Investment Rating - The investment rating for the company is "Outperform the Market" [6][22]. Core Views - The company has shown a positive revenue growth in the international business, with a projected acceleration in revenue growth for the fourth quarter compared to the third quarter [1][21]. - The company is experiencing a recovery in its life information and support product lines, with significant growth in minimally invasive surgery products [2][21]. - The company maintains a strong research and development capability, with a digitalization strategy involving "Equipment + IT + AI" that is expected to redefine the global positioning of Chinese medical devices [3][21]. Financial Performance Summary - In the first three quarters of 2025, the company achieved a revenue of 25.834 billion yuan, a decrease of 12.4% year-on-year, and a net profit of 7.570 billion yuan, down 28.8% [1]. - The third quarter of 2025 saw a revenue of 9.091 billion yuan, representing a year-on-year increase of 1.5% and a quarter-on-quarter increase of 6.9% [1]. - The gross profit margin for the first three quarters of 2025 was 62.0%, down 2.9 percentage points, primarily due to price pressures in the domestic market [3]. - The operating cash flow for the first three quarters of 2025 was 7.27 billion yuan, down 34.3%, maintaining a healthy level compared to net profit [3]. Revenue and Profit Forecast - The company has revised its profit forecast downwards, expecting net profits for 2025-2027 to be 9.879 billion, 11.153 billion, and 13.129 billion yuan, respectively, with year-on-year growth rates of -15.3%, 12.9%, and 17.7% [3][21]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 25.3, 22.4, and 19.0 for the years 2025, 2026, and 2027, respectively [3][21]. Market and Product Performance - The international revenue accounted for over 50% of total revenue, with a year-on-year growth of 12% in the third quarter of 2025, particularly strong in the European market, which grew over 20% [2][21]. - The company’s medical imaging product line saw stable revenue, while the in vitro diagnostics line experienced a decline of 2.81%, although international IVD showed double-digit growth [2][21]. Dividend Policy - The company has approved a cash dividend distribution of 1.637 billion yuan for the third quarter of 2025, resulting in a cumulative dividend payout ratio of 65% for the year [1].