Company Overview - Hongri Pharmaceutical (SZ 300026) announced its third board meeting of the ninth session held on October 27, 2025, in Tianjin, where the agenda included the discussion of the 2025 Q3 report [1] - As of the report, Hongri Pharmaceutical has a market capitalization of 11.4 billion yuan [1] Revenue Composition - For the year 2024, the revenue composition of Hongri Pharmaceutical is as follows: - Traditional Chinese medicine formula granules and decoction pieces account for 46.15% - Finished drugs account for 24.72% - Medical devices account for 19.39% - Auxiliary materials and raw materials account for 8.33% - Other industries account for 1.42% [1]

截至6月30日，红日药业股东户数10.08万，较上期减少2.01%；人均流通股27160股，较上期增加 1.98%。2025年1月-6月，红日药业实现营业收入27.95亿元，同比减少6.72%；归母净利润7863.00万元， 同比减少46.95%。 资料显示，天津红日药业股份有限公司位于天津市武清开发区创业总部基地B01号楼，成立日期2000年 9月30日，上市日期2009年10月30日，公司主营业务涉及药品和医用医疗器械的研发、生产和销售。主 营业务收入构成为：中药配方颗粒及饮片57.27%，血必净注射液21.73%，药械智慧供应链20.14%，其 他(补充)0.86%。 10月16日，红日药业涨0.80%，成交额1.71亿元。两融数据显示，当日红日药业获融资买入额2119.93万 元，融资偿还1753.04万元，融资净买入366.89万元。截至10月16日，红日药业融资融券余额合计6.31亿 元。 分红方面，红日药业A股上市后累计派现11.16亿元。近三年，累计派现2.70亿元。 融资方面，红日药业当日融资买入2119.93万元。当前融资余额6.30亿元，占流通市值的5.54%，融资余 额低于近一年10% ...

Group 1 - On September 17, Hongri Pharmaceutical experienced a decline of 1.28% with a trading volume of 202 million yuan, and the net financing buy was -7.32 million yuan [1] - As of September 17, the total margin balance for Hongri Pharmaceutical was 646 million yuan, with a financing balance of 645 million yuan, accounting for 5.55% of the circulating market value, which is below the 20th percentile level over the past year [1] - The company’s main business revenue composition includes 57.27% from traditional Chinese medicine formula granules and decoction pieces, 21.73% from Xuebijing injection, and 20.14% from smart supply chain for medical devices [1] Group 2 - As of June 30, the number of shareholders for Hongri Pharmaceutical was 100,800, a decrease of 2.01% from the previous period, while the average circulating shares per person increased by 1.98% to 27,160 shares [2] - For the first half of 2025, Hongri Pharmaceutical reported operating revenue of 2.795 billion yuan, a year-on-year decrease of 6.72%, and a net profit attributable to shareholders of 78.63 million yuan, down 46.95% year-on-year [2] - Since its A-share listing, Hongri Pharmaceutical has distributed a total of 1.116 billion yuan in dividends, with 270 million yuan distributed over the past three years [3]

Core Insights - The company reported a revenue of 2.795 billion yuan, a year-on-year decrease of 6.72% [1] - Net profit was 78.63 million yuan, down 46.95% year-on-year, primarily due to the impact of expanded centralized procurement on traditional Chinese medicine formula granules and intensified industry competition leading to price pressure [1] Revenue Breakdown - Revenue from traditional Chinese medicine formula granules and decoction pieces was 1.232 billion yuan, a year-on-year decline of 5.75% [1] - Revenue from the core product, Xuebijing injection, was 466 million yuan, a slight increase of 2.88% year-on-year [1] - The smart supply chain for medical devices generated revenue of 433 million yuan, down 3.92% year-on-year [1] Profitability and Loss Provisions - The gross profit margin for all segments declined, with the smart supply chain for medical devices experiencing a significant drop of 16.85% [1] - The company recognized an asset impairment loss of 30.495 million yuan, mainly for inventory write-downs related to raw materials and inventory products older than 24 months [1] - Accounts receivable bad debt losses amounted to 6.5879 million yuan, indicating pressure on cash collection [1]