CR Sanjiu(SZ:000999) Xin Lang Cai Jing·2025-11-04 10:38Core Viewpoint - In Q3 2025, excluding the consolidation effects of Tian Shili and Kun Pharmaceutical, the company's core business revenue and profit are expected to grow, aligning with expectations [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 21.986 billion yuan, a year-on-year increase of 11.38%, while the net profit attributable to shareholders was 2.353 billion yuan, a decrease of 20.51% [2][3]. - In Q3 2025 alone, the company reported a revenue of 7.176 billion yuan, a year-on-year increase of 27.37%, and a net profit attributable to shareholders of 538 million yuan, a decrease of 4.26% [3]. CHC and Prescription Drug Performance - The CHC segment has stabilized, particularly in the core cold medicine category, despite some pressure, with sales gradually stabilizing as seasonal demand increases [4]. - The prescription drug segment continues to enhance the academic value and competitiveness of its product lines, showing steady performance [4]. R&D and Innovation - The company has increased R&D investments, focusing on a dual strategy of "brand + innovation" to expand its innovative product pipeline [5][6]. - Collaborations with other pharmaceutical companies are ongoing to advance clinical trials for new products, indicating a robust commitment to innovation [5][6]. Integration and Future Outlook - The integration of Tian Shili is progressing well, which is expected to enhance the company's innovative capabilities in prescription drugs [7]. - Looking ahead to 2025, the company aims to maintain stable sales trends in its core cold medicine category while expanding its product lines and digital transformation efforts [8]. Profitability and Financial Health - The company's gross margin for the first three quarters of 2025 was 53.52%, showing a slight increase, while operating cash flow has decreased due to the consolidation of Kun Pharmaceutical and Tian Shili [9]. - The company is projected to achieve revenue growth in the coming years, with expected revenues of 30.987 billion yuan, 35.109 billion yuan, and 38.611 billion yuan from 2025 to 2027 [10].