Ausun Pharm(SH:603229) Xin Lang Cai Jing·2025-10-30 15:56Core Viewpoint - Aoxiang Pharmaceutical is a significant player in the domestic specialty API and pharmaceutical intermediates sector, showcasing strong R&D capabilities and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Aoxiang Pharmaceutical reported revenue of 646 million yuan, ranking 25th among 47 companies in the industry, with the industry leader, Puluo Pharmaceutical, generating 7.764 billion yuan [2] - The company's net profit for the same period was 207 million yuan, placing it 12th in the industry, while the top performer, Zhejiang Pharmaceutical, achieved 867 million yuan [2] Group 2: Financial Ratios - Aoxiang Pharmaceutical's debt-to-asset ratio stood at 23.30% in Q3 2025, lower than the industry average of 27.75%, indicating strong solvency [3] - The gross profit margin was 56.93%, above the industry average of 35.38%, reflecting robust profitability despite a slight decrease from the previous year's margin of 57.94% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.64% to 32,000, while the average number of circulating A-shares held per shareholder decreased by 5.34% to 25,900 [5] - The ninth largest circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 160,600 shares [5] Group 4: Future Outlook - Analysts from Zhongtai Securities noted that while the company faced short-term profit pressure due to product structure changes and increased competition, the growth potential in its formulation and CDMO businesses remains promising [5] - Pacific Securities highlighted that Aoxiang Pharmaceutical's R&D expenses reached a record high in H1 2025, indicating a commitment to innovation, with expectations for revenue growth in the coming years [6]