Performance Overview - In the first three quarters of 2025, the company achieved revenue of 25.834 billion yuan, a year-on-year decrease of 12% [1] - The net profit attributable to shareholders was 7.570 billion yuan, down 29% year-on-year [1] - In Q3 2025, the company reported revenue of 9.091 billion yuan, an increase of 2% year-on-year [1] - The net profit attributable to shareholders in Q3 was 2.501 billion yuan, a decrease of 19% year-on-year [1] Operational Analysis - International business growth accelerated, with a year-on-year increase of 11.93% in Q3, particularly strong in Europe with over 20% growth [2] - The three main business lines are gradually recovering, with the life information and support line achieving revenue of 2.952 billion yuan in Q3, up 2.60% year-on-year [2] - The in-vitro diagnostics line reported revenue of 3.634 billion yuan in Q3, down 2.81% year-on-year, but market share in key areas is steadily increasing [2] R&D Investment - The company maintained high R&D investment of 2.686 billion yuan in the first three quarters, accounting for 10.40% of revenue [3] - New products launched in Q3 include high-sensitivity cardiac troponin T assay kits and a multi-functional intraoperative visualization ultrasound system [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 10.094 billion, 11.772 billion, and 13.683 billion yuan, with year-on-year changes of -13%, +17%, and +16% respectively [4] - The current price corresponds to a PE ratio of 27, 23, and 20 times for the respective years [4]