GARDEN BIO-CHEM(SZ:300401) Quan Jing Wang·2025-10-21 02:52Core Viewpoint - Garden Bio reported a slight decline in revenue but an increase in net profit and cash flow, indicating improved operational quality and cash collection ability [1] Financial Performance - The company achieved a revenue of 300 million yuan in the first three quarters, a year-on-year decrease of 0.2% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 72 million yuan, reflecting a year-on-year growth of 9.06% [1] - Total assets reached 5.913 billion yuan, up 5.36% year-on-year [1] - The net cash flow from operating activities was 345 million yuan, an increase of 27.02% year-on-year [1] Business Strategy - The company focuses on two main areas: Vitamin D3 and pharmaceutical manufacturing, implementing a "vertical and horizontal" development strategy [1] - The "vertical" strategy consolidates its advantages in the Vitamin D3 supply chain while entering pharmaceutical manufacturing through the acquisition of Garden Pharmaceuticals [1] - The "horizontal" strategy aims to expand the product line into new varieties such as Vitamins A, E, B6, and biotin, positioning the company as a comprehensive vitamin giant [1] Research and Development - The company has established three R&D centers in Dongyang, Jinhua, and Hangzhou, focusing on natural product biosynthesis, industrial research, and cutting-edge drug trials [2] - Garden Pharmaceuticals has a dedicated R&D center aimed at developing new products and optimizing existing processes to enhance core competitiveness [2] - The company has developed a unique vertical integration advantage by self-producing NF-grade cholesterol and extending into the pharmaceutical health product sector [3] Product Development and Market Position - The company has completed the construction of a 6,000-ton VA powder project and is preparing for trial production of a 5,000-ton VB6 project and a 200-ton biotin project [3] - Garden Pharmaceuticals is strategically selecting products for development based on clinical supply shortages and market potential, focusing on chronic diseases such as hypertension and respiratory diseases [3] - The company has obtained drug registration certificates for 10 products, with several included in national and local centralized procurement, enhancing sales channels [4] Industry Outlook - The company is positioned within strategic concepts like "new quality productivity" and "synthetic biology," which are expected to bring policy support and long-term growth potential [4]