Ge Long Hui A P P·2025-10-30 06:50Core Viewpoint - Yiling Pharmaceutical achieved a net profit attributable to shareholders of 1 billion yuan in the first three quarters, representing a year-on-year increase of 80.33%, with Q3 net profit reaching 332 million yuan, significantly up year-on-year, slightly exceeding expectations [1] Financial Performance - The company has shown a good recovery in operating performance for the first three quarters of 2025, with expectations for steady growth throughout the year [1] - The gross profit margin is expected to continue to improve due to the decline in traditional Chinese medicine prices, the recovery of gross margins for respiratory products, and ongoing quality enhancement efforts [1] Future Outlook - The company anticipates that net profit growth will continue to outpace revenue growth, supported by the restoration of channel inventory to normal levels and profit margin recovery [1] - The unique patent drug development guided by the theory of collateral diseases and the academic marketing promotion model are expected to contribute positively to future performance [1] - A target price-to-earnings ratio of 23x is set for 2026, with an upgraded rating to "Buy" [1]