Core Viewpoint - The company reported strong growth in Q3 2025, indicating a recovery in the market and improved order conditions, with a significant increase in revenue and net profit compared to the previous year [1][2]. Financial Performance - For Q3 2025, the company achieved revenue of 228 million yuan, a year-on-year increase of 24.48%, and a net profit of 34 million yuan, up 32.98% [1]. - The total revenue for the first three quarters of 2025 reached 607 million yuan, reflecting an 8.09% increase, with a net profit of 96 million yuan, up 13.21% [1]. Business Segment Analysis - The SMO (Site Management Organization) business emerged as the core growth driver, generating 129 million yuan in revenue for H1 2025, a 31.23% increase, and accounting for 34.10% of total revenue [2]. - The CO (Clinical Operations) business faced challenges, with H1 2025 revenue of 149 million yuan, down 7.6%, but there are expectations for gradual recovery in the large clinical business [2]. - The DM/ST (Data Management/Statistical) business remained stable, with H1 2025 revenue of 50 million yuan, showing no significant change, supported by stable overseas order prices [2]. Profitability and Cost Management - The company's gross margin for Q1-Q3 2025 was 35.61%, a decrease of 3.58 percentage points year-on-year, primarily due to low-priced orders signed during the industry's previous downturn [3]. - The company improved its non-GAAP net profit margin to 13.39%, up from 11.82% in the same period last year, aided by optimized management costs and operational efficiency improvements [3]. Future Outlook - The company anticipates continued revenue growth driven by a recovering industry sentiment, stabilization of order prices, and the gradual realization of overseas business opportunities [2]. - Profit forecasts for 2025-2027 are 149 million, 171 million, and 210 million yuan, with corresponding EPS of 1.55, 1.77, and 2.18 yuan, reflecting growth rates of 6.5%, 14.4%, and 23.1% respectively [3].