Core Viewpoint - Haier Biomedical has shown a significant rebound in its performance in Q3 2025 after hitting a low in Q2, with both year-on-year and quarter-on-quarter revenue growth driven by overseas markets and new business segments [4][5][10]. Financial Performance Overview - Total revenue for the first three quarters of 2025 reached 1.761 billion yuan, a slight decrease of 1.17% year-on-year. However, Q3 revenue was 566 million yuan, marking a 1.24% increase year-on-year and an 11.68% increase quarter-on-quarter [5][39]. - Net profit attributable to shareholders for the first three quarters was 198 million yuan, down 35.83% year-on-year, but Q3 saw a more than 70% increase in net profit compared to Q2 [6][39]. - The gross margin in Q3 improved to 46.99%, up 3.53 percentage points from the previous quarter, indicating enhanced profitability [7][20]. Market Performance - Domestic revenue for the first three quarters was 1.117 billion yuan, with a year-on-year decline narrowing to 10.48%. Q3 revenue remained stable compared to the same period last year [10][18]. - The overseas market performed strongly, with revenue of 634 million yuan in the first three quarters, representing a significant year-on-year growth of 20.18% [11][18]. New Business Development - New industries achieved single-digit growth in the first three quarters, with their revenue share rising to approximately 48%. The smart medication sector expanded into Southeast Asia, the Middle East, and Europe, achieving double-digit growth [12][19]. - The blood technology sector focused on digital upgrades, maintaining a double-digit growth trend, while the laboratory solutions sector saw modest growth despite a weak industry backdrop [12][19]. Future Outlook - The company anticipates a clear inflection point in revenue by 2025, with profit margins expected to improve by 2026 as new capacities are gradually released and innovative product categories gain traction [14][15][20].

Core Viewpoint - The company has shown resilience in its financial performance, with a rebound in revenue and profit margins in the third quarter of 2025, despite facing a challenging global and industry environment [3][4]. Financial Performance - In the third quarter of 2025, the company's operating revenue increased by 1.24% year-on-year and 11.68% quarter-on-quarter [3]. - The net profit attributable to the parent company saw a quarter-on-quarter increase of over 70%, while the non-recurring net profit experienced a three-digit percentage increase [3]. - For the first three quarters of 2025, the company achieved revenue of 1.117 billion yuan, with a year-on-year decline narrowing to 10.48% [3]. Market Segments - In the domestic market, the company maintained steady growth in its ultra-low temperature, low-temperature, incubator, safety cabinet, and centrifuge product lines, with third-quarter revenue remaining stable compared to the same period last year [3]. - The overseas market saw a revenue increase of 20.18% year-on-year, totaling 634 million yuan, driven by the expansion of localized operations in 18 countries, including France [3]. New Industries - New industries accounted for approximately 48% of total revenue, with significant growth in smart medication and blood technology sectors, achieving double-digit growth in the first three quarters [4]. - The laboratory solutions segment also showed resilience, achieving single-digit growth despite a weak industry backdrop [4]. Profitability - The company's gross profit margin in the third quarter was 46.99%, an increase of 3.53 percentage points quarter-on-quarter, while the net profit margin rose by 3.43 percentage points [4]. - The company anticipates a revenue turning point by 2025 and a profit turning point by 2026, as new capacities are gradually released and innovative products gain traction [4].