APELOA(SZ:000739) Cai Jing Wang·2025-10-22 11:54Core Insights - Prolo Pharma reported a revenue of approximately 7.764 billion yuan for the first three quarters of 2025, a year-on-year decrease of 16.43% [1] - The net profit attributable to shareholders was around 700 million yuan, down 19.48% year-on-year [1] Group 1: Business Performance - CDMO business revenue reached 1.69 billion yuan, showing a nearly 20% year-on-year growth, with an expected annual growth rate of over 20% [1] - API business revenue was 5.19 billion yuan, while pharmaceutical business revenue was 830 million yuan [1] - The decline in overall revenue was primarily due to the proactive reduction of low-margin API business and weak market demand in certain categories [1] Group 2: Profitability and Order Structure - The gross margin for the CDMO business improved to 44.5%, up from 40.8% in the same period last year [1] - The total amount of orders on hand for the next 2-3 years is 5.2 billion yuan, mainly consisting of commercial orders and secondary supply commercial production orders [1] - The order structure indicates an increase in the proportion of DS (active pharmaceutical ingredient) projects, with the number of peptide projects totaling 114, including 9 DS projects [1] Group 3: Client Base and Market Distribution - Approximately 60% of the top 20 MNC clients have initiated R&D project collaborations, with a rapid increase in domestic biotech client projects [2] - The number of clients reached 670 in Q3, expected to exceed 700 by year-end [2] - Currently, the CDMO business revenue distribution is about 70% from overseas and 30% from domestic markets, with future expectations of 40% from the US, 30% from China, and 30% from Europe and Japan [2]