Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company reported a revenue of 391 million RMB for the first three quarters of 2025, representing a year-on-year growth of 17.65%. The net profit attributable to the parent company was 61.98 million RMB, showing a significant increase of 623.19% year-on-year [4] - The company is experiencing rapid growth in its ultrasonic bone knife business and has begun to make breakthroughs in its international operations, leading to a positive outlook for future development [4][6] Summary by Relevant Sections Financial Performance - The company adjusted its profit forecast, expecting net profits for 2025-2027 to be 115 million, 179 million, and 259 million RMB respectively, with corresponding EPS of 0.34, 0.54, and 0.78 RMB. The current stock price corresponds to PE ratios of 55.7, 35.7, and 24.7 times for the respective years [6][8] - The company’s revenue for Q3 was 142 million RMB, a year-on-year increase of 17.44%, with a net profit of 25.38 million RMB, up 268.13% year-on-year [9] Business Segments - The ultrasonic bone knife business showed impressive performance, with revenue of 115 million RMB in the first three quarters, a growth of 52.21% year-on-year. The company has completed its performance commitments for 2025 [9] - The international business is progressing rapidly, with the French subsidiary Implanet achieving revenue of 2.92 million euros in Q3, a growth of 26.37%, and the US market contributing 1.06 million euros, up 22.21% [9] Future Outlook - The company’s innovative products are entering a harvest phase, with recent approvals for new products enhancing its domestic product line. This is expected to stabilize domestic business growth [9]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 20.01 yuan [1]. Core Insights - The company has shown a steady growth trend in revenue, with international business performing exceptionally well. For the first three quarters of 2025, the company achieved a revenue of 391 million yuan, representing a year-over-year increase of 17.65%, and a net profit attributable to shareholders of 61.98 million yuan, up 623.19% year-over-year [4][5]. - The company's international business, particularly in the United States, has been a significant driver of growth, with U.S. revenue for the first three quarters increasing by 83.04% year-over-year [5]. - The gross margin has improved significantly, with a Q3 gross margin of 77.04%, indicating enhanced operational quality [6]. - The company has made progress in innovative products, including the approval of the JAZZ fixed tension band system, which enhances its competitive edge in the spinal surgery market [9]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 142 million yuan, a year-over-year increase of 17.44%, and a net profit of 25.38 million yuan, up 268.13% year-over-year [4][5]. - The company’s revenue for the first three quarters of 2025 was 391 million yuan, with a net profit of 61.98 million yuan [4]. International Business - The U.S. market has become the largest for the company, with revenue reaching 1.8 million euros in the first three quarters, nearly doubling year-over-year [5]. - The French subsidiary, Implanet, achieved a revenue of 2.92 million euros, a year-over-year increase of 26.37% [5]. Product Innovation - The company’s innovative product, the JAZZ fixed tension band system, has received regulatory approval, enhancing its product line in spinal surgery [9]. - The company is also advancing its spinal surgery robot, which has entered the innovation channel, marking a significant milestone in its R&D efforts [9]. Financial Projections - The company is projected to achieve net profits of 87 million yuan, 160 million yuan, and 257 million yuan for the years 2025, 2026, and 2027, respectively [9].