Core Viewpoint - Ningbo Tianyi Medical achieved significant growth in revenue and net profit in the first three quarters of 2025, driven by strong sales in blood purification and ward care products [1] Company Performance - The company reported a revenue of 387 million yuan, representing a year-on-year increase of 24.14% [1] - The net profit attributable to shareholders reached 20.09 million yuan, marking a year-on-year growth of 216.81% [1] Industry Environment - The domestic blood purification market is entering a growth phase, with increasing numbers of kidney disease patients and rising reimbursement rates for dialysis costs [2] - The market size of China's blood dialysis industry is projected to grow from 42 billion yuan in 2020 to 73.5 billion yuan in 2024, with a compound annual growth rate of 14.8% [2] Product Competitiveness - The company focuses on technological innovation as a core development driver, establishing a medical extracorporeal circulation blood path engineering center to strengthen its technical advantages in blood purification consumables [2] - Tianyi Medical has developed over 200 specifications of extracorporeal circulation blood path products to meet diverse clinical needs, enhancing market recognition [2] Strategic Initiatives - The company has strategically acquired businesses to fill gaps in its operations and expand its market presence, including a 60 million yuan investment in Ningbo Tianhuiyi and the acquisition of CRRT business from Nikkiso Co., Ltd [3] - The acquisition of BELLCO S.R.L.'s CRRT filter business assets was completed in September, allowing the company to establish a complete CRRT product line and a self-sustaining operational ecosystem for CRRT products [3]