Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 25.30 CNY for the next six months [5][7]. Core Insights - The company achieved a revenue of 4.16 billion CNY and a net profit attributable to shareholders of 748 million CNY in the first three quarters of 2025, representing year-on-year growth of 4.92% and 18.51% respectively [2][3]. - In Q3 2025, the company reported revenue of 1.29 billion CNY and a net profit of 222 million CNY, with year-on-year increases of 7.37% and 42.30% respectively, driven by stable order deliveries from core clients and stabilizing raw material prices [2][3]. - The company is building a leading global CDMO service platform, deeply serving major pharmaceutical companies like Novartis, with a significant number of projects in various clinical stages [3]. - The company has seen stable growth in sales of its specialty raw materials, with prices gradually stabilizing, indicating potential marginal improvements in its raw material business [4]. Financial Summary - The projected net profits for the company from 2025 to 2027 are expected to be 977 million CNY, 1.12 billion CNY, and 1.24 billion CNY, reflecting year-on-year growth rates of 61.3%, 14.5%, and 10.4% respectively [5][11]. - The estimated EPS for 2025 is 1.10 CNY per share, with a PE ratio of 23 times [5][11]. - The company's total market capitalization is approximately 18.44 billion CNY, with a share price of 20.73 CNY as of October 15, 2025 [7].