RINGPU(SZ:300119) Xin Lang Cai Jing·2025-10-28 10:35Core Insights - The company reported a significant increase in net profit for Q3 2025, achieving 106 million yuan, a year-on-year growth of 23.02% [1] - The overall revenue for the first nine months of 2025 reached 2.54 billion yuan, reflecting a 13.50% increase compared to the previous year [1] - The company has received multiple approvals for veterinary products, including the world's first mRNA vaccine for food animals, indicating a strong position in the market [3] Financial Performance - For Q1-Q3 2025, the company's revenue was 822 million yuan, 886 million yuan, and 837 million yuan, with year-on-year growth rates of 20.0%, 21.02%, and 1.44% respectively [2] - The net profit for the same quarters was 116 million yuan, 141 million yuan, and 106 million yuan, with year-on-year growth rates of 28.45%, 93.89%, and 23.02% respectively [2] - The company’s operating expenses decreased, with sales expenses at 366 million yuan (14.4% of revenue) and management expenses at 158 million yuan (6.20% of revenue) for the first nine months of 2025 [2] Product Development and Strategic Initiatives - The company has received clinical trial approval for an mRNA vaccine for pig diarrhea, which is a significant advancement in veterinary medicine [3] - In addition to the mRNA vaccine, seven other new products have been approved, enhancing the company's product portfolio in the veterinary and pet medicine sectors [3] - The company plans to invest 679 million yuan in a microbial protein project, which is expected to generate annual revenue of 1.3 billion yuan upon full production [3] Future Projections - Revenue projections for 2025-2027 are 3.512 billion yuan, 4.010 billion yuan, and 4.478 billion yuan, with corresponding net profits of 440 million yuan, 509 million yuan, and 591 million yuan [4] - The expected growth rates for net profit are 46.4%, 15.6%, and 16.0% for the respective years [4] - The company maintains a "buy" rating based on these projections [4]