Core Insights - Haizheng Pharmaceutical reported a strong performance in Q3 2025, achieving a total revenue of 7.923 billion yuan and a net profit of 461 million yuan for the first three quarters, with Q3 alone generating 2.672 billion yuan in revenue and 162 million yuan in net profit, marking a year-on-year increase of 102.14% [1] - The company achieved its best-ever performance in terms of non-recurring net profit since its listing, with significant improvements in operational quality, including a gross margin increase of 3.81 percentage points and a decrease in expense ratio by 1.35 percentage points [1] Business Performance - In the pharmaceutical formulation sector, the core product, Saismei (generic name: Haibomai Tablets), has become the new standard for lipid-lowering treatment in acute coronary syndrome (ACS) patients, enhancing brand recognition [2] - The product "Meiman" has been included in the 2025 edition of the "Guidelines for the Diagnosis and Treatment of Pediatric Pneumonia Caused by Mycoplasma," solidifying its position in community infection treatment [2] - In the active pharmaceutical ingredient (API) sector, the approval of fumarate bedaquiline API marks a significant advancement in the development of key drugs for multidrug-resistant tuberculosis [2] Innovation and Internationalization - The synthetic biology subsidiary, Yunseng, successfully launched a flexible production line and established a strategic partnership with Jiangnan University to accelerate the industrialization of technological achievements [3] - The company’s Taizhou factory has had its GMP non-compliance status removed by the EU, enhancing its core competitiveness in the global pharmaceutical supply chain [3] R&D Investment - Haizheng Pharmaceutical has increased its R&D expenditure ratio by 1.36 percentage points in the first three quarters, with the innovative drug HS387 (a selective KIF18A inhibitor) receiving clinical trial approval for treating advanced solid tumors [4] - The company announced a joint investment with Zhejiang Shengzhao Pharmaceutical Technology Co., Ltd. to establish a joint venture focused on complex injectable products, aiming to enhance its capabilities in R&D, production, and commercialization in this field [4]