on-quarter), and R&D expense ratio was 6.63% (down 1.2 percentage points quarter-on-quarter) [3] - The continuous optimization of expense ratios contributes to steady performance improvement [3] Group 3: Investment Outlook - The company is projected to achieve revenues of 782 million yuan, 873 million yuan, and 972 million yuan for 2025-2027, reflecting year-on-year growth rates of +5.1%, +11.7%, and +11.3% respectively [4] - The net profit attributable to shareholders is expected to reach 151 million yuan, 174 million yuan, and 200 million yuan for the same period, with year-on-year growth rates of +7.5%, +15.6%, and +14.7% respectively [4] - The investment rating is maintained at "Buy" [4]