Core Viewpoint - The company,拓新药业, reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating ongoing financial struggles since its market entry in 2021 [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 272 million yuan, a year-on-year decrease of 16.64% [1] - The net profit attributable to shareholders was a loss of 30.16 million yuan, representing a year-on-year decline of 1036.53% [1] - In Q3 2025, revenue was 89.65 million yuan, down 16.21% year-on-year, with a net profit loss of 11.88 million yuan, a staggering decline of 1258.62% [1] Industry Context - The pharmaceutical manufacturing industry is undergoing profound changes, with revenue for large-scale pharmaceutical manufacturing declining by 1.2% to 1.22752 trillion yuan in the first half of 2025, and total profits down 2.8% to 176.69 billion yuan [2] - The industry faces challenges from intensified competition, regulatory reforms, and cost control pressures, particularly affecting the raw materials and intermediates sector [2] Company Strategy - The company plans to establish a wholly-owned subsidiary in Inner Mongolia to leverage local energy advantages, particularly low electricity costs, to enhance its competitive edge [3] - The new subsidiary will focus on the research, production, and sales of fermentation-related products, aligning with the company's core business [2][3] - The company acknowledges potential uncertainties in expected returns from this investment due to various factors, including industry policies and market conditions [3]