Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q3 revenue increased by 9% year-on-year, continuing a steady growth trend, with total revenue for the first three quarters reaching 4.7 billion yuan, also up 7% year-on-year [2] - The gross profit margin remains stable at a high level, with a slight decrease in sales gross margin to 50.2%, while the net profit margin improved to 19.8% [3] - The company is advancing a forward-looking, diversified, and international strategy, positioning itself for long-term stable growth [4] Financial Performance Summary - For 2023A, total revenue is projected at 5.605 billion yuan, with a year-on-year growth of 9.24% [1] - The net profit attributable to the parent company is expected to be 910.20 million yuan, reflecting a year-on-year increase of 0.83% [1] - The latest diluted EPS is forecasted at 0.54 yuan per share, with a P/E ratio of 26.42 [1] - The company achieved a Q3 operating cash flow of 420 million yuan, a significant increase of 67% year-on-year [2] - The company’s operating expenses as a percentage of revenue decreased, indicating improved cost control [3]

Group 1 - ST Tianrui held its 17th meeting of the 6th board of directors on October 23, 2025, to review the "Q3 2025 Report" and other documents [1] - For the year 2024, ST Tianrui's revenue composition is as follows: Instrument manufacturing accounts for 64.21%, ecological protection and environmental governance accounts for 23.45%, third-party testing services account for 10.42%, and pharmaceutical manufacturing accounts for 1.91% [1] Group 2 - As of the report, ST Tianrui has a market capitalization of 2.3 billion yuan [2] - A well-known brand has made a significant investment of 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [2]

Group 1 - ST Tianrui (SZ 300165) held its 16th meeting of the 6th board of directors on August 25, 2025, to review the 2025 semi-annual report and its summary [1] - For the year 2024, ST Tianrui's revenue composition is as follows: Instrument manufacturing accounts for 64.21%, ecological protection and environmental governance accounts for 23.45%, third-party testing services account for 10.42%, and pharmaceutical manufacturing accounts for 1.91% [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices of related listed companies [1]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's Q2 net profit attributable to shareholders increased by 9%, aligning with the forecast median, supported by diversification and globalization strategies for steady growth [2] - The company achieved a total revenue of 2.96 billion yuan in the first half of 2025, representing a year-on-year growth of 6%, with a net profit of 470 million yuan, up 7% year-on-year [2] - The company is focusing on emerging markets and strategic acquisitions to enhance its international presence and maintain competitive advantages in traditional sectors [4] Financial Performance Summary - In the first half of 2025, the company reported a gross profit margin of 49.6%, a slight increase of 0.1 percentage points year-on-year, and a net profit margin of 15.7%, remaining stable [3] - The revenue breakdown by business segments shows: - Life Sciences: 1.27 billion yuan, up 1% - Industrial Products Testing: 600 million yuan, up 7% - Consumer Products Testing: 520 million yuan, up 13% - Trade Assurance Testing: 430 million yuan, up 13% - Pharmaceuticals and Others: 140 million yuan, up 1% [2] - The company’s overseas revenue reached 220 million yuan, growing by 21% year-on-year, while domestic revenue was 2.74 billion yuan, up 5% [2] Strategic Outlook - The company is expected to maintain steady growth through proactive strategies in life sciences and trade assurance, while also exploring new markets such as pet food and aerospace [4] - The company plans to accelerate internationalization through strategic acquisitions, including entities in Greece, Australia, and South Africa [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's net profit attributable to shareholders is expected to grow by 8% to 10% year-on-year in Q2, indicating stable operational performance [2] - Recent government policies in the measurement and testing sector are expected to provide significant growth opportunities for the company [3] - The company is well-positioned for long-term growth due to its diversified strategy, proactive international expansion, and strong market position [4] Financial Forecasts and Valuation - Total revenue is projected to reach RMB 6,535 million in 2025, with a year-on-year growth rate of 7.42% [1] - The net profit attributable to shareholders is forecasted to be RMB 1,055.55 million in 2025, reflecting a year-on-year increase of 14.60% [1] - The latest diluted EPS is expected to be RMB 0.63 in 2025, with a P/E ratio of 19.50 [1]