太极集团前三季度净利润大降69%，“减肥神药”能否拯救业绩？

Core Viewpoint - Taiji Group has officially entered the "weight loss miracle drug" market with the approval of its subsidiary Fuling Pharmaceutical's clinical trial for Semaglutide injection, a biosimilar drug [2][7]. Financial Performance - In the first three quarters of 2025, Taiji Group reported revenue of 8.088 billion yuan, a year-on-year decrease of 22.49%, and a net profit attributable to shareholders of 166 million yuan, down 69.56% [3]. - The third quarter alone saw a revenue of 2.43 billion yuan, a decline of 7.13% year-on-year, with a non-recurring net profit turning to a loss of 28.91 million yuan [4]. - The company attributed the revenue decline to policy changes and ongoing inventory digestion, leading to decreased sales volume and average selling prices of key products [4][6]. R&D and Market Position - Taiji Group is focusing on increasing R&D investment and product development, with 61 key R&D projects, including Semaglutide as one of its three biosimilar drug projects [8]. - The competitive landscape for Semaglutide is crowded, with over 80 domestic companies developing GLP-1 class weight loss drugs, and 62 of these in clinical trials [8]. - Despite the competition, Taiji Group remains optimistic about its Semaglutide biosimilar, having invested approximately 44.18 million yuan in its development [8].