华纳药厂前三季度营收破10亿元，研发投入超1亿元

Core Insights - Warner Pharmaceutical (688799.SH) reported a revenue of approximately 1.086 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.55% [1] - The net profit attributable to shareholders for the same period was about 207 million yuan, showing a significant year-on-year increase of 30.75% [1] Revenue Composition - The revenue composition for the first three quarters of 2025 includes approximately 805 million yuan from formulation products, 262 million yuan from active pharmaceutical ingredients (APIs) and intermediates, and 12 million yuan from technical services [1] Company Development - After over 20 years of development, Warner Pharmaceutical has become a key member of the Hunan biopharmaceutical industry chain, with 71 specialty chemical API varieties and 59 chemical drug formulation registration certificates [1] - The company has transitioned the registration status of 53 APIs to "A" and possesses the capability to supply dozens of intermediates and over 20 pharmaceutical excipients [1] R&D Investment - Warner Pharmaceutical continues to increase its investment in research and development, with R&D expenditures of 106 million yuan in the first three quarters of this year, accounting for 9.75% of its operating revenue [1] Innovation and Drug Development - In addition to generic drug development, Warner Pharmaceutical is advancing multiple innovative drugs, including the traditional Chinese medicine Qianqing Granules, which has entered Phase III clinical trials [2] - The company is also progressing with the ZY series of endangered animal material substitutes through its subsidiary Tianji Zhenxi, in line with clear regulatory guidelines [2] Strategic Focus - The company aims to solidify its foundation through concentrated efforts on generic drugs while fostering potential breakthroughs in innovative drugs, adhering to a "combination of generic and innovative" development strategy [2]