Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 18.22 billion yuan for the first three quarters of 2025, a decrease of 2.5% year-on-year, while the net profit attributable to shareholders reached 3.03 billion yuan, an increase of 51.6% year-on-year. The net profit excluding non-recurring items was 2.02 billion yuan, up 14.2% year-on-year. In Q3 alone, the revenue was 5.93 billion yuan, down 1.7% year-on-year and 1.3% quarter-on-quarter, with a net profit of 1.26 billion yuan, showing a significant increase of 141.1% year-on-year and 67.8% quarter-on-quarter. The acquisition of Concord Biotech contributed approximately 780 million yuan to non-operating income [2][6]. Financial Performance Summary - For Q3 2025, the company achieved a gross profit margin of 17.3%, a decrease of 0.4 percentage points year-on-year and 4.4 percentage points quarter-on-quarter. The revenue from the feed amino acids segment was 2.53 billion yuan, down 12.0% year-on-year and 6.9% quarter-on-quarter. The revenue from the flavoring agents segment was 1.76 billion yuan, up 4.7% year-on-year and 0.5% quarter-on-quarter. The revenue from other businesses, including raw materials and seaweed sugar, was 400 million yuan, down 20.4% year-on-year and 13.2% quarter-on-quarter [12][12]. Market Outlook - The company completed the acquisition of Concord Biotech on July 1, 2025, which allows it to enter high-value-added markets, including pharmaceutical-grade amino acids. This acquisition enhances the product pipeline and supports the company's strategy to expand internationally [12][12]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 3.26 billion yuan, 2.55 billion yuan, and 3.08 billion yuan, respectively. The company is expected to benefit from an improving industry landscape and the establishment of a synthetic biology platform [12][12].