Zhi Tong Cai Jing·2025-12-06 06:41Core Viewpoint - The financial performance of Haiprui (09989) for Q3 2025 shows a slight improvement in revenue but a significant decline in net profit, indicating mixed market sentiment and technical challenges for the stock [1][2]. Financial Performance - For the first three quarters of this year, Haiprui achieved a revenue of 4.194 billion yuan, representing a year-on-year growth of 3.09% [1]. - The net profit attributable to shareholders was 554 million yuan, reflecting a year-on-year decline of 29.04% [1]. Stock Market Reaction - Following the Q3 report, Haiprui's stock experienced a brief rally, with a five-day consecutive increase from November 7 to November 13, but failed to sustain momentum due to low trading volume [1][2]. - The stock price entered a downward trend after this brief rally, declining over six trading days and fluctuating between the lower and middle Bollinger Bands [2]. Trading Activity - Recent trading data indicates that major sell-side positions were held by Citibank, BNP Paribas, Morgan Stanley, Merrill Lynch, and HSBC, while the main buyers were China Investment and China Chuangying [6][7]. - The proportion of shares held by Hong Kong Stock Connect investors in Haiprui has increased to 43.14% [6]. Industry Context - The heparin industry is cyclical and closely tied to the pig farming cycle, with China being the largest supplier of heparin raw materials globally [8]. - Historical data shows that heparin prices are highly sensitive to supply and demand changes, with significant price fluctuations observed in recent years due to various market conditions [8][9]. Market Outlook - Despite the current "strong supply, weak demand" situation in the pig market, there are optimistic expectations for a recovery in pig prices by mid-2024, which could positively impact the heparin market [9]. - The stock price of Haiprui in A-shares has increased by 81.63% from its low point, while the Hong Kong stock price remains at a significant discount compared to A-shares, suggesting potential investment opportunities [9].