盘龙药业：营收稳健增长，研发管线实现多点突破！第二增长曲线逐渐成型

Core Viewpoint - In the first three quarters of 2025, the company achieved a total revenue of 841 million yuan, a year-on-year increase of 17.37%, and a net profit attributable to shareholders of 90 million yuan, a growth of 0.26% compared to the previous year, indicating strong operational resilience and setting historical records for both revenue and net profit [1][4]. Financial Performance - The company reported total revenue of 841 million yuan for the first three quarters, marking a 17.37% increase year-on-year [1]. - The net profit attributable to shareholders reached 90 million yuan, reflecting a modest growth of 0.26% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 82 million yuan, with a year-on-year increase of 2.33% [1]. - The company ranked 4th in revenue growth among publicly listed traditional Chinese medicine companies [1]. Strategic Development - The company is advancing its "one body, two wings, three depths" development strategy, focusing on orthopedic chronic diseases while expanding its traditional Chinese medicine (TCM) decoction pieces and formula granules [4]. - As of now, the company has completed the research and registration of 411 products and has registered in 18 provinces [4]. - The TCM formula granules business is in its early stages, primarily centered in Shaanxi province, with plans for broader expansion [4]. Innovation and R&D - The company is accelerating the development of innovative drugs, with multiple breakthroughs in its research pipeline [4]. - The modified TCM new drug PL-JT004 has entered the clinical acceptance stage, while the chemical generic drug PL-JT001 has completed bioequivalence testing and is awaiting market application [4]. - The company is also advancing the IND application for chemical generic drugs PLJT-002/003 within the year [4]. Cost Control and Channel Development - The company has effectively managed costs and built channels, with the selling and administrative expense ratio decreasing to 39.03%, down 8.28 percentage points year-on-year [5]. - Sales and management expenses were reduced by 4.93% and 4.54% year-on-year, respectively, indicating ongoing optimization of the expense structure [5]. - The company's products are now available in over 20,000 grassroots medical institutions and more than 30,000 retail pharmacies, creating a robust dual-driven model of medical and retail [5].