Jiuzhou Pharmaceutical(SH:603456) Xin Lang Zheng Quan·2025-10-30 22:50Core Viewpoint - Jiuzhou Pharmaceutical is a well-established manufacturer of chemical raw materials and pharmaceutical intermediates in China, with strong technical capabilities and scale advantages in the custom drug development and production service sector [1] Financial Performance - In Q3 2025, Jiuzhou Pharmaceutical reported a revenue of 4.16 billion yuan, ranking 5th in the industry out of 29 companies, surpassing the industry average of 2.547 billion yuan and the median of 607 million yuan, but still lagging behind the top competitors WuXi AppTec at 32.857 billion yuan and Kanglong Chemical at 10.086 billion yuan [2] - The company's net profit for the same period was 749 million yuan, also ranking 5th in the industry, above the average of 585 million yuan but below the median of 80.706 million yuan, with WuXi AppTec leading at 12.206 billion yuan and Tigermed at 1.092 billion yuan [2] Financial Ratios - As of Q3 2025, Jiuzhou Pharmaceutical's debt-to-asset ratio was 17.67%, down from 21.67% year-on-year and below the industry average of 22.79%, indicating lower debt pressure [3] - The gross profit margin for Q3 2025 was 37.55%, an increase from 34.75% year-on-year, and close to the industry average of 37.70%, reflecting improved profitability [3] Executive Compensation - The chairman, Hua Lirong, received a salary of 1.985 million yuan in 2024, a decrease of 528,000 yuan from 2023 [4] - The president, Mei Yijiang, earned 3.276 million yuan in 2024, down 339,000 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 10.22% to 59,200, while the average number of shares held per shareholder decreased by 9.27% to 15,000 [5] - Major shareholders include Hong Kong Central Clearing Limited and various mutual funds, with notable increases in holdings from some shareholders [5] Business Highlights - The CDMO business continues to grow rapidly, driven by strong overseas demand and an increase in key clinical batches and NDA projects [5][6] - The TIDES business is progressing well, with the second phase of peptide production capacity set to launch [5][6] - The company is expanding its global footprint, with significant growth in the Japanese, Korean, and U.S. markets [5] Future Projections - Revenue forecasts for Jiuzhou Pharmaceutical are 5.57 billion yuan, 5.83 billion yuan, and 6.29 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 949 million yuan, 1.052 billion yuan, and 1.207 billion yuan for the same years [5][6]