APELOA(SZ:000739) Ge Long Hui·2025-10-22 10:30Core Viewpoint - Pro Pharmaceutical reported a significant decline in revenue for the first three quarters, primarily due to a contraction in low-margin trading business, with plans to divest this segment over the next two years [1] Group 1: Financial Performance - API business revenue for the first three quarters reached 5.2 billion yuan, with a gross margin of approximately 20%, marking a historical low [1] - The decline in revenue is attributed to a 60%-70% drop from low-margin trading activities [1] - The company anticipates that the third quarter will be the lowest point for the year, with expectations for improved demand and revenue in the fourth quarter [1] Group 2: Capacity and Product Pipeline - The construction of the company's peptide production capacity is expected to be completed by the second quarter of next year to meet future project demands [1] - The company plans to have around ten products approved annually, contributing to sustained growth in its pharmaceutical business [1] Group 3: Market Outlook - The U.S. generic drug business commenced shipments in the fourth quarter of this year [1] - There are signs of recovery in antibiotic demand, indicating potential for improved performance [1] - Overall, the company expects a recovery in performance next year following this year's low point [1]