APELOA(SZ:000739) Xin Lang Zheng Quan·2025-10-30 23:36Core Viewpoint - Puluo Pharmaceutical, a leading domestic raw material pharmaceutical company, has reported strong revenue figures but faces challenges in net profit and profitability metrics compared to industry averages [2][3][6]. Group 1: Company Overview - Puluo Pharmaceutical was established on May 6, 1997, and listed on the Shenzhen Stock Exchange on May 9, 1997, with its headquarters in Dongyang, Zhejiang Province [1]. - The company specializes in raw material intermediates, CDMO (Contract Development and Manufacturing Organization), and has a full industry chain advantage [1]. Group 2: Financial Performance - For Q3 2025, Puluo Pharmaceutical achieved a revenue of 7.764 billion yuan, ranking first among 47 companies in the industry, with a net profit of 700 million yuan, ranking second [2]. - The revenue composition includes raw material intermediates at 3.603 billion yuan (66.18%), innovative drug R&D services at 1.236 billion yuan (22.71%), and pharmaceuticals at 583 million yuan (10.71%) [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 46.34%, down from 50.61% year-on-year, but still above the industry average of 27.75% [3]. - The gross profit margin for Q3 2025 was 25.02%, an increase from 24.23% year-on-year, yet lower than the industry average of 35.38% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 19.66% to 41,300, while the average number of shares held per shareholder increased by 24.47% to 28,000 [5]. - Notable shareholders include Hong Kong Central Clearing Limited and various mutual funds, with some increasing their holdings [5]. Group 5: Business Highlights - CDMO services have become the primary growth driver, with revenue of 1.69 billion yuan in the first three quarters, a nearly 20% increase year-on-year [6][7]. - The API intermediates segment is at a historical low, but profitability is expected to improve with increased capacity utilization and gross margins [6]. - The formulation business is facing temporary pressure due to domestic procurement renewals, but product structure improvements and overseas market expansion are anticipated to provide ongoing growth [6].