Core Viewpoint - The company reported a slight decline in net profit due to strategic layout impacts, despite a steady revenue growth in the first three quarters of 2025 [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 17.484 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was 3.115 billion yuan, a year-on-year decrease of 9.76% [1]. - In the third quarter of 2025, the company recorded a revenue of 5.977 billion yuan, a year-on-year increase of 3.8%, and a net profit of 1.064 billion yuan, a year-on-year decrease of 24.1% [2]. - The gross profit margin for the third quarter was 50.65%, down 3.3 percentage points year-on-year, attributed to increased depreciation and amortization expenses from new hospital openings [3]. Business Segments - The refractive and optical business showed strong performance, with an increase in revenue driven by a higher proportion of new surgical methods and stable pricing [2]. - The cataract project experienced a slight revenue decline due to medical insurance cost control, although the average revenue per case showed a small recovery [2]. - The eye disease project maintained stable overall revenue despite a decrease in average revenue per case due to medical insurance cost control [2]. Strategic Developments - The company announced the acquisition of three hospitals for a total of 105 million yuan, which is expected to enhance its "graded chain" development model and improve its operational layout [2]. Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025 and 2026 downwards by 14.4% and 14.7% to 3.50 billion yuan and 4.01 billion yuan, respectively, due to anticipated increases in depreciation and amortization from new hospital openings [4]. - The current stock price corresponds to a P/E ratio of 32.8x for 2025 and 28.7x for 2026, with a target price of 16.0 yuan, indicating a potential upside of 29.9% [4].