Core Viewpoint - Changchun High-tech (000661.SZ) reported a steady performance in the first three quarters of 2025, with revenue of 9.807 billion and net profit of 1.165 billion, despite a slight decline compared to the previous year, showcasing resilience in a complex market environment [1] Group 1: Financial Performance - The company achieved a revenue of 9.807 billion in the first three quarters, with a net profit of 1.165 billion [1] - The core subsidiary, Jinsai Pharmaceutical, contributed 8.213 billion in revenue, showing a slight year-on-year increase [1] Group 2: Research and Development - R&D expenses increased by 22.96% year-on-year, reaching 1.733 billion, accounting for 17.68% of revenue [1] - The company has seen accelerated results from its R&D investments, with multiple IND approvals in September and October across various therapeutic areas [2] Group 3: Product Development and Market Expansion - Jinsai Pharmaceutical's innovative drug, "Jinbeixin," for acute gouty arthritis was approved in June, demonstrating significant clinical value and safety [2] - The company submitted a listing application to the Hong Kong Stock Exchange on September 29, marking a step towards international expansion [1][2] Group 4: Future Strategy - The funds raised from the IPO will support R&D for innovative pipelines, enhance global collaborations, and strengthen sales and marketing capabilities [3] - The company aims to maintain competitiveness in existing products while actively pursuing global clinical trials for innovative assets [3] - The upcoming Hong Kong listing is seen as a crucial milestone for the company's vision of becoming a leading innovative global pharmaceutical company [3]