TRT(SH:600085) Xin Lang Cai Jing·2025-11-03 10:24Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, attributed to market conditions [1] - Marketing reforms, channel layout, and brand promotion are being implemented to stimulate market activity [2] - The price of natural cow bile has decreased, which may alleviate cost pressures for the company [3] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 13.308 billion yuan, a year-on-year decrease of 3.70% [1] - The net profit attributable to shareholders was 1.178 billion yuan, down 12.78% year-on-year [1] - In Q3 2025, revenue was 3.539 billion yuan, a decline of 12.76% compared to the same quarter last year [1] Marketing and Channel Strategy - The company is focusing on a big product strategy and boutique strategy in the pharmaceutical industrial sector, enhancing core product collaboration [2] - In the e-commerce channel, the company is increasing online promotion and managing product pricing to avoid price competition [2] - Brand promotion efforts include various media platforms and community engagement activities to enhance brand recognition [2] Cost Management - The price of natural cow bile, a key raw material, has decreased from 170,000 yuan/kg to 140,000 yuan/kg, which is expected to ease cost pressures [3] - The import pilot program for cow bile is anticipated to improve the supply-demand balance and further reduce costs [3] Investment Outlook - Revenue growth projections for 2025 to 2027 are -4.6%, 7.1%, and 8.3%, respectively, with net profit growth of -6.2%, 17.3%, and 13.1% [3] - The company maintains a "Buy-A" investment rating with a target price of 39.20 yuan, corresponding to a dynamic P/E ratio of 32 times for 2026 [3]