Core Insights - The company reported a revenue of 571 million yuan for the first three quarters of 2025, with a third-quarter revenue of 195 million yuan, reflecting a quarter-on-quarter growth of 17.71% [1] - New signed orders increased by 29.37% year-on-year, showcasing the strength of the core business, particularly in new drug clinical trial applications (IND) and new drug marketing applications (NDA), which saw a combined increase of 30.71% in order numbers and a 23.06% rise in contract value [1] - The company is positioned in a high-growth cycle within the global CRO industry, leveraging its technological advantages and comprehensive service capabilities to meet high-end demands [1] Business Performance - The company has shown signs of recovery in its operations, with a nearly 20% increase in the amount of orders on hand compared to the end of 2024, laying a solid foundation for future operations [2] - The company has expanded its overseas market presence through diverse marketing channels, resulting in a significant year-on-year increase in new signed orders from international markets, enhancing its brand recognition and influence [2] Innovation and R&D Focus - The company continues to focus on high-potential areas in innovative drug development, particularly in emerging categories such as in vivo CAR-T, small nucleic acids, bispecific/multispecific antibodies, and radioactive drugs, with significant year-on-year growth in contract values for these innovative products [2]