Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown continuous high performance in its earnings, with the recent launch of a new near-infrared spectrometer expected to drive additional revenue growth [5] - The company reported a revenue of 227 million yuan for Q1-Q3 2025, representing a year-on-year increase of 24%, and a net profit attributable to shareholders of 18.11 million yuan, marking a turnaround from losses [7] - The company is focusing on expanding its international distribution channels and participating in significant exhibitions to accelerate overseas growth [7] Financial Performance Summary - Revenue projections for the company are as follows: 341 million yuan in 2023, 310 million yuan in 2024, 370 million yuan in 2025E, 437 million yuan in 2026E, and 526 million yuan in 2027E [6] - The company achieved a net profit of 12.63 million yuan in Q3 2025, which is a 35% increase year-on-year and a 111% increase quarter-on-quarter [7] - The company’s R&D expenses for Q1-Q3 2025 were 38.71 million yuan, with a R&D expense ratio of 17%, indicating a strong focus on high-end instrument localization [7] Earnings Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 50 million yuan, 63 million yuan, and 80 million yuan, respectively, corresponding to price-to-earnings ratios of 46.0, 36.5, and 28.8 times [8] - The company has been actively repurchasing shares, completing a buyback plan in October 2025, which accounted for 4.1% of the total share capital [7]

Core Viewpoint - The "Multi-target Cell Membrane Chromatography Intelligent Screening Analyzer" project, developed by Chengdu University of Traditional Chinese Medicine, Xi'an Jiaotong University, and Haineng Future Technology Group Co., Ltd., has been evaluated as a significant technological achievement that fills an international gap in the field [2][3][8]. Group 1: Project Evaluation - The evaluation was organized by the Sichuan Provincial Association for Science and Technology, with a panel of experts including academicians from various prestigious institutions [5][6]. - The expert panel unanimously agreed that the instrument is an international original, with advanced and reliable overall performance, and is a significant technological achievement [8]. Group 2: Instrument Features and Innovations - The instrument addresses the long-standing separation of "physical properties" and "activity" in traditional Chinese medicine research, providing critical support for establishing a research paradigm that aligns with the characteristics of traditional Chinese medicine [10]. - It is capable of accurately capturing key active components in complex systems, showcasing professional quality in its design, and has significant export potential and market appeal [10]. Group 3: Broader Implications - The achievement provides key technological support for explaining the scientific basis of traditional Chinese medicine compound preparations as innovative drugs, responding to major national regulatory needs [10]. - The project focuses on the collaborative action mechanism of "multi-component-multi-target" in traditional Chinese medicine, marking a significant leap towards intelligent analysis in the study of complex systems [12]. Group 4: Future Prospects - The instrument has vast application prospects not only in traditional Chinese medicine but also in natural product screening, drug development, quality control, and environmental testing [10]. - The successful development of the "Multi-target Cell Membrane Chromatography Intelligent Screening Analyzer" signifies a new phase in the intelligent analysis of complex systems, providing a robust technical support platform for modernizing traditional Chinese medicine and discovering innovative drugs [12][13].