Sun-Novo(SH:688621) Xin Lang Cai Jing·2025-11-10 11:01Core Viewpoint - The company aims to improve its operational performance and boost growth through restructuring, management optimization, business upgrades, and enhanced R&D capabilities, focusing on specific areas within its CRO business by mid-2025 [1] Financial Performance - The company reported a significant decline in its third-quarter performance, with revenue of 265.46 million yuan, down 24.97% year-on-year, and a net profit attributable to shareholders of 33.45 million yuan, down 43.41% [2][4] - For the first three quarters of the year, the company achieved revenue of 856 million yuan, a decrease of 6.65%, and a net profit of 163 million yuan, down 21.38% [5] - The company's financial struggles are attributed to policy changes affecting its generic drug business, leading to increased costs and a decline in net profit [4][5] Business Strategy - The company is focusing on upgrading its business structure, particularly in the CRO sector, with over 460 self-research projects planned by mid-2025 and clinical collaborations with over 300 hospitals [1] - A partnership with Huawei Cloud to develop an AI peptide discovery platform aims to enhance R&D efficiency and reduce costs [1] Acquisition Plans - The company is pursuing the acquisition of Jiangsu Langyan Life Technology Co., Ltd. to create a dual-driven model of "CRO + pharmaceutical manufacturing," which is expected to stabilize cash flow and diversify revenue sources [9] - The acquisition price has been revised to 1.2 billion yuan, down from an initial 1.611 billion yuan, reflecting a strategic adjustment in response to market conditions [12] - The acquisition is seen as a way to integrate R&D capabilities with production, enhancing product development and operational efficiency [9][10] Historical Context - The company has experienced steady revenue growth from 2017 to 2023, but began to face challenges in 2024, with a notable decline in net profit for the first time since its IPO in 2021 [8][9] - Langyan Life's performance has fluctuated, with a significant drop in revenue and net profit in 2023, but signs of recovery in 2024 and early 2025 provide confidence for the acquisition [13]