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]

Financial Performance - The company's revenue for Q3 2025 was approximately CNY 5.46 billion, representing a year-on-year increase of 1.99%[2] - The total profit for Q3 2025 was approximately CNY 249.47 million, a decrease of 14.45% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2025 was approximately CNY 216.43 million, down 14.02% year-on-year[2] - For the first nine months of 2025, the company achieved a revenue of CNY 15.76 billion, a decline of 1.47% year-on-year[6] - The net profit attributable to shareholders for the first nine months of 2025 was approximately CNY 645.71 million, a decrease of 9.81% compared to the same period last year[6] - Total operating revenue for the first three quarters of 2025 was CNY 15,758,036,706.01, a decrease of 1.46% compared to CNY 15,992,976,622.19 in the same period of 2024[26] - Net profit for the first three quarters of 2025 was CNY 653,956,241.67, a decline of 12.27% from CNY 745,538,643.11 in the previous year[28] - Earnings per share for the first three quarters of 2025 were CNY 1.63, compared to CNY 1.87 in the same period of 2024[29] Revenue Segmentation - The pharmaceutical wholesale segment accounted for 78.00% of total revenue in the first nine months of 2025, with a year-on-year decline of 3.79%[8] - The pharmaceutical retail segment saw an increase of 8.17% year-on-year, contributing 16.52% to total revenue in the first nine months of 2025[8] - The pharmaceutical industrial segment reported a revenue increase of 6.44% year-on-year, accounting for 5.48% of total revenue in the first nine months of 2025[8] Assets and Liabilities - The total assets at the end of the reporting period were approximately CNY 21.18 billion, a decrease of 0.40% from the end of the previous year[4] - The total liabilities decreased to CNY 13,046,817,287.26 from CNY 13,332,023,666.34, showing improved financial management[24] - The total equity increased to CNY 8,137,084,056.90 from CNY 7,936,922,574.41, indicating a strengthening of the company's financial position[24] Cash Flow - In the first three quarters of 2025, the cash inflow from operating activities reached ¥17,966,940,066.34, an increase from ¥16,415,860,223.01 in the same period of 2024, representing a growth of approximately 9.45%[33] - The net cash flow from operating activities for the first three quarters of 2025 was ¥135,389,669.99, compared to ¥122,979,630.21 in 2024, indicating an increase of about 10.2%[34] - The total cash outflow from investing activities in the first three quarters of 2025 was ¥1,090,653,512.49, significantly higher than ¥348,767,895.92 in 2024, reflecting a substantial increase in investment activities[35] - The net cash flow from investing activities for the first three quarters of 2025 was -¥601,613,953.71, worsening from -¥105,558,116.78 in 2024, indicating increased cash outflow for investments[35] - The cash inflow from financing activities in the first three quarters of 2025 totaled ¥3,630,714,588.54, down from ¥5,261,485,698.29 in 2024, showing a decline of approximately 30.9%[35] - The net cash flow from financing activities for the first three quarters of 2025 was -¥1,279,329,251.71, compared to -¥784,153,602.86 in 2024, indicating a worsening cash position in financing[35] Investment and Development - The company has established a wholly-owned subsidiary, Hainan Liuyao Investment Co., Ltd., to invest in innovative drug projects, specifically targeting drug-resistant epilepsy treatments[17] - The innovative drug SIF001 is currently in Phase I clinical trials in the U.S. and undergoing IIT trials in China[17] - The company aims to enhance its core competitiveness by entering the high-tech innovative drug and biopharmaceutical sectors through overseas investments[18] - Research and development expenses increased to CNY 30,487,829.54 in 2025 from CNY 21,663,634.24 in 2024, indicating a focus on innovation[28] - The company emphasizes the long and complex drug development cycle, highlighting potential risks related to market competition and regulatory factors[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 30,433[14] - The largest shareholder, Zhu Chaoyang, holds 101,032,795 shares, representing 25.44% of the total shares[14] - The total number of shares held by the top ten shareholders includes significant stakes from both individual and institutional investors, with no changes reported in their participation in margin trading[16]

Core Viewpoint - Liu Pharmaceutical Group (603368) is focusing on AI applications in healthcare and has made significant progress in its clinical trials and stock option plans [1][2][3] Company Announcements - Liu Pharmaceutical Group held its semi-annual performance briefing on October 20, 2025, where it introduced an "AI + Healthcare" full-process service plan aimed at enhancing AI applications in both hospital and supply chain settings [1] - The company announced that its investee, SIF001, has entered Phase I clinical trials in the United States, expected to be completed by early 2026 [1][3] - The company has completed the registration of its 2025 stock option incentive plan, involving 286.32 million options granted to 107 individuals, with a grant price of 18.12 yuan per share [2][3] Financial Performance - As of October 24, 2025, Liu Pharmaceutical Group's stock closed at 18.43 yuan, down 0.65% from the previous week, with a total market capitalization of 7.32 billion yuan [1] - The company has repurchased a total of 8.1079 million shares, with a total expenditure of approximately 148.46 million yuan as of September 30, 2025 [2][3]

Core Viewpoint - The company has completed the registration of its 2025 stock option incentive plan, which includes the granting of 2.8632 million stock options to 107 individuals at a price of 18.12 yuan per share, with a total fair value of 6.2085 million yuan [2][4][7]. Group 1: Incentive Plan Details - The effective period of the incentive plan is up to 36 months from the authorization date [2]. - The waiting period for the stock options is a minimum of 12 months from the authorization date [2]. - The stock options granted will be canceled if the conditions for exercising them are not met within the specified periods [2][3]. Group 2: Granting and Registration Information - The stock option grant date is September 15, 2025, with a total of 2.8632 million options granted [5]. - The registration date for the stock options is October 22, 2025 [4]. - The stock options are sourced from the company's repurchased A-shares in the secondary market [5]. Group 3: Financial Impact - The total fair value of the stock options is estimated at 6.2085 million yuan, which will be recognized as an incentive cost over the implementation period [8]. - The estimated amortization of the stock option costs will impact the net profit for the years 2025 to 2027 [9]. - The incentive plan is expected to enhance employee motivation, improve operational efficiency, and ultimately contribute positively to the company's performance [9].

| 证券代码：603368 | 证券简称：柳药集团 | 公告编号：2025-091 | | --- | --- | --- | | 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 关于 2025 年股票期权激励计划授予登记完成的公告 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个别及连带责任。 重要内容提示： 根据《上市公司股权激励管理办法》、上海证券交易所及中国证券登记结算 有限责任公司上海分公司的有关规定，广西柳药集团股份有限公司（以下简称"公 司"）现已完成 2025 年股票期权激励计划（以下简称"本激励计划"）股票期权 的授予登记工作，现将相关情况公告如下： 一、本激励计划已履行的决策程序和信息披露情况 | 序号 | 已履行的决策程序 | 信息披露索引 | | --- | --- | --- | | | 2025 年 8 月 28 日，公司召开第五届董事会第二十八次会 | | | | 议，审议通过《关于<广西柳药集团股份有限公司 2025 年股票期权激励计划（草案）及其摘要>的议案》《关于< ...