Core Viewpoint - The company reported strong financial performance for Q1-Q3 2025, with significant increases in revenue and net profit, driven by the recovery of overseas orders and optimization of product structure [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 448 million yuan (+40.47%) and a net profit of 136 million yuan (+40.03%), with a non-GAAP net profit of 133 million yuan (+49.53%) [1]. - In Q3 2025, the company recorded revenue of 182 million yuan (+85.26%) and a net profit of 62 million yuan (+130.72%), with a non-GAAP net profit of 61 million yuan (+148.4%) [1]. Business Growth Drivers - The recovery of overseas orders has accelerated the growth of the endoscope business, with significant year-on-year and quarter-on-quarter increases in domestic and international shipments [2]. - Total revenue from medical endoscope products reached 350 million yuan (over +40% growth) in the first three quarters, while optical business revenue was 90 million yuan (over +30% growth) [2]. - Overseas revenue for Q1-Q3 was 330 million yuan (+52%), with domestic revenue at 106 million yuan, showing positive growth [2]. Strategic Partnerships - The company is deepening collaborations with major overseas clients, including the development of next-generation endoscope systems with a U.S. client and establishing a joint venture for surgical instruments with a German company [2]. - Collaboration with Danaher for in vitro diagnostic equipment has commenced small-scale production at the Thailand facility [2]. Incentive Plans - The company has launched a new round of equity incentive plans aimed at core personnel in domestic and overseas operations, reflecting confidence in long-term growth [3]. - The performance targets for the incentive plan are based on 2024 revenue and net profit, aiming for growth rates of 35%/50%/90% for 2025/2026/2027 [3]. Profit Forecast - Revenue projections for 2025-2027 are 599 million yuan, 719 million yuan, and 862 million yuan, with year-on-year growth rates of 35.35%, 19.88%, and 20.03% respectively [3]. - Expected net profits for the same period are 183 million yuan, 228 million yuan, and 280 million yuan, with growth rates of 35.44%, 24.57%, and 22.73% respectively [3]. - The current price-to-earnings ratios are projected to be 31, 25, and 20 times for 2025, 2026, and 2027 [3].