Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance met expectations, with revenue growth accelerating. In Q3 2025, the company reported revenue of 1.19 billion yuan, a year-on-year increase of 13.40%. However, the net profit attributable to shareholders decreased by 47.55% to 30 million yuan, primarily due to patent licensing fees impacting profits. Excluding this effect, the net profit would have been 105 million yuan, reflecting an 82% year-on-year increase [2][11]. - For the first three quarters of 2025, the company achieved a revenue of 3.453 billion yuan, up 8.52% year-on-year, while the net profit attributable to shareholders was 211 million yuan, down 17.36% [6][11]. - The sales of Continuous Glucose Monitoring (CGM) products continue to grow, supported by a global expansion strategy. The second-generation CGM product received EU CE MDR certification in July 2025, enhancing user convenience and comfort [11]. - The company is exploring a new model combining "biosensing + artificial intelligence + healthcare," aiming to provide comprehensive data support for clinical decision-making through its "AiKan Health" app [11]. - Profit forecasts indicate that the company, as a leader in blood glucose monitoring, is expected to achieve net profits of 388 million, 484 million, and 611 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 27, 22, and 17 [11]. Financial Summary - In Q3 2025, the company's revenue was 1.19 billion yuan, with a net profit of 30 million yuan. The net profit for the first three quarters was 211 million yuan, with a revenue of 3.453 billion yuan [2][6]. - The company’s total revenue for 2024 is projected at 4.443 billion yuan, with a net profit of 326 million yuan, and is expected to grow to 6.320 billion yuan and 611 million yuan by 2027 [16].