Core Viewpoint - The company has shown significant recovery in its financial performance following the divestiture of its IVD business, with a strong growth trajectory in revenue and net profit for the first three quarters of 2025 [1][2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 186 million yuan, an increase of 17.45% year-on-year, and a net profit attributable to shareholders of 18 million yuan, up 362.49% [1]. - In Q3 2025, the company achieved revenue of 76 million yuan, reflecting a growth of 40.34%, and a net profit of 16 million yuan, which is a 187.43% increase [1]. Business Strategy and Developments - The impact of the IVD business divestiture has been fully realized, leading to a positive trend in overall performance. The company experienced a revenue decline of 63.01% and a net loss of 185 million yuan in 2023, but has since turned profitable in 2024 with a net profit of 17 million yuan [2]. - A significant overseas collaboration was established with global biotech giant Chr. Hansen, involving a five-year agreement worth 73.06 million euros (approximately 600 million yuan) for dairy product testing. This partnership is expected to drive future growth in international markets [3]. - The company is expanding its business in both B2B and B2G sectors, with notable collaborations in the cold chain and retail sectors, as well as successful bids for government projects in various provinces [4]. Future Outlook - The company anticipates continued growth, projecting net profits of 25 million yuan, 50 million yuan, and 70 million yuan for 2025 to 2027, with year-on-year growth rates of 44.9%, 100.3%, and 40.2% respectively [4]. - A DCF model estimates the company's overall valuation at 5.9 billion yuan, with a target price of approximately 15 yuan per share, maintaining a "recommended" rating [4].