Core Viewpoint - Pumen Technology (688389) has experienced a decline in stock price and financial performance, with significant drops in revenue and net profit, while international business shows growth potential in the medical device sector [1][3][4]. Stock Performance - As of October 31, 2025, Pumen Technology's stock closed at 13.81 yuan, down 0.14% from the previous week, with a market cap of 5.917 billion yuan, ranking 61st in the medical device sector [1]. Shareholder Changes - As of September 30, 2025, the number of shareholders decreased to 11,900, a reduction of 500 or 4.05%, while the average shareholding increased to 36,100 shares, with an average market value of 499,300 yuan [2]. Financial Performance - For Q3 2025, Pumen Technology reported a main revenue of 763 million yuan, a year-on-year decrease of 10.96%, and a net profit of 163 million yuan, down 36.66%. The gross profit margin was 63.29% [3]. Research and Development - In the first three quarters of 2025, R&D expenses reached 170 million yuan, accounting for 22.23% of revenue, an increase of 4.10 percentage points year-on-year. The gross margin decreased by 3.82 percentage points [4][5]. International Business Growth - International business revenue for the first three quarters was 294 million yuan, representing 39% of total revenue and a year-on-year increase of 16.41%. The international in vitro diagnostics revenue was 270 million yuan, up 14% [4]. Product Development - The company has made significant advancements in product offerings, including the eCL8600 and eCL8800 series, which have met market expectations since their launch in June. The semiconductor laser hair removal device has received FDA certification, facilitating entry into the North American market [4][5]. Consumer Health Business - The consumer health business, while currently a small revenue contributor, has shown significant growth, focusing on home medical aesthetics and rehabilitation products, with positive market feedback [5].

Core Viewpoint - The company, Pumen Technology, reported a decline in revenue and net profit for the first three quarters of 2025, with a focus on improving its product offerings and market competitiveness in the IVD and treatment sectors [2][12]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 763 million yuan, a year-on-year decrease of 10.96% - The net profit attributable to the parent company was 163 million yuan, down 36.66% year-on-year - The net profit after deducting non-recurring gains and losses was 153 million yuan, a decline of 37.18% year-on-year - In Q3 2025, the company reported revenue of 256 million yuan, a decrease of 4.06% year-on-year, and a net profit of 41.46 million yuan, down 51.52% year-on-year [2][12]. R&D and Product Development - The company invested 170 million yuan in R&D for the first three quarters, accounting for 22.23% of revenue, with a year-on-year increase of 9.20% in R&D expenses [2][8]. - The company has established two business units focusing on IVD and treatment & rehabilitation, with ongoing efforts in new product development and upgrades to existing products [8][9]. Market and Product Strategy - The domestic IVD business faced challenges due to industry policies, but the company is seeing growth in its glycated hemoglobin testing products, particularly the H100Plus model, which has been installed in several top-tier hospitals [3][4]. - The company has successfully installed its eCL9000 series and LifoLas systems in multiple hospitals, establishing a comprehensive product matrix to meet various medical institution needs [4]. - International business revenue reached 294 million yuan, accounting for 39% of total revenue, with a year-on-year growth of 16.41% [6]. Future Outlook - The company plans to continue its R&D investments and product international registrations, aiming to enhance product competitiveness and market presence [9]. - Measures to improve gross margins include technological innovation, self-research of key raw materials, and cost control strategies [10].