（文章来源：证券日报） 证券日报网讯佛慈制药11月6日发布公告，在公司回答调研者提问时表示，公司2025年前三季度制药板 块毛利率为39.12%，较去年同期增加4.65%。毛利率提升的主要原因一是中药材价格下降降低了生产成 本，二是公司持续加大外部市场拓展和内部降本增效。未来公司将进一步加大市场开发力度，降低生产 成本，提升整体盈利水平，提高产品毛利率。 ...

（文章来源：证券日报） 证券日报网讯佛慈制药11月6日发布公告，在公司回答调研者提问时表示，2026年公司将持续推进大单 品和大市场开发战略，以核心产品驱动整体销售增长。大单品方面，巩固并提升六味地黄丸系列等传统 优势浓缩丸产品的市场占有率，加大对参茸固本还少丸、复方黄芪健脾口服液等独家品种以及二陈丸、 安宫牛黄丸、八珍丸、安神补心丸等市场需求较大产品的销售。大市场方面，聚焦陕西、甘肃根据地市 场，强化全国市场布局与渠道深耕，重点拓展华南市场和国际市场，逐步增强市场竞争力，不断提高市 场占有率和产品销量。 ...

证券日报网讯佛慈制药11月6日发布公告，在公司回答调研者提问时表示，经过董事会、经营层和全体 员工的努力，公司2025年前三季度实现营业收入6.24亿元，归属于上市公司股东净利润3808.24万元，经 营活动产生现金流量净额为9350.52万元。其中经营活动产生的现金流净额同比增长677.92%。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯佛慈制药11月6日发布公告，在公司回答调研者提问时表示，公司目前存货水平处于合理 范围内，周转率符合行业特点和平均水平。公司也将密切关注产能和市场需求情况，总体保持产销平 衡，合理控制存货规模。 ...

证券日报网讯佛慈制药11月6日发布公告，在公司回答调研者提问时表示，公司拥有467个药品批准文 号，目前进入基药目录的产品有46个。公司也将密切关注相关政策的调整变化，加强渠道拓展和产品推 广，进一步提升市场竞争力。 （文章来源：证券日报） ...

编号：20251104 | | □特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位 | 平安证券、长城证券、华龙证券、兴业证券、国海证券、国盛证 | | 及人员 | 券、华安证券、招商证券等机构代表（以上排名不分先后） | | 时间 | 2025 年 11 月 4 日 10:00—10:40 | | 地点及方式 | 电话会议 | | 上市公司 | 董事会秘书王军辉先生，财务总监岳金风女士，证券事务代表安 | | 接待人员 | 文婷女士 | | | 兰州佛慈制药股份有限公司（以下简称"公司"）以电话会议 | | | 方式与相关机构代表就公司 年前三季度经营业绩以及未来 2025 | | | 发展规划等方面进行了交流。本次主要交流内容及问答如下： | | | 年前三季度经营业绩情况？ 1.公司 2025 | | | 答：经过董事会、经营层和全体员工的努力，公司 年 2025 | | 交流内容及 | 前三季度实现营业收入 6. ...

Core Insights - Lanzhou Foci Pharmaceutical Co., Ltd. reported a strong performance in Q3 2025, with a revenue of 1.95 billion yuan and a net profit of 797.78 million yuan, marking a year-on-year growth of 167.92% [1] - The company achieved a net cash flow from operating activities of 935.05 million yuan, indicating a positive turnaround and providing solid financial support for future operations and innovations [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 6.24 billion yuan and a net profit attributable to shareholders of 380.82 million yuan [1] - The Q3 performance was particularly notable, with a revenue of 1.95 billion yuan and a net profit of 797.78 million yuan, reflecting a significant increase of 167.92% year-on-year [1] Group 2: Market Strategy - The company has been optimizing its marketing structure and market layout, enhancing channel development and management to increase product market share [2] - Foci Pharmaceutical maintains a balanced sales network, with over 60% of sales from commercial chains and approximately 20% from medical and online channels [2] - The company has successfully expanded its market coverage to regions such as South China, East China, North China, Southwest China, and overseas markets [2] Group 3: International Expansion - Foci Pharmaceutical has exported products to 32 countries and regions, with 1,442 product registrations abroad, maintaining a leading position in international certifications and trademark registrations [2] - The company has received various international GMP certifications, including from Australia and Japan, establishing a strong quality barrier [2] Group 4: Strategic Investments - In October 2023, Foci Pharmaceutical announced a cash investment of 20 million yuan to acquire a 4.91% stake in Kexin Technology Co., Ltd., marking its entry into the promising field of radioactive isotope drugs [3] - This strategic investment aligns with the company's shift from traditional Chinese medicine to precision medicine, resonating with national policies aimed at developing high-end pharmaceutical industries [3]

Group 1 - The core viewpoint of the article highlights the strong operational resilience and growth potential of the company in a complex market environment, as evidenced by significant profit increases in the third quarter of 2025 [1] - The company reported a net profit attributable to shareholders of 7.9778 million yuan, a substantial year-on-year increase of 167.92%, with a strong growth of 214.28% in net profit after deducting non-recurring gains and losses, indicating a notable improvement in the company's main business profitability [1] - Despite a decline in operating revenue to 624 million yuan in the first three quarters, the strong rebound in quarterly performance, particularly in net profit, reflects effective cost control, improved operational efficiency, and positive results from business structure adjustments [1] Group 2 - The net cash flow from operating activities increased by 677.92% year-on-year, reaching 93.5052 million yuan, significantly improving cash flow conditions to support future R&D investments, market expansion, and capacity optimization [1] - The company has been optimizing internal management and strengthening accounts receivable management, with other receivables decreasing by 33.51% compared to the beginning of the year, further solidifying the asset structure [1] - The company is actively expanding the use of supply chain financial tools, with accounts receivable financing and payable notes increasing by 104.91% and 157.90%, respectively, demonstrating flexible strategies in fund turnover and supplier collaboration [1] Group 3 - In terms of R&D and innovation, the company continues to invest, with fluctuations in R&D expenses based on project progress, while deepening its focus on traditional Chinese medicine and classic formulas, laying a foundation for long-term competitiveness [2] - The shareholder structure is stable, with state-owned entities holding the majority, and the controlling shareholder, Lanzhou Foci Pharmaceutical Industry Development Group Co., Ltd., holding a 61.63% stake, providing a solid foundation for strategic implementation and governance [2] - The company is gradually advancing capacity upgrades and product structure optimization while maintaining traditional business advantages, positioning itself to seize new opportunities in the pharmaceutical market amid ongoing policy benefits and increasing public health awareness [2]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the information disclosed in the quarterly report, with no false records or misleading statements [2][6][11] Financial Data - The third-quarter financial report has not been audited [6] - The company does not require retrospective adjustments or restatements of previous accounting data [3] - There are no non-recurring profit and loss items applicable for the quarter [3] Board Meeting - The eighth board meeting of the company was held on October 28, 2025, with all six directors present [7] - The meeting approved the "2025 Third Quarter Report" [8] - The resolution was passed with a unanimous vote of 6 in favor, 0 against, and 0 abstentions [10]

Group 1 - The core point of the article is that 佛慈制药 reported a decline in revenue for the third quarter of 2025, while net profit saw a significant increase compared to the previous year [2] Group 2 - In the third quarter of 2025, the company achieved operating revenue of 194,689,733.90 yuan, representing a year-on-year decrease of 7.14% [2] - The net profit attributable to shareholders of the listed company was 7,977,760.05 yuan, showing a year-on-year growth of 167.92% [2]