Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.60 CNY, based on a 20x PE for 2026 [4][6]. Core Insights - The company reported a significant improvement in performance, with Q3 2025 showing a net profit of 3.1 billion CNY, a 301.0% increase quarter-on-quarter [10]. - The core business of brand operation generated revenue of 41.0 billion CNY in the first three quarters of 2025, nearly flat year-on-year, while wholesale and retail segments experienced declines [10]. - The launch of the new product "Dijiao Sujie" is expected to drive growth, targeting middle-aged and elderly consumers with improved bioavailability [10]. - The commercialization of ZAP-X is progressing well, with the first precision radiotherapy center signed in Beijing, and a manufacturing base set to be operational by the end of 2025 [10]. Financial Summary - Revenue for 2023 is projected at 8,256 million CNY, with a year-on-year growth of 9.9%, while 2025 is expected to see revenue of 8,625 million CNY, reflecting a 6.6% increase [5][11]. - The net profit attributable to the parent company is forecasted to be 477 million CNY in 2025, down 31.0% from 2024 [5][11]. - The gross margin is expected to improve from 33.3% in 2023 to 36.3% in 2025, while the net margin is projected to decrease from 8.6% in 2023 to 5.5% in 2025 [5][11]. - The company’s return on equity (ROE) is expected to decline from 27.4% in 2023 to 19.8% in 2025 [5][11].

Core Insights - Baiyang Pharmaceutical reported a revenue of 5.627 billion yuan for the first three quarters of 2025, which increases to 6.505 billion yuan when adjusted for the two-invoice system [1] - The net profit attributable to shareholders for the same period was 476 million yuan, with a third-quarter revenue of 1.876 billion yuan and a net profit of 313 million yuan, reflecting a year-on-year growth of 31.43% [1] - The company's core brand business showed strong performance, with brand revenue accounting for 76.54% of total revenue when adjusted for the two-invoice system [1] Financial Performance - For the first three quarters, brand operations generated revenue of 4.101 billion yuan, remaining stable year-on-year, while adjusted revenue reached 4.979 billion yuan, marking an 11.08% increase [1] - The gross profit from brand operations was 1.992 billion yuan, representing a gross profit margin of 94.7%, providing a solid financial foundation for ongoing innovation and transformation [1] Strategic Developments - Baiyang Pharmaceutical is actively transitioning to an innovation-driven enterprise, focusing on strategic investments in fibrosis, oncology, and bone health [2] - The company has expanded its brand matrix in fibrosis treatment through strategic investment in Jikun Pharmaceutical and is also advancing in the oncology sector with innovative products [2] - In the high-end radiotherapy field, Baiyang has established a comprehensive disease coverage and is collaborating with Peking University International Hospital to build a precision radiotherapy center [2] Future Outlook - As the innovative drug and radiotherapy businesses scale up, Baiyang Pharmaceutical is expected to optimize its revenue structure and enhance long-term competitiveness [2] - The company aims to seize new growth opportunities amid the transformation of the pharmaceutical industry, steadily progressing towards becoming an innovative pharmaceutical enterprise [2]

Core Viewpoint - Baiyang Pharmaceutical (301015.SZ) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the same period last year [1] Financial Performance - The company achieved operating revenue of 5.627 billion yuan, a year-on-year decrease of 8.41% [1] - The net profit attributable to shareholders was 476 million yuan, down 25.67% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 410 million yuan, a decrease of 32.87% year-on-year [1] - Basic earnings per share stood at 0.91 yuan [1]

Core Insights - Qingdao Baiyang Pharmaceutical Co., Ltd. reported a revenue of 5.627 billion yuan for the first three quarters of 2025, with a net profit attributable to shareholders of 476 million yuan [1] - In Q3 alone, the company achieved a revenue of 1.876 billion yuan and a net profit of 313 million yuan, marking a year-on-year growth of 31.43% in net profit and 33.33% in basic earnings per share [1] - The core brand business segment showed strong performance, with brand revenue accounting for 76.54% of total revenue when adjusted for the two-invoice system [1] Financial Performance - Total revenue for the first three quarters was 5.627 billion yuan, which increases to 6.505 billion yuan when adjusted for the two-invoice system [1] - Brand operation revenue reached 4.101 billion yuan, remaining stable year-on-year, and 4.979 billion yuan when adjusted, reflecting an 11.08% increase [1] - Gross profit from brand operations was 1.992 billion yuan, with a gross profit margin of 94.7%, providing a solid financial foundation for ongoing innovation [1] Strategic Initiatives - The company is transitioning towards an innovation-driven model, focusing on strategic investments and commercialization in innovative drugs and advanced radiotherapy [2] - In the innovative drug sector, Baiyang Pharmaceutical is expanding its portfolio in fibrosis, oncology, and bone health, including strategic investments in Jikun Pharmaceutical [2] - The company has established a comprehensive disease coverage in high-end radiotherapy and is collaborating with Peking University International Hospital to build a precision radiotherapy center [2] Future Outlook - As the innovative drug and radiotherapy businesses scale up, the company is expected to optimize its revenue structure and enhance long-term competitiveness [2] - Baiyang Pharmaceutical aims to seize new growth opportunities amid the transformation of the pharmaceutical industry, steadily progressing towards becoming an innovative pharmaceutical enterprise [2]

Core Viewpoint - Baiyang Pharmaceutical plans to transfer 40.0465% equity of Wuweikang to Baiyang Family Health for 57.4616 million yuan, aiming to optimize asset structure and improve operational efficiency while maintaining collaboration in the home ECG device sector [1] Group 1: Company Actions - Baiyang Pharmaceutical will sign an equity transfer agreement with Baiyang Family Health [1] - The transaction involves transferring 40.0465% of Wuweikang's equity for a total price of 57.4616 million yuan [1] Group 2: Company Profile - Wuweikang is an innovative medical device company currently in the early promotion stage of its products and is operating at a loss [1] - The transaction aligns with Baiyang Pharmaceutical's strategic planning [1] Group 3: Strategic Implications - The transfer is expected to optimize the asset structure of Baiyang Pharmaceutical and enhance asset operational efficiency [1] - Baiyang Pharmaceutical will continue its collaboration with Wuweikang in the home ECG device field [1]

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2025-092 | | --- | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | | 青岛百洋医药股份有限公司 关于出售参股公司股权暨关联交易的公告 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。 一、关联交易概述 为优化资产结构，提高资产运营效率，青岛百洋医药股份有限公司（以下简 称"公司"）拟与北京百洋家健康管理有限公司（以下简称"百洋家健康"）签订 《股权转让协议》，将公司持有的北京五维康科技有限公司（以下简称"五维康" 或"标的公司"）40.0465%股权以 57,461,562.80 元的价格转让给百洋家健康。 百洋家健康为公司控股股东百洋医药集团有限公司全资子公司北京百洋诚 创医药研发有限公司持股 100%的公司，且公司董事宋青担任百洋家健康董事长。 根据《深圳证券交易所创业板股票上市规则》的相关规定，百洋家健康为公司的 关联方，本次交易构成关联交易。 2025 年 10 月 29 日，公司召开第四届董事会第二次会议，审议通过了《关 于出售参股公司 ...

Core Insights - Baiyang Pharmaceutical reported a revenue of 5.627 billion for the first three quarters of 2025, which increases to 6.505 billion when adjusted for the two-invoice system [1] - The net profit attributable to shareholders for the same period is 476 million, with a third-quarter revenue of 1.876 billion and a net profit of 313 million, reflecting a year-on-year growth of 31.43% [1] - The basic earnings per share increased by 33.33% year-on-year, indicating strong profit growth [1] Revenue and Profit Performance - For the first three quarters of 2025, Baiyang Pharmaceutical's revenue, when adjusted for the two-invoice system, shows a brand revenue proportion increase to 76.54% [1] - The third quarter alone saw a revenue of 1.876 billion and a net profit of 313 million, marking significant growth compared to previous periods [1] Strategic Partnerships - In September 2025, the company signed a strategic cooperation agreement with Tianjin Jikun Pharmaceutical Technology Co., Ltd. to leverage mutual resource advantages [1] - This collaboration aims to enhance research and development, manufacturing, commercialization, and capital operations in the fields of organ fibrosis and related inflammatory immune diseases [1] - The partnership is expected to effectively integrate resources and expand the company's innovative drug portfolio in the organ fibrosis sector [1]

东兴证券股份有限公司 关于青岛百洋医药股份有限公司 出售参股公司股权暨关联交易的核查意见 东兴证券股份有限公司（以下简称"东兴证券"或"保荐人"）作为青岛百 洋医药股份有限公司（以下简称"百洋医药"或"公司"）2021 年度首次公开发 行股票和 2023 年度向不特定对象发行可转换公司债券持续督导的保荐人，根据 《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关法律法 规、规范性文件要求，对百洋医药出售参股公司股权暨关联交易事项进行了核查， 具体核查情况如下： 一、关联交易概述 为优化资产结构，提高资产运营效率，百洋医药拟与北京百洋家健康管理有 限公司（以下简称"百洋家健康"）签订《股权转让协议》，将公司持有的北京五 维康科技有限公司（以下简称"五维康"或"标的公司"）40.0465%股权以 57,461,562.80 元的价格转让给百洋家健康。 百洋家健康为公司控股股东百洋医药集团有限公司全资子公司北京百洋诚 创医药研发有限公司持股 100%的 ...

Group 1 - Baiyang Pharmaceutical (SZ 301015) announced on October 29 that its fourth board meeting will be held in a hybrid format, discussing the proposal for the sale of equity in an associated company [1] - For the year 2024, Baiyang Pharmaceutical's revenue composition is as follows: 92.5% from sales of pharmaceuticals and medical devices, 7.18% from brand services, and 0.32% from other businesses [1] - As of the report, Baiyang Pharmaceutical has a market capitalization of 13.8 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

青岛百洋医药股份有限公司 第四届董事会第二次会议决议公告 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。 一、董事会会议召开情况 青岛百洋医药股份有限公司（以下简称"公司"）第四届董事会第二次会议 于 2025 年 10 月 29 日以现场结合通讯的方式召开，会议通知已于 2025 年 10 月 23 日以邮件形式送达全体董事。本次会议由公司董事长付钢先生召集并主持， 应出席董事 9 人，实际出席董事 9 人，公司总经理、董事会秘书列席会议。本次 会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的 规定，会议决议合法、有效。 二、董事会会议审议情况 | 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2025-090 | | --- | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | | （一）审议通过了《关于<2025 年第三季度报告>的议案》； 董事会认为：公司《2025 年第三季度报告》包含的信息公允、全面、真实 地反映了本报告期的财务状况和经营成果等事项，所披露的信息真实、准确、完 整， ...