Core Viewpoint - The company reported steady revenue growth and improved profitability in Q3 2025, driven by increased sales and reduced expense ratios [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 326 million, a year-on-year increase of 11.58%, and a net profit attributable to shareholders of 102 million, up 30.68% [4]. - In Q3 2025, revenue reached 115 million, reflecting a year-on-year growth of 14.87%, while net profit attributable to shareholders was 33 million, increasing by 14.99% [4]. Operational Efficiency - The company's net cash flow from operating activities grew by 33.74% year-on-year, primarily due to increased cash receipts from sales [5]. - The sales expense ratio decreased by 6.80 percentage points to 20.94%, while the management expense ratio increased by 1.66 percentage points to 11.14% [5]. R&D and Innovation - In Q3 2025, the company invested 11 million in R&D, accounting for 9.76% of its revenue, and plans to enhance marketing efforts in key growth areas [6]. - The company launched the VisheeNEO physical factor workstation in July 2025, aiming to strengthen its core business competitiveness [6]. Strategic Initiatives - The company is actively developing a comprehensive closed-loop neural rehabilitation system in the non-invasive brain-computer interface field, with numerous patents covering essential technologies [7]. - The system includes four main application scenarios: MagNeuroOne (marketed), brain-computer cognitive training system (in development), brain-computer functional electrical stimulation (in development), and brain-computer upper and lower limb training systems (in development) [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company achieved steady revenue growth in Q3 2025, with total revenue reaching 326 million yuan, a year-on-year increase of 11.58%. The net profit attributable to shareholders was 102 million yuan, up 30.68% year-on-year [1][2]. - The company is focusing on innovation and expanding its emerging business sectors, particularly in mental health, pelvic floor, and neurological rehabilitation, while also enhancing its aesthetic medicine and urology segments [2][3]. - The company has established a comprehensive closed-loop system for neurological rehabilitation, covering diagnosis, treatment, and rehabilitation, with several products in various stages of development [3]. Financial Performance Summary - For Q3 2025, the company reported revenue of 115 million yuan, a 14.87% increase year-on-year, and a net profit of 33 million yuan, reflecting a 14.99% growth [1][2]. - The operating cash flow increased by 33.74% year-on-year, primarily due to higher cash receipts from sales [2]. - The company’s R&D expenses were 11 million yuan, accounting for 9.76% of revenue, highlighting its commitment to innovation [2]. Profit Forecast and Valuation - The projected net profit for 2025 is 131 million yuan, with a corresponding P/E ratio of 36 times [4][3]. - The company is positioned as a leader in the magnetic-electric rehabilitation device sector, benefiting from the growing rehabilitation industry and consumer spending upgrades [3].