格隆汇10月21日丨普洛药业(000739.SZ)公布三季度报告，前三季营业收入77.6亿元，同比下降16.43%， 归属于上市公司股东的净利润7亿元，同比下降19.48%，归属于上市公司股东的扣除非经常性损益的净 利润6.47亿元，同比下降22.14%。 ...

人民财讯10月21日电，普洛药业（000739）10月21日发布2025年三季报，公司第三季度实现营业收入 23.19亿元，同比下降18.94%；归母净利润1.37亿元，同比下降43.95%。前三季度实现营业收入77.64亿 元，同比下降16.43%；归母净利润7亿元，同比下降19.48%。 ...

Core Viewpoint - Pro Pharmaceutical (000739.SZ) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 7.764 billion yuan, a year-on-year decrease of 16.43% [1] - The net profit attributable to shareholders was 700 million yuan, down 19.48% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 647 million yuan, reflecting a year-on-year decrease of 22.14% [1] - Basic earnings per share were 0.6063 yuan [1]

智通财经APP讯，普洛药业(000739.SZ)发布2025年三季度报告，该公司前三季度营业收入为77.64亿 元，同比减少16.43%。归属于上市公司股东的净利润为7亿元，同比减少19.48%。归属于上市公司股东 的扣除非经常性损益的净利润为6.47亿元，同比减少22.14%。基本每股收益为0.6063元。 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 7.764 billion yuan, representing a year-on-year decrease of 16.43% [1] - The net profit attributable to shareholders was 700 million yuan, down 19.48% year-on-year [1] - Basic earnings per share were 0.6063 yuan, reflecting an 18.79% decline compared to the same period last year [1]

Core Insights - The company reported a third-quarter revenue of 2.319 billion, representing a decline of 18.94% [1] - The net profit for the third quarter was 137 million, down 43.95% [1] - For the first three quarters, the total revenue was 7.764 billion, a decrease of 16.43% [1] - The net profit for the first three quarters was 700 million, reflecting a decline of 19.48% [1]

普洛药业股份有限公司（以下简称"公司"）第九届董事会第十六次会议通 知于 2025 年 10 月 10 日以电子邮件的方式发出。会议于 2025 年 10 月 21 日下午 以通讯表决的方式召开，会议应到董事 9 人，实到董事 9 人。会议由公司董事长 祝方猛先生主持。本次会议的召开符合《公司法》和《公司章程》的有关规定。 出席会议的董事经过审议表决，通过了以下议案： 一、审议通过《2025 年第三季度报告》 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 普洛药业股份有限公司董事会 2025 年 10 月 21 日 证券代码：000739 证券简称：普洛药业 公告编号：2025-56 普洛药业股份有限公司 第九届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥2,319,396,045.96, a decrease of 18.94% compared to the same period last year[5] - The net profit attributable to shareholders for Q3 2025 was ¥137,218,813.55, down 43.95% year-on-year[5] - The net profit excluding non-recurring gains and losses for Q3 2025 was ¥126,559,411.20, a decline of 44.66% compared to the previous year[5] - Total operating revenue decreased to ¥7,763,882,133.27 from ¥9,290,220,207.76, representing a decline of approximately 16.4% year-over-year[17] - Net profit for the period was ¥700,189,009.91, down from ¥869,388,123.84, indicating a decrease of approximately 19.5% year-over-year[17] - Total comprehensive income for the period was CNY 701,126,423.02, a decrease from CNY 872,959,496.18 in the previous period[19] - Basic and diluted earnings per share decreased to 0.6063 from 0.7466 year-over-year[19] Cash Flow and Investments - The cash flow from operating activities for the year-to-date was ¥774,024,106.67, representing a decrease of 33.60% year-on-year[9] - Net cash flow from operating activities was CNY 774,024,106.67, down from CNY 1,165,709,114.84 in the previous period, representing a decline of approximately 33.6%[21] - Cash inflow from operating activities totaled CNY 6,293,882,351.31, compared to CNY 8,083,217,866.85 in the previous period, indicating a decrease of about 22.1%[20] - Cash outflow from operating activities was CNY 5,519,858,244.64, down from CNY 6,917,508,752.01, reflecting a reduction of approximately 20.2%[21] - Net cash flow from investing activities was negative CNY 238,325,527.35, an improvement from negative CNY 364,538,076.21 in the previous period[21] - Cash inflow from investing activities increased to CNY 986,330,907.92 from CNY 243,447,417.35, a significant rise of approximately 304.5%[21] - Cash outflow from financing activities totaled CNY 2,190,685,623.07, compared to CNY 1,538,035,740.54 in the previous period, an increase of about 42.4%[21] - The ending cash and cash equivalents balance was CNY 2,698,713,039.68, slightly down from CNY 2,735,557,535.96 in the previous period[21] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥12,101,962,799.34, a decrease of 4.93% from the end of the previous year[5] - Current liabilities totaled ¥5,316,853,533.24, down from ¥5,742,629,852.13, a decrease of approximately 7.4% year-over-year[15] - Long-term borrowings increased to ¥173,096,972.22 from ¥70,053,541.67, representing a significant increase of approximately 147%[15] - The total equity attributable to shareholders decreased to ¥6,486,351,400.77 from ¥6,741,964,785.16, a decline of about 3.8% year-over-year[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 41,333[11] - The largest shareholder, Hengdian Group Holdings Co., Ltd., holds 28.57% of shares, totaling 330,941,729 shares[11] - The top 10 shareholders include Zhejiang Hengdian Import and Export Co., Ltd. with 13.51% and Zhejiang Hengrun Technology Co., Ltd. with 5.15%[11] - The company has repurchased a total of 10,030,000 shares, representing 0.87% of the total share capital[12] - The company has no preferred shareholders or related party transactions reported[12] - The total number of shareholders with voting rights restored is 0[11] - The company has not reported any changes in the lending of shares by major shareholders[12] Research and Development - Research and development expenses for the first nine months of 2025 amounted to ¥509,936,802.16, an increase of 9.15% compared to the same period last year[9] - Research and development expenses were ¥465,006,684.23, slightly down from ¥467,201,967.23, indicating a decrease of about 0.5% year-over-year[18] Financial Expenses - The company reported a financial expense of -¥28,944,097.36, compared to -¥14,045,020.76 in the previous period, reflecting an increase in financial costs[18] Other Financial Metrics - The weighted average return on equity for Q3 2025 was 2.11%, down 1.73% year-on-year[5] - The cash and cash equivalents net increase for the first nine months of 2025 was -¥30,731,520.38, a decline of 111.25% year-on-year[9] - Accounts receivable decreased to ¥1,622,265,537.75 from ¥1,764,198,282.30[13] - Inventory decreased to ¥1,601,631,107.87 from ¥1,860,088,103.67[13] - Deferred income tax liabilities decreased to ¥72,541,252.32 from ¥84,980,080.67, a reduction of approximately 14.7%[15] Audit Information - The company did not undergo an audit for the third quarter financial report[22]

Core Viewpoint - The article discusses the performance of deep value fund managers during different market conditions, highlighting their underperformance in the current bull market compared to growth-style fund managers, particularly in sectors like technology and innovation [4][20]. Group 1: Performance Comparison - In the past three years of bear markets, deep value fund managers performed relatively well, with many managing over 10 billion in assets [5]. - As of September 24, 2023, mainstream deep value fund managers like Xu Yan and Jiang Cheng had annual returns below 20%, while the average return of the CSI Active Equity Fund Index reached 34.11% [6][12]. - The article notes that deep value fund managers typically focus on low-valuation, stable companies, which leads to lower returns in bull markets but better performance in bear markets [14][19]. Group 2: Investment Philosophy - Deep value fund managers invest from an owner's perspective, focusing on long-term intrinsic value rather than short-term market fluctuations [16]. - They emphasize "quality and price," seeking high-quality companies that are undervalued due to market sentiment [17]. - Safety margins are crucial in their investment decisions, as they aim to protect against errors and downside risks [17][18]. Group 3: Market Trends and Strategies - The current bull market has favored growth-style funds, particularly those heavily invested in technology, with some achieving over 200% annual returns [7]. - Deep value fund managers often hold significant positions in traditional sectors like finance and real estate, which have underperformed in the current market [14][19]. - The article suggests that deep value funds should be considered for core portfolio allocations, especially for conservative investors [23][24]. Group 4: Selection Criteria - Not all low-valuation stocks represent deep value; some may belong to contrarian or cyclical strategies [29]. - Investors should focus on the stability of deep value fund managers' styles, as many have shifted towards growth or other strategies over time [36][38]. - The article advises that deep value funds can serve as a bottom-layer allocation in a diversified portfolio, balancing risk and return [24][26].

Group 1 - The company, Puluo Pharmaceutical, announced a share buyback of 10.03 million shares, representing 0.87% of its total share capital of approximately 1.158 billion shares, with a total transaction amount of about 144 million yuan [1] - The highest and lowest transaction prices during the buyback were 14.82 yuan and 13.62 yuan per share, respectively [1] - As of the report date, the market capitalization of Puluo Pharmaceutical is 18.9 billion yuan [1] Group 2 - For the first half of 2025, the company's revenue composition shows that the pharmaceutical industry accounts for 99.6%, while other businesses contribute 0.4% [1]