Lushang Freda Pharmaceutical (SH:600223) Shang Hai Zheng Quan Bao·2025-10-27 23:48Core Viewpoint - The company reported its third-quarter financial results for 2025, highlighting a decline in revenue in certain segments while showing growth in others, particularly in the cosmetics sector. The overall financial health remains stable with significant developments in product offerings and market expansion efforts [19]. Financial Performance - For the first nine months of 2025, the company achieved a revenue of 2.597 billion yuan and a net profit attributable to the parent company of 142 million yuan [7]. - The total assets as of September 30, 2025, were 5.831 billion yuan, with net assets attributable to the parent company amounting to 4.187 billion yuan [7]. Segment Performance Cosmetics Segment - The cosmetics segment generated a revenue of 1.569 billion yuan for the first nine months of 2025, representing a year-on-year decline of 8.17%, with a gross margin of 61.24% [7]. - The Yilian brand saw a revenue increase of 19.50%, totaling 786 million yuan, with the spray product line achieving a revenue of 664 million yuan, up 28% [7]. - The Kemi brand experienced significant growth, with a revenue of 77.19 million yuan, showing a quarter-on-quarter increase of 138% in the third quarter [7]. Pharmaceutical Segment - The pharmaceutical segment reported a revenue of 305 million yuan, down 17.46% year-on-year, with a gross margin of 52.27% [8]. - The company developed over 200 new clients across hospital and OTC channels, with 70 new medical institutions added [8]. Raw Materials and Additives Segment - The raw materials and additives segment achieved a revenue of 276 million yuan, reflecting an increase of 11.19% year-on-year, with a gross margin of 40.26% [8]. - The sales volume of pharmaceutical-grade raw materials increased by 107.75% year-on-year [8]. Price Changes Product Prices - The average selling price of skincare products increased by 5.29% year-on-year due to a higher sales proportion of premium products [19]. Raw Material Prices - The average procurement price of packaging materials rose by 6.94% year-on-year, while the price of moisturizing agents decreased by 21.20% year-on-year [20][21]. - The average procurement price of active ingredients decreased by 1.45% year-on-year, while emulsifiers saw a price drop of 3.70% year-on-year [23][26]. Upcoming Events - The company will hold a performance briefing on November 3, 2025, to discuss the third-quarter results and address investor inquiries [12][14].