Core Insights - The company reported a revenue of 5.63 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.4%, and a net profit attributable to shareholders of 480 million yuan, down 25.7% year-on-year. In Q3 2025, revenue was 1.88 billion yuan, a quarter-on-quarter decrease of 1.8%, while net profit was 310 million yuan, a quarter-on-quarter increase of 301.0%, indicating significant improvement in Q3 performance [1] Business Performance - The core business of brand operation achieved a revenue of 4.10 billion yuan in the first three quarters of 2025, a slight year-on-year decrease of 0.8%, while wholesale and distribution revenue was 1.21 billion yuan, down 28.9% year-on-year, as the company continues to actively reduce low-margin business scale. Retail business revenue was stable at 300 million yuan, up 2.8% year-on-year [1] - The company is focusing further on brand operation business, with the launch of the new product "Dijiao Sujie" liquid glucosamine calcium in September 2025. This product utilizes a unique formulation technology that combines glucosamine, calcium, and vitamin D3, achieving a biological availability three times that of traditional glucosamine while minimizing gastrointestinal discomfort, making it suitable for long-term use [1] - The new product addresses the needs of middle-aged and elderly populations and those sensitive to swallowing, solving issues related to traditional glucosamine products, and leveraging the brand's advantage as the top domestic imported calcium supplement for nine consecutive years, which is expected to bring new growth momentum [1] Commercialization and Industry Development - The company has successfully signed a contract to introduce ZAP-X into the first precision radiotherapy center at Peking University International Hospital, marking smooth progress in the commercialization of radiotherapy. Additionally, the high-end manufacturing industrialization base in Beijing's airport economic zone is set to be operational by the end of 2025, which will become the global production supply center for ZAP-X, accelerating the domestic production process [2] - The company has established a complete industrial chain layout in the field of tumor precision radiotherapy equipment, covering brain, body, and cardiac radiotherapy scenarios. The self-developed first 4Π intelligent robotic radiotherapy system has entered clinical trials, and the application of stereotactic radiotherapy technology in arrhythmia treatment is expected to create a new model for non-invasive treatment of arrhythmias [2] Profit Forecast and Investment Recommendation - Based on the company's Q3 2025 report, the earnings per share for 2025-2027 are maintained at 0.91, 1.53, and 1.96 yuan respectively. The target price is set at 30.60 yuan based on a 20x PE ratio for 2026, maintaining a "buy" rating [3]
百洋医药(301015)季报点评：业绩改善明显 ZAP-X国产在即