Core Insights - The company reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling 19.89 billion yuan, while net profit attributable to shareholders decreased by 7.1% to 3.51 billion yuan, with Q3 showing a revenue growth of 3.4% to 6.62 billion yuan and a net profit increase of 27.2% to 0.964 billion yuan, aligning with expectations [1][2] Revenue and Profitability - The comprehensive gross margin for the first three quarters of 2025 fell by 4.9 percentage points to 65.6%, with the sales contribution from the prescription drug segment decreasing from 82.3% in the previous year to 77.7% [1] - The sales expense ratio decreased by 5.1 percentage points to 24.1% [1] Prescription Drug Segment Performance - The sales of the prescription drug segment declined by 17.3% year-on-year to 15.45 billion yuan, including licensing fee income of 1.54 billion yuan, but Q3 sales recovered with a 1.6% year-on-year growth to 5.20 billion yuan [2] - The sales of oncology products dropped significantly by 56.8% to 1.65 billion yuan, accounting for 10.7% of the prescription drug segment's revenue, down from 20.4% in the previous year [2] - The revenue from the vitamin C raw material business grew by 22.3% to 1.79 billion yuan due to increased overseas demand, while antibiotic raw material revenue slightly decreased by 3.7% [2] R&D and Pipeline Development - R&D expenses increased by 7.9% to 4.19 billion yuan, with the R&D expense ratio rising by 3.9 percentage points to 21.0% [4] - The company has 28 key pipelines in II/III phase clinical trials, including HER2 ADC and EGFR ADC, with nine products in phase II and approximately 40 in phase I, covering both oncology and non-oncology fields [4] Future Outlook - The company has adjusted its earnings per share forecasts for 2025 from 0.46 yuan to 0.40 yuan, for 2026 from 0.49 yuan to 0.41 yuan, and for 2027 from 0.53 yuan to 0.45 yuan, while lowering the target price from 12.7 HKD to 9.7 HKD, indicating a potential upside of 31% [4]
石药集团(01093.HK)点评：三季度业绩改善 创新管线布局丰富