Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has launched a stock incentive plan for 2025, aiming for high profit growth [6] - The core product, a smoking cessation drug, is expected to maintain a high growth rate, with projected revenue growth for 2025-2027 [6] - The company anticipates achieving a net profit of 0.91 billion, 1.35 billion, and 1.75 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 114.7%, 48.6%, and 30.3% [6] Financial Data and Profit Forecast - Total revenue projections are as follows: 971 million for 2025, 1,132 million for 2026, and 1,286 million for 2027, with respective growth rates of 14.7%, 16.5%, and 13.7% [5] - The expected net profit for 2025 is 91 million, with a significant increase from 42 million in 2024, indicating a growth rate of 114.7% [5] - The projected earnings per share (EPS) for 2025 is 0.36 yuan, increasing to 0.54 yuan in 2026 and 0.71 yuan in 2027 [5] Stock Incentive Plan - The stock incentive plan involves granting up to 9.15 million restricted shares, accounting for 3.68% of the company's total share capital, with an initial grant of 7.95 million shares at a price of 5.60 yuan per share [6] - The performance targets for the incentive plan include revenue growth rates of no less than 8.57%, 18.02%, and 27.57% for the years 2025, 2026, and 2027 respectively [6]

Group 1 - The core point of the news is the announcement of a stock incentive plan by QianYuan Pharmaceutical, which aims to grant a total of 9.15 million restricted shares, accounting for 3.68% of the company's total equity [1] - The initial grant consists of 7.95 million shares, with a reserved 1.2 million shares, targeting 171 individuals at a price of 5.60 yuan per share [1] - The incentive plan's performance targets for 2026-2027 include a profit growth rate exceeding 36%, with revenue growth rates set at no less than 8.57%, 18.02%, and 27.57% for the years 2025, 2026, and 2027 respectively [1] Group 2 - The sales of the smoking cessation drug Varenicline are accelerating, with Q1 2025 sales reaching 17.57 million yuan and a market share of 59.5%, particularly strong in urban pharmacies [2] - The company maintains a "buy" rating, projecting net profits of 91 million, 135 million, and 175 million yuan for 2025-2027, with year-on-year growth rates of 114.7%, 48.6%, and 30.3% respectively [2] - The corresponding price-to-earnings ratios (PE) for these years are projected to be 31, 21, and 16 times [2]