Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Insights - The company achieved a revenue of 738 million yuan in the first three quarters of 2025, representing an 11% year-on-year increase, and a net profit attributable to shareholders of 338 million yuan, up 30% year-on-year [1]. - The core products have established a solid foundation for profitability, with a 24% year-on-year increase in vaccine issuance volume, outperforming the industry average of 17% [2]. - The company has a strong R&D capability, with R&D expenses accounting for 9.74% of total revenue in Q3 2025, leading to the successful launch of multiple new products, including a dual vaccine for swine fever and pseudorabies [3]. - Despite challenges in the industry, including price wars due to homogenization, the report suggests that the market is nearing a recovery phase as some companies exit the market [4]. Financial Performance Summary - For Q3 2025, the company reported a revenue of 251 million yuan, a 5% decrease year-on-year but a 4% increase quarter-on-quarter [1]. - The gross margin and net margin for Q3 were 66.33% and 46.82%, respectively, with net margin improvement driven by non-recurring gains [2]. - The report forecasts revenues of 1.06 billion yuan, 1.29 billion yuan, and 1.5 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13%, 21%, and 17% [4][6].