司美格鲁肽原料药需求旺盛 圣诺生物前三季净利同比增123%

Core Insights - The company, Shengnuo Biopharmaceuticals, reported significant growth in revenue and net profit for the first three quarters of 2025, primarily driven by increased overseas sales of GLP-1 class drugs, Semaglutide and Tirzepatide [1][2] - The company achieved a revenue of 520 million yuan, a year-on-year increase of 53.96%, and a net profit of 127 million yuan, reflecting a 123.03% increase [1] - The raw material drug business has become a major performance support for the company, with raw material revenue in the first half of the year reaching 189 million yuan, a 232.3% increase, accounting for approximately 55.92% of total revenue [1] Company Developments - Shengnuo Biopharmaceuticals is expanding its production capacity through various projects, including a new production line for peptide raw materials and technological upgrades for formulation industrialization [2] - The company’s raw materials are primarily sold overseas, and the expiration of patents for popular peptide drugs like Semaglutide in 2026 is expected to accelerate the penetration of generic drugs, leading to increased demand for peptide raw materials [2] Industry Context - The competition in the GLP-1 raw material drug market is intensifying, with several domestic companies such as Pro Pharmaceutical, Nuotai Biotech, and Hanyu Pharmaceutical also involved [2] - The market for oral peptide formulations is anticipated to drive higher demand for raw materials, presenting new growth opportunities for companies that strategically invest in this area [2] - The original manufacturer of Semaglutide, Novo Nordisk, has lowered its annual performance guidance, raising questions about the sustainability of the current market dynamics [2]