Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's profit is under short-term pressure, but overseas reagent growth is driving an optimization of the profit structure [5] - In the first three quarters of 2025, the company achieved operating revenue of 3.428 billion yuan (yoy +0.39%) and a net profit attributable to the parent company of 1.205 billion yuan (yoy -12.92%) [5] - The third quarter of 2025 saw operating revenue of 1.243 billion yuan (yoy +3.28%) and a net profit of 434 million yuan (yoy -9.72%) [5] Summary by Sections Market Performance - The closing price is 62.34 yuan, with a one-year high of 72.90 yuan and a low of 49.01 yuan [3] Financial Performance - The company reported a gross margin of 68.73% (yoy -3.61pct) in the first three quarters of 2025, with a sales expense ratio of 16.86% (yoy +1.56pct) and a management expense ratio of 2.65% (yoy +0.06pct) [7] - The company’s revenue is projected to be 4.858 billion yuan in 2025, with a growth rate of 7.12% [8] - The net profit attributable to the parent company is expected to be 1.832 billion yuan in 2025, with a growth rate of 0.17% [8] Regional Performance - Domestic market revenue for the first three quarters was 1.955 billion yuan (yoy -11%), while overseas market revenue was 1.467 billion yuan (yoy +21%) [6] - The overseas reagent revenue grew by 37%, leading to an increase in the overall gross margin to 69.49% [6] Product Development - The company has installed 1,144 units of fully automated chemiluminescence analyzers, with 78% being large machines [6] - Revenue from small molecule detection reagents increased by 74% year-on-year, indicating a rapid rise in market acceptance [7] Earnings Forecast - The company expects revenues of 4.858 billion yuan in 2025, 5.496 billion yuan in 2026, and 6.348 billion yuan in 2027, with corresponding net profits of 1.832 billion yuan, 2.065 billion yuan, and 2.385 billion yuan [8]