Core Insights - The company reported a revenue of 609 million yuan for the first three quarters of 2025, representing a year-on-year growth of 2.59%, with a net profit attributable to shareholders of 87 million yuan, up 20.92% year-on-year [1] - In Q3 2025, the company achieved a revenue of 219 million yuan, a year-on-year increase of 9.84%, and a net profit of 33 million yuan, reflecting a significant year-on-year growth of 91.60% [2] Revenue and Profit Performance - The company experienced stable revenue growth in Q3, with profits exceeding expectations, showing continuous improvement since Q2 2025 [2] - The first three quarters of 2025 saw a rapid increase in inquiry volume and new orders, driven by active business development in domestic and international innovative drug transactions [2] Market Development and Client Services - The company has enhanced its market development efforts and accelerated digital transformation to address competitive pressures in the clinical research outsourcing industry [2] - As of the end of Q3 2025, the company employed 4,271 people, with nearly 4,000 being specialized business personnel, serving over 960 clinical trial institutions across 200 cities in China [2] Project Execution and Focus - The company focuses on undertaking innovative and high-clinical-value new drug SMO projects, currently executing 2,538 SMO projects and having completed over 4,200 international and domestic SMO projects [2] Revenue Forecast and Investment Recommendation - Revenue projections for 2025-2027 are estimated at 828 million yuan, 950 million yuan, and 1.107 billion yuan, with year-on-year growth rates of 3.02%, 14.72%, and 16.57% respectively [3] - The net profit attributable to shareholders is forecasted to be 128 million yuan, 144 million yuan, and 164 million yuan for the same period, with corresponding PE ratios of 32, 29, and 25 [3]