SNIBE(SZ:300832)2025-10-31 10:35Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 34.28 billion yuan, a slight increase of 0.39% year-on-year [2] - The net profit attributable to shareholders was 12.05 billion yuan, down from 12.92 billion yuan, reflecting a decline [2] - In Q3 2025, operating revenue was 12.43 billion yuan, representing a year-on-year growth of 3.28%, while net profit was 4.34 billion yuan, down 9.72% [2] Group 2: Market Dynamics - Domestic market revenue for the first three quarters was 19.55 billion yuan, a decrease of 11% due to centralized procurement and unbundling of testing packages [3] - Despite industry-wide pressure, the company managed to increase its market share, achieving growth in testing volume [3] - In the overseas market, revenue reached 14.67 billion yuan, a 21% increase year-on-year, with reagent business growing by 37% [3] Group 3: Product and Technology Advancements - The company installed 1,144 automated chemiluminescence analyzers, with 78% being large-scale machines, optimizing the installation structure compared to 2024 [3] - The new product SATLARS T8 has seen 143 installations, significantly surpassing the total for 2024 [3] - The small molecule sandwich method has shown a 74% increase in reagent revenue, indicating rapid market acceptance [9] Group 4: Future Outlook - The company expects overseas gross margins to remain higher than domestic margins, supported by increasing reagent sales and a shift to higher-margin products [4] - The domestic market is anticipated to stabilize in 2026, with a gradual recovery in testing volumes and reagent prices [7] - The company plans to focus on expanding large machines and production lines in high-end global markets, which will be crucial for long-term growth [6]