研报掘金丨东海证券：维持羚锐制药“买入”评级，业绩稳健增长，产品线不断丰富

Core Viewpoint - Lingrui Pharmaceutical achieved a net profit attributable to shareholders of 651 million yuan for the first three quarters of 2025, representing a year-on-year increase of 13.43% [1] - The company maintained stable performance despite industry growth slowdown, with the newly acquired Yinggu Pharmaceutical contributing significantly to earnings [1] Financial Performance - In Q3 alone, the net profit attributable to shareholders was 177 million yuan, showing a year-on-year increase of 9.77% but a quarter-on-quarter decrease of 31.46% [1] - The overall financial results indicate a solid performance amidst a challenging market environment [1] Business Development - The integration of Yinggu Pharmaceutical is progressing smoothly, with synergistic effects gradually becoming apparent [1] - The company continues to enhance its product line, with core products showing steady growth and increased investment in new products yielding expected results [1] Market Position - As a leading enterprise in the traditional Chinese medicine patch sector, the company possesses high brand value [1] - The ongoing development of OTC channels is empowering the promotion of new products [1]