天智航（688277.SS）：2026年三季度业绩回顾——收入与利润率走软，关注四季度复苏

3Q26 results came in below expectations, with FY26 guidance reiterated despite margin pressure. TINAVI Medical reported 3Q26 revenue up 15% yoy but 19% below GSe, as slower medical-equipment tendering in 1H26 delayed revenue recognition, though management noted some recovery in 3Q. GPM declined versus both 1H26 and FY25, reflecting a lower direct-sales mix, system-mix changes and intensifying competition; consumables GPM also edged down, and management plans to broaden product categories and functionality and optimize production processes to target volume growth with broadly stable margins despite lower ASPs. Net loss narrowed yoy on expense-control measures. Management maintained its FY26 installation target and reiterated EBITDA breakeven in 2026 and core-business breakeven in 2027;