Core Insights - The company reported a revenue of 2.717 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.90%, while the net profit attributable to shareholders was 317 million yuan, a year-on-year decrease of 23.86% [1] - The overseas expansion is beginning to yield results, with the eye drug EYP-1901 entering Phase 3 clinical trials and expected to report data by mid-2026, while Ensartinib has started to see sales growth in the U.S. [1] - Multiple new products in the domestic market are expected to drive growth, including recombinant human serum albumin, CDK4/6 inhibitor Tazemetostat, and Trastuzumab, which have all begun to see sales [2] Financial Performance - For 2025, the company expects revenues of 3.569 billion yuan, 4.537 billion yuan in 2026, and 5.561 billion yuan in 2027, with net profits projected at 506 million yuan, 727 million yuan, and 921 million yuan respectively [3] - The corresponding EPS for these years is expected to be 1.21 yuan, 1.74 yuan, and 2.20 yuan, with PE ratios of 47.7x, 33.2x, and 26.2x respectively [3] Investment Outlook - Given the potential for product launches and a robust clinical development pipeline, the company is assigned a target price of 77.71 yuan per share based on a 2026 PE of 45x, maintaining a "Buy-A" investment rating [3]