Ge Long Hui A P P·2025-12-12 07:36Core Viewpoint - CITIC Securities report indicates that Huadong Medicine's operations remain stable in the first three quarters of 2025, with performance meeting previous expectations, maintaining a "Buy" rating [1] Segment Summaries Pharmaceutical Industry - The pharmaceutical manufacturing sector shows strong profit performance, with innovative momentum gradually being released [1] Pharmaceutical Commerce - The pharmaceutical commerce segment has returned to a growth trajectory, demonstrating resilience in response to industry changes [1] Aesthetic Medicine - Domestic and international aesthetic medicine sectors are undergoing adjustments due to external environmental impacts, while pipeline layout continues to advance [1] Microbial Products - The microbial products segment maintains rapid growth and is actively expanding into overseas markets [1] Future Outlook - The progress of innovation transformation is expected to be realized, with attention on subsequent data disclosures and potential external collaborations [1] - The aesthetic medicine pipeline is entering a harvest phase, which is anticipated to bring profit elasticity [1] - The microbial products segment has multiple catalysts, strengthening overseas expansion [1]