TY PHAR.(SZ:002728) Chang Jiang Shang Bao·2025-10-27 02:08Core Insights - The core viewpoint of the article highlights the strong recovery of the core product and the effectiveness of marketing reforms, as evidenced by the impressive Q3 financial results of Te Yi Pharmaceutical [1][3]. Financial Performance - In Q3 2025, the company achieved a revenue of 692 million yuan, representing a year-on-year increase of 51.86% [1][3]. - The net profit attributable to shareholders reached 65.22 million yuan, a staggering increase of 985.18% compared to the previous year [1][3]. - The non-recurring net profit was 62.81 million yuan, with a year-on-year growth of 2508.06% [1][3]. Business Recovery - Te Yi Pharmaceutical's main business includes the research, production, and sales of traditional Chinese medicine, chemical preparations, and raw materials [2]. - The company faced a significant decline in sales during 2020 due to the COVID-19 pandemic, but it has since focused on its core products, leading to a recovery and peak performance in 2023, with revenue surpassing 1 billion yuan for the first time [2]. - In 2024, the company experienced a downturn due to a deep transformation in its marketing model, which temporarily slowed down product shipments [2]. Product Performance - The core product, Zhi Ke Bao Pian, has seen a strong recovery in sales, with 331 million pieces sold in the first half of 2025, recovering to 61.29% of the same period in 2023 [4]. - By the end of Q3 2025, cumulative sales of Zhi Ke Bao Pian reached 435 million pieces, which is 64% of the sales in the same period of 2023 [4]. - The company aims to achieve an annual sales target of 1 billion boxes (approximately 3.6 billion pieces) for Zhi Ke Bao Pian within 3-5 years, while increasing the pharmacy channel coverage to around 40% [4]. Marketing Reforms - The company has completed a comprehensive upgrade of its marketing organizational structure, creating new departments to enhance operational efficiency [5]. - Since the reform, the number of frontline sales personnel has increased by over 100, with plans to continue recruiting talent to build a more dynamic and youthful team [5]. - In the first three quarters of 2025, sales expenses reached 236 million yuan, a year-on-year increase of 149.72%, with expectations to maintain a sales expense ratio of around 35% for the year [6].