Core Insights - The company reported a total revenue of 32.664 billion yuan for the first nine months of 2025, representing a year-on-year growth of 3.77% [1] - The net profit attributable to shareholders reached 2.748 billion yuan, up 7.24% year-on-year, while the net profit excluding non-recurring items was 2.694 billion yuan, reflecting an 8.53% increase [1] Financial Performance - In Q3 2025, the company achieved a revenue of 10.989 billion yuan, marking a 4.53% increase year-on-year [1] - The net profit attributable to shareholders for Q3 was 933 million yuan, a year-on-year growth of 7.71%, with the net profit excluding non-recurring items at 932 million yuan, up 8.77% [1] Pharmaceutical Sector - The core subsidiary, China Medical East, maintained stable growth with a revenue of 11.045 billion yuan for the first nine months, an increase of 11.10% year-on-year [1] - The consolidated net profit for this segment was 2.475 billion yuan, reflecting a 15.62% year-on-year growth, with Q3 revenue at 3.728 billion yuan, up 14.95% [1] Aesthetic Medicine Market - The aesthetic medicine subsidiary, Xinkeli Aesthetics, reported a revenue of 745 million yuan for the first nine months, a decline of 18.03% year-on-year [1] - The company is advancing registration work for core aesthetic products, with a key product's registration application accepted in October 2025 [1] R&D Investment - The company significantly increased its R&D investment to 2.186 billion yuan (excluding equity investments), a year-on-year growth of 35.99% [2] - Direct R&D expenditure reached 1.767 billion yuan, up 53.76%, accounting for 16.21% of the pharmaceutical industrial revenue [2]