Financial Performance - In the first three quarters of 2025, the company's revenue increased by 4.37% year-on-year, with a notable 28% growth in Q3 alone [2] - Profit decreased significantly due to increased R&D and marketing personnel costs over the past two years [2] - The company has controlled personnel scale and expense growth since the beginning of the year, leading to improved financial performance [2] Business Segmentation - Domestic business revenue grew over 6%, while international business revenue increased by over 2%, with international revenue accounting for more than 45% of total revenue [3] - Endoscopy business grew nearly 6% year-on-year, while ultrasound business declined by 6% due to centralized procurement and margin pressure [3] - Surgical business saw an 80% increase, and vascular ultrasound business surged by 270% [3] Gross Margin Analysis - Gross margin decline attributed to increased competition in the domestic ultrasound market and lower margins on new products [4] - The introduction of high-end ultrasound products aims to stabilize gross margins [4] - New product lines are expected to improve overall gross margin through cost reduction and efficiency enhancements [4] Cash Flow Situation - Operating cash flow net amount decreased significantly compared to the same period last year, primarily due to strategic inventory buildup and increased employee compensation [6] - Excluding these factors, cash flow remains stable compared to previous years [6] Product Development - The newly launched HD-650 series endoscope features 4K resolution and advanced imaging capabilities, enhancing the company's product lineup [7] - The HD-650 series has received positive feedback from experts and is expected to contribute significantly to the growth of the endoscopy business [7]

Group 1: Company Performance and Market Outlook - The company anticipates a recovery in the medical equipment sector starting from Q4 2024, with significant growth in procurement amounts for medical devices in hospitals [3] - The company has launched several key products in the past year, including the ultrasound 80/90 platform and HD-580/HD-650 endoscope series, which are expected to enhance market competitiveness in 2025 [3] - The new product lines in minimally invasive surgery and cardiovascular intervention are projected to drive revenue growth in 2025, alleviating profit pressure [3] Group 2: Industry Trends and Challenges - The medical equipment industry is expected to see a 25% increase in fixed asset investment by 2027, with substantial procurement plans announced for 2024 [5] - Despite low winning bid prices in some procurement projects, the overall market share of domestic brands is expected to rise as industry concentration increases [5] - The company maintains a high R&D investment ratio to support its multi-product line strategy, which is crucial for navigating the current market environment [5] Group 3: Product Line Development - The minimally invasive surgery product line achieved a 30% revenue growth in 2024, with expectations for significant growth in 2025 [6] - The cardiovascular intervention product line is still in the strategic investment phase, with plans for a diversified product portfolio to improve profitability [6] - The company has established a comprehensive product line matrix, integrating internal and external medicine, equipment and consumables, and diagnosis and treatment [3] Group 4: Competitive Landscape and AI Integration - The company is strategically positioned in the competitive hard mirror market, leveraging its unique product combinations and solutions [7] - AI technology is being integrated into the company's products to enhance diagnostic efficiency and reduce the workload on physicians [8] - The company has a dedicated team of over 30 personnel focused on AI development, with several AI solutions already in place for ultrasound and endoscopy [9]