Zhi Tong Cai Jing·2025-10-29 06:40Company Performance - The company is expected to achieve net profits of 3.32 billion, 3.96 billion, and 4.77 billion from 2025 to 2027, with year-over-year growth rates of +19.9%, +19.4%, and +20.4% respectively, and corresponding EPS of 1.2, 1.5, and 1.8 [1] - For the first three quarters of 2025, the company reported revenue of 29.39 billion and a net profit attributable to shareholders of 2.52 billion, representing a year-over-year increase of +25.5% [1] - In Q3 alone, the company achieved revenue of 9.88 billion and a net profit of 0.82 billion, with year-over-year growth of +4.5% [1] Revenue Impact - Overall revenue has experienced slight negative growth due to the impact of centralized drug procurement, particularly affecting generic drugs, while innovative drugs have shown robust growth [2] - In the first three quarters, revenue from innovative drugs exceeded 6.7 billion, marking an 18.1% year-over-year increase [2] - The company continues to advance the launch of innovative products, with new approvals for several drugs in September, which are expected to drive revenue recovery [2] Cost and Margin Analysis - The gross margin for Q3 increased slightly to 48.4%, benefiting from a higher proportion of high-margin innovative drug products [3] - The expense ratio for Q3 was 44.1%, an increase of 1.4 percentage points year-over-year, with a notable rise in R&D expenses by 2.2 billion due to increased investment in innovative platforms [3] - Sales expense ratio decreased by 1.4 percentage points, while management expenses increased by 0.2 percentage points, and financial expenses decreased by 0.8 percentage points [3]