诚意药业：前三季度扣非净利润增长31%，氨糖全链条布局优势持续兑现

Core Viewpoint - Chengyi Pharmaceutical reported strong financial performance for the first three quarters of 2025, with significant revenue and profit growth driven by its core product, glucosamine, and an effective employee stock ownership plan aimed at enhancing competitiveness and employee engagement [1][2]. Financial Performance - The company achieved a revenue of 597 million yuan, representing a year-on-year increase of 14.69% [1] - The net profit attributable to shareholders reached 143 million yuan, up 21.91% year-on-year [1] - The net profit after deducting non-recurring items was 140 million yuan, reflecting a growth of 31.40% [1] - The gross profit margin improved from 68.97% in Q1 to 73.67% in Q3 [1] Product Performance - Revenue from joint-related drugs grew by 42.23% year-on-year, totaling 492 million yuan [1] - The growth in revenue is primarily driven by glucosamine, which has seen enhanced sales through diversified channels [1][2] Market Dynamics - The aging population and changing lifestyles in China are contributing to the long-term expansion of the glucosamine market [2] - The market for bone health supplements is projected to grow from 12.1 billion yuan in 2021 to 18.3 billion yuan by 2025, with glucosamine penetration nearing 50% [2] Strategic Initiatives - The company has expanded its market coverage from 9 provinces to 30 provinces following the expiration of national centralized procurement in the second half of 2023 [2] - This expansion has led to a near doubling of glucosamine sales from 254 million yuan in the first three quarters of 2023 to 492 million yuan in the same period of 2025 [2] Competitive Advantages - Chengyi Pharmaceutical benefits from an integrated production approach for glucosamine, utilizing chitin derived from local marine resources, which helps in cost and quality assurance [3] - The company has a dual licensing advantage for both raw materials and formulations, enhancing its competitive position in the market [3] Future Outlook - The company's marine biomedicine strategy is expected to drive future growth, with ongoing projects like the construction of a large-scale EPA production facility [3] - Chengyi Pharmaceutical's integrated approach may extend beyond glucosamine to other areas, such as fish oil, positioning it favorably in the evolving market landscape [3]