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Revenue Growth: Burning Rock's revenue increased by 2.3% in the third quarter, primarily driven by a significant rise in R&D services, despite declines in its core cancer diagnostic products.

Stock Performance: The company's stock has tripled this year, with a notable 33% increase following its latest earnings report, reflecting investor optimism about its high gross margins and potential path to profitability.

Financial Challenges: Despite the revenue growth, Burning Rock continues to face high operating expenses, which accounted for 87% of its revenue, leading to a net loss that, while narrowed, still indicates ongoing financial struggles.

Market Position: The company has received approval for some products in Japan as companion diagnostics, but its global revenue remains weak, highlighting the uncertainty surrounding its growth prospects compared to other successful Chinese stocks.

Q3 Financial Performance: So-Young International reported a Q3 GAAP EPADS of -$0.09 and revenue of $54.3 million, a 4.0% year-over-year increase, exceeding expectations by $0.49 million.

Aesthetic Treatment Services Growth: Revenue from aesthetic treatment services reached RMB183.6 million (US$25.8 million), significantly up from RMB45.4 million in the same period of 2024, with over 89,800 verified treatment visits.

User Engagement and Membership Increase: The number of active users surpassed 130,000, a substantial increase from approximately 30,300 in 2024, while core members grew by over 10,000, contributing 88% of treatment service revenues.

Positive Business Outlook: For Q4 2025, So-Young anticipates aesthetic treatment services revenues between RMB216.0 million (US$30.3 million) and RMB226.0 million (US$31.7 million), indicating a projected increase of 165.8% to 178.1% compared to the same period in 2024.