Core Viewpoint - Lepu Medical achieved a net profit attributable to shareholders of 980 million yuan in the first three quarters of 2025, representing a year-on-year increase of 22.4% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 290 million yuan, showing a quarter-on-quarter decrease of 6.8%, indicating stable performance with potential for continued operational improvement [1] Revenue Breakdown - Revenue from cardiovascular interventional products was 550 million yuan in Q3 2025, down 10.5% quarter-on-quarter, primarily due to the company's proactive inventory management in anticipation of centralized procurement for certain products [1] - Long-term benefits are expected from centralized procurement as the company is positioned as a leading player in the market [1] Business Outlook - The impact of policies is expected to stabilize, with the in-vitro diagnostics business reaching a bottom and the surgical anesthesia business likely to see a recovery in growth [1] - The debut of the "Youthful Needle" product is promising, with significant growth anticipated in the medical aesthetics sector [1] - Progress in the development of brain-computer interfaces is ongoing, with substantial market potential in the field of neurological diseases [1] Valuation - The company maintains a target price of 20.52 yuan based on a 38x PE ratio for 2025, sustaining a "Buy" rating [1]