Core Insights - The company reported a revenue of 1.459 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 4.37%, with Q3 revenue reaching 495 million yuan, a significant increase of 28.42% compared to the same period last year [1] - The company is implementing its "2+2 strategy," focusing on ultrasound and endoscopy as core businesses while exploring minimally invasive surgery and cardiovascular intervention as emerging growth areas [1][4] - The company has launched multiple new products across various lines, enhancing market vitality and demonstrating strong operational resilience [1] Ultrasound Business - The company maintains a competitive edge in the ultrasound sector, with positive market feedback for its C-Field+ TianGong intelligent platform series [2] - The high-end portable ultrasound S80/P80 series utilizes unique imaging and reconstruction technologies to provide more accurate and higher-resolution images, reinforcing the company's market leadership [2] Endoscopy Business - The new generation 4K iEndo smart endoscope platform HD-650 has performed well since its launch, featuring industry-first super-resolution imaging capabilities and a wide range of 4K video transmission interfaces [3] - The clinical acceptance of the HD-650 is increasing, with a rise in multi-scope configuration orders from top-tier hospitals [3] Emerging Growth Areas - The minimally invasive surgery segment is experiencing rapid growth, with the "LingZhu" 4K 3D fluorescence imaging platform enhancing surgical precision and efficiency [4] - In the cardiovascular intervention field, the company is expanding its product offerings based on intravascular ultrasound imaging technology [4] R&D Investment - The company invested 367 million yuan in R&D during the first three quarters, maintaining a high R&D expenditure ratio of 25.13% [5] - The focus is on integrating AI with medical devices, with initial developments in AI software for endoscopy aimed at improving diagnostic capabilities [5] Market Environment - The domestic medical device procurement market is showing signs of recovery, with high demand for high-end imaging equipment due to ongoing equipment update policies [5] - The overall procurement scale for medical equipment is expected to remain robust in the second half of 2025, indicating a return to stable growth trends [5] Future Outlook - The company aims to continue its "2+2 strategy," promoting stable growth in existing ultrasound and endoscopy businesses while accelerating the expansion of minimally invasive surgery and cardiovascular intervention segments [6] - The focus on high-end product development and sustained R&D investment is expected to support long-term growth and market competitiveness [6]