热毒宁注射液销售同比下滑 康缘药业前三季度业绩承压

Core Insights - Kangyuan Pharmaceutical reported a significant decline in both revenue and net profit for the first three quarters of 2025, with revenue at 2.00 billion yuan, down 35.63% year-on-year [1] - The company faced challenges due to a complex external environment and changes in pharmaceutical industry policies, leading to a strategic adjustment in sales and increased academic promotion efforts [1] Revenue Performance - For the first three quarters of 2025, the company's total revenue was 2.343 billion yuan, a decrease of 24.59% year-on-year [1] - In Q3 2025, revenue was 701 million yuan, down 17.42% year-on-year [1] - Injection products saw a revenue drop of 31.23% to 770 million yuan, while oral products decreased by 24.24% to 1.359 billion yuan; however, external products grew by 10.38% to 186 million yuan [2] Profitability - The net profit attributable to the parent company for the first three quarters was 200 million yuan, a decline of 35.63% year-on-year [1] - In Q3 2025, the net profit was 57.27 million yuan, down 20.88% year-on-year [1] Product Performance - Sales of core products such as Heat Toxicity Ning Injection and Jin Zhen Oral Liquid declined due to fluctuations in terminal market demand [1] - The company is focusing on a specialized and academic transformation, with stable sales growth in orthopedic products like Compound Naxing Pain Relief Plaster and Waist Pain Relief Capsules [1] - The introduction of specialized agents for kidney disease has led to steady sales growth for Can Wu Yi Shen Pian [1]