Summary of Key Points Core Viewpoint - Liu Pharmaceutical Group announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1]. Company Actions - As of October 31, 2025, the company has repurchased a total of 9.7746 million shares [1]. - The repurchased shares represent 2.46% of the company's total share capital, an increase of 0.42% compared to the previous announcement [1]. - The highest price paid for the repurchased shares was 19.07 yuan per share, while the lowest was 17.83 yuan per share [1]. - The total amount spent on the buyback is approximately 180 million yuan [1].

Group 1 - The company announced a share repurchase plan from July 25, 2025, to July 24, 2026, with an expected amount of 100 million to 200 million yuan for employee stock ownership plans or equity incentives [1] - As of October 31, 2025, the cumulative repurchased shares amounted to 9.7746 million shares, accounting for 2.46% of the total share capital, an increase of 0.42% from the last report [1] - The highest transaction price was 19.07 yuan per share, while the lowest was 17.83 yuan per share, with a total amount paid of 179.6784 million yuan [1]

Core Insights - The 2025 Guangxi Top 100 Private Enterprises conference was held in Nanning, showcasing five lists including the Top 100 Private Enterprises, Top 100 Private Manufacturing Enterprises, Top 20 Private Service Enterprises, Top 10 Private Employment Enterprises, and Top 10 Private Enterprises in Technological Innovation, along with a research analysis report [1][2] Group 1: Rankings and Performance - The threshold for entering the "2025 Guangxi Top 100 Private Enterprises" increased from 1.849 billion to 1.943 billion yuan, a year-on-year growth of 5.08%, with 19 new entrants [1] - The total revenue of the top 100 private enterprises reached 770.155 billion yuan, reflecting a year-on-year increase of 3.19% [1] - The total assets of the top 100 private enterprises amounted to 718.611 billion yuan, showing a year-on-year growth of 7.56% [2] Group 2: Financial and Structural Insights - The total profit and net profit after tax for the top 100 enterprises grew by 37.35% and 39.94% respectively compared to the previous year [2] - The overall financial risk of the top 100 private enterprises decreased, with a year-end asset-liability ratio of 61.11%, down by 0.54 percentage points from the previous year [2] - The distribution of the top 100 enterprises is becoming more balanced across all 14 districts in Guangxi [2] Group 3: Governance and Social Responsibility - Over 80% of the top enterprises have established internal governance and supervision mechanisms, along with employee supervision systems [2] - The total tax contribution of these enterprises reached 25.973 billion yuan, marking a year-on-year increase of 27.19% [2]

Core Viewpoint - Liu Pharmaceutical Group, established in 1981 and listed in 2014, is a leading pharmaceutical distribution company in Guangxi, with a comprehensive business model covering wholesale, retail, and industrial sectors [1] Financial Performance - As of Q3 2025, Liu Pharmaceutical Group reported revenue of 15.758 billion yuan, ranking 11th in the industry, while the net profit was 654 million yuan, ranking 5th [2] - The company's revenue growth has shown stability, with a notable increase in retail income and a focus on differentiated product advantages [5][6] Financial Ratios - The asset-liability ratio for Liu Pharmaceutical Group in Q3 2025 was 61.59%, higher than the industry average of 59.74% [3] - The gross profit margin was 10.88%, which is below the industry average of 13.11% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.62%, while the average number of circulating A-shares held per shareholder increased by 8.25% [5] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with changes in their holdings noted [5] Management Compensation - The chairman, Zhu Chaoyang, received a salary of 956,400 yuan in 2024, an increase of 17,500 yuan from the previous year [4] Future Outlook - Forecasts for 2025-2027 predict revenues of 21.133 billion, 22.221 billion, and 23.383 billion yuan, with corresponding net profits of 828 million, 873 million, and 922 million yuan [6]

Core Insights - The company's 9M25 revenue and net profit attributable to shareholders were 15.758 billion and 646 million CNY, showing a year-on-year decline of 1.5% and 9.8% respectively [1] - The 3Q25 revenue showed a stable growth of 2.0% year-on-year, while net profit attributable to shareholders decreased by 14.0% [1] - The decline in performance is primarily due to the impact of centralized procurement policies on the pharmaceutical wholesale business, leading to a temporary decrease in hospital drug sales [1][2] Financial Performance - 9M25 industrial revenue was 860 million CNY, with a net profit of 123 million CNY, reflecting a growth of 6.44% but a decline in net profit by 13.38% year-on-year [2] - The wholesale revenue for 9M25 was 12.236 billion CNY, with a net profit of 405 million CNY, down 3.79% and 11.25% year-on-year respectively [2] - Retail revenue for 9M25 was 2.591 billion CNY, with a net profit of 117 million CNY, showing stable growth of 8.17% and a slight increase in net profit by 0.23% year-on-year [2] Margin and Cash Flow - The gross margin for 9M25 was 10.88%, a decrease of 0.88 percentage points year-on-year, attributed to the impact of centralized procurement [3] - Operating cash flow improved year-on-year, with a net cash flow of 135 million CNY, an increase of 10.1% [3] Business Outlook - The company maintains a "buy" rating, with expectations for net profit attributable to shareholders in 2025-2027 projected at 770 million, 800 million, and 820 million CNY respectively, reflecting a downward adjustment of 9.4% to 10.8% [4] - The estimated EPS for 2026 is projected at 1.94 CNY, with specific estimates for industrial, wholesale, and retail businesses being 0.68 CNY, 1.18 CNY, and 0.14 CNY respectively [4] - Target price is set at 21.70 CNY, down from the previous 23.61 CNY, with corresponding valuations for industrial, wholesale, and retail businesses at 13x, 10x, and 11x respectively [4]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 21.70 [1][4][6] Core Insights - The company's revenue and net profit for the first nine months of 2025 showed a decline of 1.5% and 9.8% year-on-year, respectively, primarily due to the impact of centralized procurement policies on its high-revenue pharmaceutical wholesale business [1][2] - Despite the challenges, the company has demonstrated improved operating cash flow, with a net cash flow of RMB 1.35 billion, reflecting a year-on-year increase of 10.1% [3] - The company is optimistic about future performance recovery driven by product optimization, cost reduction, and policy adaptation [1][4] Summary by Sections Financial Performance - For 9M25, the company reported revenues of RMB 157.58 million and a net profit attributable to the parent company of RMB 6.46 million, with a decline in net profit margin [1][2] - The industrial segment's revenue increased by 6.44% year-on-year, while net profit decreased by 13.38% due to lower gross margins from centralized procurement [2] - Retail revenue remained stable, with a year-on-year increase of 8.17%, supported by differentiated product advantages and enhanced customer engagement strategies [2] Cost and Margin Analysis - The gross margin for 9M25 was reported at 10.88%, down by 0.88 percentage points year-on-year, attributed to the impact of centralized procurement on certain business segments [3] - The company maintained stable expense ratios across sales, management, R&D, and financial costs, indicating effective cost control measures [3] Future Projections - The company has adjusted its profit forecasts for 2025-2027, predicting net profits of RMB 7.7 billion, RMB 8.0 billion, and RMB 8.2 billion, respectively, reflecting a downward revision of 9.4% to 10.8% compared to previous estimates [4] - The expected earnings per share (EPS) for 2025 is projected at RMB 1.94, with a gradual recovery anticipated in subsequent years [4][9]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to the impact of policy changes on its pharmaceutical wholesale business, while retail and industrial segments showed resilience and growth potential [3][4]. Financial Performance - For the first nine months of 2025, the company achieved operating revenue of 15.758 billion yuan, a year-on-year decrease of 1.47% [3]. - The net profit attributable to shareholders was 646 million yuan, down 9.81% compared to the previous year [3]. - The decline in revenue and profit was attributed to reduced sales in the hospital pharmaceutical sector due to centralized procurement and hospital drug usage ratio controls [3]. Business Segment Analysis - The retail segment continued to grow by enhancing differentiated product advantages and expanding services in chronic disease management and specialty health services [3]. - The industrial segment maintained growth through accelerated market expansion outside the province and ongoing research into traditional Chinese medicine products [3][6]. - Despite challenges in gross margins due to centralized procurement and increased promotional expenses, the industrial segment's performance is expected to improve with optimized product structure and cost reduction efforts [3][6]. Investment and Innovation - The company established a wholly-owned subsidiary to invest in overseas innovative pharmaceutical companies, aiming to enhance its product portfolio and gain priority rights in new drug promotion and sales [5][6]. - The investment includes a collaboration with Suninflam Ltd. on SIF001, a novel monoclonal antibody drug targeting inflammation in epilepsy, which is currently in clinical trials [5][6]. Shareholder Information - As of September 30, 2025, the company’s repurchase account held 8,107,890 shares, accounting for 2.04% of the total share capital [5].

Core Viewpoint - Liu Pharmaceutical Group (603368) reported a decline in net profit for the third quarter of 2025, indicating challenges in the pharmaceutical wholesale business due to policy impacts on drug sales and profit margins [1] Financial Performance - The company's third-quarter revenue reached 5.457 billion yuan, representing a year-on-year increase of 1.99% [1] - Net profit for the third quarter was 216 million yuan, showing a year-on-year decrease of 14.02% [1] - For the first three quarters of 2025, total revenue was 15.758 billion yuan, reflecting a year-on-year decline of 1.47% [1] - Net profit for the first three quarters was 646 million yuan, down 9.81% year-on-year [1] Business Challenges - The pharmaceutical wholesale business, which constitutes a significant portion of the company's revenue, has been adversely affected by centralized procurement and hospital drug usage ratio controls [1] - There has been a phase of decline in hospital drug sales, influenced by the aforementioned policies [1] - The low gross margins on centralized procurement products have negatively impacted sales and profit margins, leading to a decrease in both revenue and net profit [1]

Core Viewpoint - Liu Pharmaceutical Group (603368.SH) reported a slight increase in revenue for the third quarter, but experienced a decline in net profit compared to the previous year [1] Financial Performance - The company achieved a revenue of 5.457 billion yuan in the third quarter, representing a year-on-year growth of 1.99% [1] - The net profit attributable to shareholders was 216 million yuan, reflecting a year-on-year decrease of 14.02% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 212 million yuan, also down 14.09% year-on-year [1] - Basic earnings per share stood at 0.54 yuan [1]

广西柳药集团股份有限公司2025 年第三季度报告 证券代码：603368 证券简称：柳药集团 转债代码：113563 转债简称：柳药转债 广西柳药集团股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 1 / 13 单位：元 币种：人民币 项目 本报告期 本报告期比 上年同期增 减变动幅度 (%) 年初至报告期末 年初至报告 期末比上年 同期增减变 动幅度(%) 营业收入 5,457,248,932.18 1.99 15,758,036,706.01 -1.47 利润总额 249,472,295.52 -14.45 748,512,238.63 - ...