Investment Rating - The investment rating for the company is "Buy" [6]. Core Insights - The company reported a revenue of 1.296 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 31.10%, while the net profit attributable to the parent company was 568 million yuan, up 9.29% year-on-year. In Q3 2025, the revenue was 437 million yuan, a year-on-year increase of 13.36%, but the net profit decreased by 16.24% to 176 million yuan [1][6]. - The stable revenue growth is attributed to two main factors: an increase in revenue from Class III medical devices and growth in functional skincare products driven by the company's own brand [2]. - The profit was temporarily pressured by increased expenses and impairment provisions, with the expense ratios for sales, management, R&D, and financial costs being 22.34%, 8.72%, 5.50%, and 0.48%, respectively [2]. - The company achieved a significant breakthrough in Q3 with the registration of "recombinant type III humanized collagen freeze-dried fibers" as a pharmaceutical excipient, marking a major advancement in high-end biomedical materials in China [3]. - Revenue projections for 2025-2027 are estimated at 2.126 billion yuan, 2.796 billion yuan, and 3.693 billion yuan, respectively, with net profits expected to be 1.065 billion yuan, 1.465 billion yuan, and 2.011 billion yuan [3]. Financial Summary - For 2023 to 2027, the projected revenue growth rates are 100.0%, 84.9%, 47.3%, 31.5%, and 32.1%, respectively [4]. - The projected net profit growth rates for the same period are 174.6%, 144.3%, 45.4%, 37.6%, and 37.2% [4]. - The earnings per share (EPS) are forecasted to be 2.61, 6.36, 9.26, 12.74, and 17.48 for the years 2023 to 2027 [4].