智通财经网·2025-10-29 06:38Company Performance - The company is expected to achieve net profits of 3.32 billion, 3.96 billion, and 4.77 billion CNY 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 CNY, leading to H-share PE ratios of 17X, 14X, and 12X [1] - For the first three quarters of 2025, the company reported revenue of 29.39 billion CNY and a net profit attributable to shareholders of 2.52 billion CNY, reflecting a year-over-year increase of +25.5% [2] - In Q3 alone, the company achieved revenue of 9.88 billion CNY and a net profit of 820 million CNY, with year-over-year growth of +4.5% [2] Revenue Impact and Innovation - Overall revenue has been slightly negatively impacted by centralized procurement policies affecting generic drugs, while innovative products continue to grow rapidly, with innovative drug revenue exceeding 6.7 billion CNY in the first three quarters, marking an 18.1% year-over-year increase [3] - The company has made significant progress in launching innovative products, with new approvals for drugs such as the small molecule CDK4/6 inhibitor and others in both domestic and international markets, which are expected to drive revenue recovery [3] Cost Structure and R&D Investment - The gross margin for Q3 was 48.4%, a slight increase of 0.3 percentage points, primarily due to a higher proportion of high-margin innovative drug products [4] - R&D expenses increased significantly by 2.2 billion CNY year-over-year, driven by investments in innovative platforms and high-value pipelines, indicating a strong commitment to R&D despite short-term profit impacts [4]