SYNERGY(SZ:300636) Xin Lang Cai Jing·2025-10-31 04:47Core Viewpoint - Tonghe Pharmaceutical is a leading enterprise in the domestic specialty API sector, focusing on the R&D, production, and sales of chemical APIs and pharmaceutical intermediates, with strong technical R&D capabilities and a complete industry chain advantage [1] Financial Performance - In Q3 2025, Tonghe Pharmaceutical achieved revenue of 636 million yuan, ranking 26th among 47 companies in the industry, with the industry leader, Pro Pharmaceutical, generating 7.764 billion yuan [2] - The net profit for the same period was 83.66 million yuan, ranking 22nd in the industry, with the top performer, Zhejiang Pharmaceutical, reporting a net profit of 867 million yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 27.09%, lower than the previous year's 29.91% and below the industry average of 27.75%, indicating good solvency [3] - The gross profit margin for the same period was 30.70%, down from 33.66% year-on-year and below the industry average of 35.38%, suggesting a need for improvement in profitability [3] Management Compensation - The chairman, Pang Zhengwei, received a salary of 928,100 yuan in 2024, an increase of 12,300 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.02% to 15,500, while the average number of circulating A-shares held per shareholder increased by 3.12% to 23,800 [5] Growth Prospects - The company reported a year-on-year revenue growth of 11.63% for Q1-Q3 2025, with Q3 revenue reaching 209 million yuan, also reflecting an 11.14% increase year-on-year [5] - New products are being launched, with significant market approvals, including the registration of Vildagliptin in China [5] - The company anticipates total production capacity to reach 2 billion yuan over the next 3-5 years, with revenue projections of 850 million yuan, 980 million yuan, and 1.17 billion yuan for 2025, 2026, and 2027 respectively [5][6]