Core Insights - The company reported stable revenue structure in the first three quarters compared to the mid-term report, with overseas market revenue accounting for approximately 70% of total revenue [2] - North America contributed about 50% of the overseas revenue, while Europe accounted for around 15%, and other markets such as Japan, South Korea, and India combined for about 5% [2] - The revenue from the Chinese mainland market represented approximately 30% of total revenue [2] Revenue Breakdown - Early-stage molecular building block business shows similar demand characteristics from both domestic and international clients, focusing on innovative structures and rapid delivery [2] - In the CDMO business, demand structure varies significantly: multinational corporations (MNCs) focus on large-scale molecular building blocks, RSM, and GMP intermediates, with fewer API projects; whereas domestic small and medium-sized biotech companies have a comprehensive demand covering the entire chain from early building blocks to API [2] - The company is currently receiving most IND project requests from domestic biotech clients, indicating a strong growth potential in this customer segment due to improved financing environment, accelerated product licensing abroad, and advancements in new drug application processes [2]