Lishengpharma(SZ:002393) Xin Lang Cai Jing·2025-10-31 23:16Core Viewpoint - Lisheng Pharmaceutical, established in 1981 and listed in 2010, is a significant player in the domestic chemical pharmaceutical sector, focusing on a full range of products including chemical tablets and raw materials, showcasing differentiated advantages in investment value [1] Financial Performance - For Q3 2025, Lisheng Pharmaceutical reported revenue of 1.007 billion yuan, ranking 50th among 110 companies in the industry, significantly lower than the top two companies, East China Pharmaceutical (32.664 billion yuan) and Fosun Pharma (29.393 billion yuan) [2] - The net profit for the same period was 374 million yuan, placing it 23rd in the industry, with a notable gap from the leaders, Heng Rui Medicine (5.76 billion yuan) and Fosun Pharma (3.056 billion yuan) [2] Financial Ratios - As of Q3 2025, Lisheng Pharmaceutical's debt-to-asset ratio was 15.50%, down from 16.85% year-on-year, and significantly below the industry average of 35.26%, indicating strong solvency [3] - The gross profit margin for the same period was 57.82%, an increase from 55.21% year-on-year, and above the industry average of 57.17%, reflecting robust profitability [3] Executive Compensation - The chairman, Zhang Ping, received a salary of 1.5171 million yuan in 2024, an increase of 684,100 yuan from 2023 [4] - The general manager, Wang Fujun, earned 1.0395 million yuan in 2024, a slight increase of 13,500 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.99% to 23,900, while the average number of circulating A-shares held per account increased by 6.37% to 10,500 [5] Business Highlights - In H1 2025, Lisheng Pharmaceutical achieved revenue of 732 million yuan and a net profit of 343 million yuan, a year-on-year increase of 235.04%, primarily due to cash dividends from its subsidiary [6] - The company has identified over 300 quality projects for potential acquisition and established a fund with a capital of 1.7375 billion yuan [6] - R&D investment reached 60.51 million yuan in H1 2025, with a patent application of 9 and 2 granted [6] - The company is expanding its distribution network and has successfully launched two CMO/CDMO projects, improving equipment efficiency and saving over 10 million yuan in procurement costs [6] Future Outlook - According to CITIC Securities, Lisheng Pharmaceutical's subsidiary received a cash dividend of 304 million yuan, enhancing cash flow and profitability [7] - The company is expected to achieve approximately 1.475 billion yuan in revenue and 411 million yuan in net profit in 2025, with stable growth anticipated for core products [7]