Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with total revenue at 1.5 billion yuan, down 23.1% year-on-year, and a net loss of 173 million yuan, down 165.0% year-on-year [1] - In Q3 2025, the company experienced a revenue increase of 12.5% year-on-year, totaling 655 million yuan, but still reported a net loss of 29.38 million yuan, a decline of 576.3% year-on-year [1] - The company’s non-recurring net profit also worsened, with a loss of 650.1 million yuan compared to a loss of 225.2 million yuan in the same period last year, marking an 850.4% decline [1] Business Developments - During the reporting period, the company completed the batch release of 9 batches of its nine-valent HPV vaccine, gained access in 16 provinces, and initiated first vaccinations in 7 provinces/regions [1] - The international business of the vaccine showed robust growth, with approximately 15.05 million doses exported, representing a threefold increase compared to 2024 and a sixfold increase compared to 2023 [1] - As of the end of the reporting period, the company’s vaccine received market access in 24 overseas countries, including Angola, Pakistan, and Belarus [1]