Investment Rating - Maintain Outperform rating [4][13] Core Views - Revenue for the first three quarters of 2025 was RMB 336 million, with net profit attributable to shareholders at RMB 42 million and recurring NPAtS at RMB 24 million. Q3 revenue was RMB 113 million, net profit attributable to shareholders was RMB 9 million, and recurring NPAtS was RMB 3 million [4][13] - Given stable performance and successful overseas expansion, EPS forecasts for 2025-2027 remain at RMB 0.16/0.25/0.37. With sector valuation rising, 2025 target PS is 28X, target price is RMB 29.22, maintaining Outperform rating [4][13] - R&D layout improves, self-developed PFA expected to be approved in 2025. The PFA product of the associate company Shangyang Medical was approved in April 2025, with nationwide listing nearly complete by October 2025. Commercial surgeries are progressing well [4][13] - The company's self-developed pressure pulse PFA product has applied for registration with the National Medical Products Administration, expected approval in 2025 [4][13] - Overseas market grows rapidly, with expansion in Europe, Middle East and Africa, Latin America, and Asia-Pacific. In the first three quarters of 2025, the top three regions had similar market shares, with the highest growth in Latin America, Europe, and Middle East and Africa [4][13] Financial Summary - Total revenue for 2023A is RMB 329 million, with a projected increase to RMB 491 million in 2025E, reflecting a growth rate of 26.5% in 2023A and 18.9% in 2025E [3][4] - Net profit attributable to shareholders is projected to grow from RMB 6 million in 2023A to RMB 76 million in 2025E, with an impressive growth rate of 815.4% in 2024A [3][4] - Gross profit margin (GPM) stable at 59.09% with a slight increase of 0.30 percentage points, while net profit margin (NPM) at 12.46% shows a decrease of 1.88 percentage points [4][13]