Core Viewpoint - The company reported strong financial performance for Q1-Q3 2025, with significant year-over-year growth in revenue and net profit, driven by the successful launch of high-end products and an increase in market share in key business segments [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 1.867 billion yuan, representing a year-over-year increase of 22.47%, and a net profit attributable to shareholders of 623 million yuan, up 18.02% year-over-year [1]. - In Q3 2025, the company recorded revenue of 654 million yuan, a year-over-year increase of 24.77%, and a net profit of 198 million yuan, reflecting a year-over-year growth of 6.77% [1]. Business Growth Drivers - The launch of PFA and other high-end products has led to a steady increase in market share in the coronary and peripheral business segments, with an annual market share growth of 1-2 percentage points [2]. - The overall market share for the coronary business reached approximately 20%, while the market share for tumor intervention products in the peripheral vascular business exceeded 30% [2]. Research and Development - The company increased its R&D expenditure to 255 million yuan, accounting for 13.7% of revenue, focusing on expanding clinical indications for PFA ablation catheters and developing next-generation ablation devices [3]. - The company has successfully registered its three-dimensional electrophysiology system and PFA ablation solutions in Indonesia and is progressing towards CE certification for its systems, expected in Q2 2026 and Q2 2027 [3]. Future Revenue Projections - Revenue forecasts for 2025-2027 are 2.604 billion yuan, 3.308 billion yuan, and 4.197 billion yuan, with year-over-year growth rates of 26.06%, 27.02%, and 26.87% respectively [4]. - Net profit projections for the same period are 856 million yuan, 1.096 billion yuan, and 1.398 billion yuan, with growth rates of 27.16%, 28.05%, and 27.55% respectively [4].

Core Viewpoint - The company has identified three high-potential business areas: minimally invasive surgery, animal healthcare, and cardiovascular, which collectively generated over 4 billion yuan in revenue last year, accounting for more than 10% of total revenue, with growth rates exceeding 25% [1][2][3] Minimally Invasive Surgery - The minimally invasive surgery segment has achieved over 10% market share within a few years, ranking just behind two imported brands, with a significant market potential exceeding 20 billion yuan [1] - The core products, ultrasonic scalpel and endoscopic stapler, have a combined market capacity exceeding 11 billion yuan, with a high concentration of market share among two imported brands [1] - The company is actively participating in multiple procurement projects and is investing in building a professional sales team to accelerate business growth [1] Animal Healthcare - The animal healthcare sector has seen significant development due to increased R&D investment, now offering a complete digital solution and achieving over 80% of international revenue from high-end pet hospitals [2] - The company plans to enhance its product portfolio in animal healthcare based on successful technology accumulation from human products to further penetrate the overseas high-end pet hospital market [2] Cardiovascular - The company is collaborating with Huatai Medical to improve operational efficiency while maintaining Huatai's independence, with a focus on enhancing the three-dimensional electrophysiology system's core competencies [2] - The establishment of the electrophysiology division has been completed, and the company is leveraging its R&D capabilities to support Huatai in clinical applications for atrial fibrillation [2] Industry Outlook - Despite short-term challenges in the industry, the company is expected to return to a growth trajectory through rapid development of high-potential businesses, AI technology upgrades, and international strategies [3] - The company anticipates a turning point in the domestic market in the third quarter and aims to solidify its leading position in the global medical device sector [3]