Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, attributed to intense competition in the animal health industry and falling vaccine prices [1] Financial Performance - For Q3 2025, the company's revenue was RMB 116 million, a year-on-year decrease of 4.89% [1] - The net profit attributable to shareholders was RMB 13.15 million, down 35.50% year-on-year [1] - The net profit after deducting non-recurring gains and losses was RMB 11.70 million, with basic earnings per share at RMB 0.03 [1] Business Strategy and Market Position - The company is expanding into new areas of biopharmaceutical technology and optimizing its marketing strategy [1] - Despite a decrease in sales revenue compared to the previous year, the company has made progress in entering the supply chain of large breeding groups [1] - The company has adjusted its operational strategy to focus on customer needs, leading to positive developments in the research and development of multi-valent vaccines [1] Cost Management - The company has improved internal management efficiency, resulting in a significant reduction in total expenses compared to the same period last year [1] - The net profit attributable to the parent company turned from a loss to a profit of RMB 278,100 [1] Innovation and Future Outlook - The company is making strides in the human innovative drug sector, exploring a dual business model of "innovative drugs + animal health" [1] - Important breakthroughs have been achieved in this area, indicating a strategic shift towards collaborative development [1]