Chase Sun(SZ:300026) Xin Lang Zheng Quan·2025-10-31 11:45Core Viewpoint - Hongri Pharmaceutical is a leading modern traditional Chinese medicine manufacturer in China, focusing on the research, production, and sales of pharmaceuticals and medical devices, with a strong technological advantage in the standardization and conversion of traditional Chinese medicine formula granules [1] Financial Performance - For Q3 2025, Hongri Pharmaceutical reported a revenue of 4.149 billion yuan, ranking 14th among 69 companies in the industry, with the industry leader Baiyunshan generating 61.606 billion yuan and the average revenue being 3.755 billion yuan [2] - The net profit for the same period was 91.9287 million yuan, placing the company 33rd in the industry, while the top performer, Yunnan Baiyao, achieved a net profit of 4.789 billion yuan, with the industry average at 447 million yuan [2] Financial Ratios - As of Q3 2025, Hongri Pharmaceutical's debt-to-asset ratio was 18.24%, down from 21.20% year-on-year and below the industry average of 32.81%, indicating strong solvency [3] - The gross profit margin for the same period was 52.19%, slightly lower than the industry average of 52.44% and nearly unchanged from the previous year's 52.20% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.48% to 96,300, with an average of 28,400 circulating A-shares per account, an increase of 4.69% [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable reductions in their holdings [5] Business Segment Performance - The revenue from traditional Chinese medicine formula granules was 1.232 billion yuan, down 5.75% year-on-year, while the revenue from Xuebijing injection increased by 2.88% to 467 million yuan [5] - The company is expected to see long-term growth in traditional Chinese medicine formula granules following the implementation of national standards, which will enhance price advantages for patients [5] Management Compensation - The chairman, Wu Wenyuan, received a salary of 912,600 yuan for 2024, while the general manager, Lan Wujun, earned 1.8087 million yuan, reflecting a slight increase from the previous year [4]