三生国健前三季度营收11.16亿元同比增18.80%，归母净利润3.99亿元同比增71.15%，财务费用同比增长4.22%

Core Insights - The company reported a revenue of 1.116 billion yuan for the first three quarters of 2025, representing an 18.80% year-on-year growth [1] - The net profit attributable to shareholders reached 399 million yuan, showing a significant increase of 71.15% year-on-year [1] - The basic earnings per share (EPS) stood at 0.65 yuan [2] Financial Performance - The gross profit margin for the first three quarters was 76.85%, up by 1.47 percentage points year-on-year [2] - The net profit margin was 34.92%, an increase of 11.21 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 85.86%, reflecting a year-on-year increase of 6.91 percentage points and a quarter-on-quarter increase of 21.01 percentage points [2] - The net profit margin for Q3 was 43.03%, up 14.33 percentage points year-on-year and 17.15 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 471 million yuan, an increase of 15.09 million yuan year-on-year [2] - The expense ratio was 42.17%, down 6.32 percentage points from the previous year [2] - Sales expenses decreased by 26.42% year-on-year, while management expenses increased by 29.81%, R&D expenses grew by 18.14%, and financial expenses rose by 4.22% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 11,200, a decrease of 1,640 or 12.77% from the end of the previous half [3] - The average market value of shares held per shareholder increased from 2.605 million yuan to 3.1285 million yuan, a growth of 20.09% [3] Company Overview - The company, founded on January 25, 2002, is located in the Shanghai Free Trade Zone and was listed on July 22, 2020 [3] - Its main business involves the research, production, and sales of antibody drugs, with revenue sources including product sales (75.24%), commissioned processing services (15.37%), licensing (7.94%), and leasing services (1.44%) [3] - The company operates in the pharmaceutical and biotechnology sector, specifically in the bioproducts category [3]