Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance has shown stable growth, with a significant advancement in research and development [1] - The company achieved a total revenue of 9.116 billion yuan in the first three quarters of 2025, a year-on-year increase of 0.38%, and a net profit attributable to the parent company of 1.754 billion yuan, up 4.86% year-on-year [7] - The R&D pipeline is entering a harvest period, with ongoing overseas expansion efforts [7] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 12,630, with projections of 12,223 for 2025E and 14,303 for 2027E, reflecting a growth rate of 3.48% in 2025E and 8.92% in 2027E [4] - Net profit attributable to the parent company (in million yuan) is projected to be 2,382 for 2025E, increasing to 2,941 by 2027E, with corresponding EPS of 2.64 and 3.25 respectively [4] - The company maintains a healthy profit margin, with a gross profit margin of 67.20% in Q3 2025, an increase of 1.73 percentage points year-on-year [7] Segment Performance Summary - The formulation segment has shown stable growth, with major products in digestion, mental health, reproductive health, and traditional Chinese medicine experiencing year-on-year growth [7] - The raw material segment has seen a slight decline due to weakened downstream demand, but high-margin antibiotic pet raw materials have contributed positively to profits [7] - The diagnostic reagent segment's revenue has decreased year-on-year due to a high base in 2024, although self-immune diagnostic products have shown significant growth [7] R&D and Market Expansion Summary - The company has made significant progress in its R&D pipeline, with several products entering clinical trials and expected to launch in the coming years [7] - The acquisition of Vietnam's Imexpharm is underway, which will enhance the company's market channels and facilitate the expansion of innovative drug products into overseas markets [7]