净利腰斩、“三费+研发”激增11亿，长春高新创新药“远水难解近渴”丨看财报

Core Insights - The company reported a significant decline in net profit despite a slight decrease in revenue, indicating a severe deterioration in profitability driven by rising costs and declining core business performance [2][3][4] Revenue Performance - For the first three quarters of 2025, the company achieved revenue of 9.807 billion yuan, a year-on-year decrease of 5.6%, with Q3 revenue dropping 14.55% to 3.204 billion yuan [2][4] - The core subsidiary, Jinsai Pharmaceutical, generated revenue of 8.213 billion yuan, a slight increase of 0.61%, but its net profit plummeted by 49.96% to 1.421 billion yuan, highlighting the challenge of maintaining revenue without profit growth [4] Cost Structure - Total expenses, including sales, management, and R&D, surged by 1.139 billion yuan, with sales expenses increasing by 620 million yuan to 3.764 billion yuan, reflecting aggressive marketing efforts [2][5] - The total of these expenses accounted for 48.87% of revenue, up 29.89% year-on-year, leading to a drop in net profit margin from 28.13% in 2024 to 10.81% [5][6] Market Challenges - The core product, growth hormone, faces multiple pressures, including a declining birth rate and increased competition from other companies, which has eroded its market dominance [5][10] - The company is experiencing a "difficult transformation" as it attempts to pivot towards innovative drugs, but current R&D investments are not yet yielding significant returns [9][10] Innovation Pipeline - The company has over 40 candidate drugs in its pipeline, with significant investments in R&D amounting to 1.733 billion yuan for the first three quarters, but these efforts are still in the early stages and unlikely to offset declines in core business in the short term [9][10] - Recently launched innovative drugs have contributed minimally to revenue, with total sales of less than 160 million yuan compared to the 8 billion yuan from the growth hormone business [9][10] Future Outlook - The company plans to raise funds through a Hong Kong listing to support R&D and international expansion, but the success of these initiatives remains uncertain and may not provide immediate relief to current performance pressures [12] - The ongoing challenges in the growth hormone market, coupled with high R&D costs and a lengthy commercialization timeline for new drugs, suggest that the company will continue to face significant headwinds in the near future [10][12]