Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant decline in performance, with a 28.24% year-on-year decrease in revenue for the first nine months of 2025, totaling 1.038 billion yuan. The net profit attributable to the parent company fell by 58.39% to 81 million yuan, and the net profit after deducting non-recurring items decreased by 64.49% to 66 million yuan [2][6]. - In Q3 2025, the company achieved revenue of 337 million yuan, down 36.10% year-on-year, with a net profit of -2 million yuan and a net profit after deducting non-recurring items of -5 million yuan [2][6]. - The company is actively expanding its OTC channel network, which has led to a significant increase in operational costs, while the scale effect of the channel has not yet been fully realized [12]. Financial Performance Summary - For Q3 2025, the gross profit margin was 71.03%, a slight increase of 0.19 percentage points year-on-year, while the net profit margin attributable to the parent company was -0.68%, a decrease of 15.30 percentage points year-on-year [12]. - Sales expenses for Q3 2025 amounted to 201 million yuan, a decrease of 6.79% year-on-year, with a sales expense ratio of 59.75%, an increase of 18.79 percentage points year-on-year [12]. - The company expects net profits attributable to the parent company for 2025-2027 to be 137 million yuan, 146 million yuan, and 158 million yuan, respectively, with corresponding EPS of 0.34 yuan, 0.36 yuan, and 0.39 yuan [12].