Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 111.68 yuan [5]. Core Views - The company achieved a cumulative operating revenue of 1.55 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 14.2%. The net profit attributable to the parent company was 470 million yuan, up 20.6% year-on-year [1]. - In Q3 2025, the company reported an operating revenue of 480 million yuan, a significant year-on-year increase of 46.2%, and a net profit of 140 million yuan, up 64.4% year-on-year [1]. - The increase in net profit is attributed to the growth in solution services, core component business, and detector business compared to the same period last year [1][2]. Summary by Sections Financial Performance - The gross profit margin for Q3 2025 was 49.8%, a decrease of 3.8 percentage points year-on-year, while the net profit margin increased by 64.4% to 1.4% [1]. - The company’s expense ratio decreased by 2.7 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 5.1%, 4.8%, 15.3%, and 0.2%, respectively [1]. Market Trends - The medical device bidding market in China showed robust growth, with overall market sizes in the first three quarters of 2025 increasing by 67.5%, 61.7%, and 29.8% year-on-year, respectively [2]. - The public bidding market for medical imaging equipment grew by 55.02% year-on-year in Q3 2025, indicating strong demand [2]. Business Development - The company has made significant progress in the development of various medical tube products, including micro-focus tubes and dental tubes, with several products entering the commercialization phase [2]. - The solution business is expected to continue driving growth, benefiting from the recovery in downstream demand, with projected revenues of 2.16 billion, 2.61 billion, and 3.20 billion yuan for 2025, 2026, and 2027, respectively [3][4].