APELOA(SZ:000739) Xin Lang Cai Jing·2025-11-16 02:30Core Viewpoint - The company is facing pressure in its raw material and formulation businesses, while the CDMO (Contract Development and Manufacturing Organization) business is developing positively, indicating potential for improvement in profitability [1]. Financial Performance - For Q1-Q3 2025, revenue reached 7.764 billion yuan, a year-on-year decrease of 16.43%, with net profit attributable to shareholders at 700 million yuan, down 19.48% [2]. - In Q3 alone, revenue was 2.319 billion yuan, a decline of 18.94%, and net profit attributable to shareholders was 137 million yuan, down 43.97% [2]. - The gross profit margin remained stable at 25.02% for Q1-Q3 2025, an increase of 0.79 percentage points year-on-year, while the net profit margin was 9.02%, a decrease of 0.34 percentage points [2]. - In Q3, the gross profit margin was 23.36%, up 0.18 percentage points year-on-year, but the expense ratio increased, leading to a net profit margin of 5.91%, down 2.64 percentage points year-on-year [2]. CDMO Business Development - The raw material intermediate business is under pressure due to external macroeconomic conditions and weak demand in the industry cycle [3]. - The formulation business is accelerating its multi-variety strategy, with over 120 formulation varieties and 68 projects under research as of H1 2025 [3]. - The CDMO business is thriving, with 1,180 ongoing projects, a year-on-year increase of 35%, including 377 commercial projects (up 19%) and 803 projects in the research phase (up 44%) [3]. - A total of 134 API (Active Pharmaceutical Ingredient) projects are in progress, with 30% growth year-on-year, and 24 have entered the commercialization stage [3]. - The company has signed confidentiality agreements with over 650 domestic and international innovative drug companies [3]. Catalysts - The acceleration of drug approval progress and unexpected demand at the product terminal are seen as positive catalysts for the company [4].