海辰药业业务拓展与新能源布局，业绩增长态势良好

Core Insights - The company has made significant progress in business expansion, product development, and market performance, particularly in the solid-state battery materials sector and lithium battery electrolyte additives [1] Business Development - The company has established a joint venture, Sichuan Luocheng New Materials Technology Co., Ltd., with Sichuan Saike Power to promote the research and industrialization of solid-state battery adhesives and other new energy materials, currently in small-scale or pilot testing [2] - The company is investing in a production capacity of 5,000 tons per year for lithium battery electrolyte additives, with the VC project in preparation for production [2] Product Development - The core product, injectable Labetalol Hydrochloride (including new specifications), successfully renewed its contract and was included in the national medical insurance directory as of December 2025 [3] - New drugs such as Aclidinium Bromide capsules and Sodium Thiosulfate injection were approved in 2025, indicating successful consistency evaluation [3] - The company has also applied for production approval for Acetate Cetrorelix injection, which is currently under review [3] Financial Performance - The company's Q3 2025 report shows revenue of 472 million yuan, a year-on-year increase of 30.80%, and a net profit of 32.68 million yuan, up 16.22% year-on-year, with growth in both revenue and net profit for the third quarter [4] Stock Performance - As of January 16, 2026, the company's stock price increased by 3.26% over the week, with a net inflow of 43.65 million yuan from major funds, indicating active trading [5] - The stock price experienced a limit-up on November 14, 2025, driven by solid-state battery concepts and performance catalysts, highlighting significant divergence between retail and institutional investors [5] Company Status - By the end of Q3 2025, new institutional investors, such as Zhongou Yuexiang Life Mixed Fund, entered the top ten circulating shareholders, reflecting increased investor interest [6] - The number of shareholders showed a slight concentration trend by the end of 2025 [6]