本报讯 （记者刘欢）10月24日晚间，甘肃陇神戎发药业股份有限公司（以下简称"陇神戎发"）披露 2025年第三季度报告。前三季度，公司实现营业收入6.47亿元；归属于上市公司股东的净利润2702.94万 元，同比增长8.11%；归属于上市公司股东的扣除非经常性损益的净利润2871.34万元，同比增长 31.14%。 今年前三季度，在中药行业回暖的大背景下，陇神戎发凭借核心产品市场竞争力的不断提升和产业布局 的持续深化，实现经营业绩稳步增长，经营质量稳步提升。 （编辑 张伟） 今年以来，陇神戎发持续聚焦主业发展，不断优化市场销售布局，在进一步巩固核心产品元胡止痛滴 丸、宣肺止嗽合剂的市场占有率的同时，充分挖掘复方丹参片、七味温阳胶囊、鞣酸小檗碱膜等现有普 药产品市场潜力，加大销售渠道开发力度，取得了较好的市场反馈。此外，该公司持续推动大健康产品 市场销售上量，啡得乐植物饮料、黄芪当归饮、薄荷爽口片、枸杞原浆、肉苁蓉原浆等系列大健康产品 受到消费者的广泛关注和好评。 作为业绩增长的核心引擎，陇神戎发两大独家品种元胡止痛滴丸与宣肺止嗽合剂市场竞争力和品牌影响 力不断提升。元胡止痛滴丸作为无成瘾性的纯中药全科类止痛用 ...

转自：中国证券报·中证网 公司始终将产品研发作为持续发展的核心驱动力。报告期内，公司主打产品二次开发持续推进，宣肺止 嗽合剂针对慢阻肺急性加重期的真实世界研究以及元胡止痛滴丸在新剂型、剂型优势、长期毒性及真实 世界研究稳步推进，布瑞哌唑口溶膜获得药物临床试验申请,三类医疗器械血液透析浓缩液（粉）生产 线建设项目和注册申报工作进展顺利，经典名方开发工作有序开展，将为公司中长期产品线布局奠定坚 实基础。 四季度，公司将持续聚焦中药主业，持续强化市场开拓和科研开发工作，推动公司健康可持续发展。 报告期内，公司持续聚焦主业发展，不断优化市场销售布局，在进一步巩固核心产品元胡止痛滴丸、宣 肺止嗽合剂的市场占有率的同时，充分挖掘复方丹参片、七味温阳胶囊、鞣酸小檗碱膜等现有普药产品 市场潜力，加大销售渠道开发力度，取得了较好的市场反馈。此外，持续推动大健康产品市场销售上 量，啡得乐植物饮料、黄芪当归饮、薄荷爽口片、枸杞原浆、肉苁蓉原浆等系列大健康产品受到消费者 的广泛关注和好评。 作为业绩增长的核心引擎，公司两大独家品种元胡止痛滴丸与宣肺止嗽合剂市场竞争力和品牌影响力不 断提升。元胡止痛滴丸作为无成瘾性的纯中药全科类止痛用 ...

陇神戎发(300534)于10月24日盘后披露2025年三季度报告，公司在前三季度展现出稳健的经营态势与业 绩增长动力。前三季度，公司实现营业收入6.47亿元，归母净利润达2702.94万元，同比增长8.11%；扣 非后归母净利润为2871.34万元，同比增幅达31.14%。在中药行业整体回暖的背景下，陇神戎发凭借核 心产品市场竞争力的不断增强与产业布局的持续深化，推动经营质量稳步提升，展现出良好的发展韧 性。 在巩固药品主业的同时，公司积极拓展大健康产品板块，啡得乐植物饮料、黄芪当归饮、薄荷爽口片、 枸杞原浆、肉苁蓉原浆等系列产品受到消费者广泛关注与好评，市场开拓不断深入。通过多渠道开发与 市场精准触达，公司进一步提升了品牌综合竞争力。 作为国家高新技术企业、甘肃省首批战略性新兴产业骨干企业，并获评"专精特新"中小企业及创新型企 业，陇神戎发长期专注于中成药、原料药、保健食品、医药中间体、化学药品和医疗器械的研发、生产 与销售。公司坚持以主业为核心，不断优化销售网络与产品结构，夯实高质量发展基础。 展望四季度，公司表示将持续聚焦中药主业，持续强化市场开拓和科研开发工作，推动公司健康可持续 发展。（秦声） 业 ...

Core Insights - Lanzhou High-tech Zone has established a modern industrial system focusing on biomedicine as the leading industry, with intelligent manufacturing, new materials, and digital economy developing in synergy [1] Biomedicine Industry - The biomedicine sector in Lanzhou High-tech Zone has over 210 enterprises, generating nearly 24 billion yuan in total revenue, ranking 49th among the top 50 biomedicine parks in China for two consecutive years [2] - Key products include oral trivalent rotavirus vaccine and A+C group meningitis vaccine with an annual output value of 1.3 billion yuan and a domestic market share of approximately 70% [2] - Human albumin and intravenous immunoglobulin from China National Pharmaceutical Group generate an annual output value of 2.3 billion yuan [2] - Veterinary vaccines, such as foot-and-mouth disease vaccines, hold a 60% market share nationally [2] - Notable products in traditional Chinese medicine and medical devices include sales of nearly 1 billion yuan for certain herbal medicines and a 30% market share for a specific artificial heart valve [2] Intelligent Manufacturing Industry - The intelligent manufacturing sector includes over 50 specialized enterprises, achieving an annual output value exceeding 7 billion yuan [3] - Key technologies include underwater multiphase flow meters and multi-screw pumps, recognized for their international leading standards [3] - Companies like Haimer Technology and Lanzhou Vacuum Equipment are pivotal in their respective fields, contributing to the upgrade of China's high-end equipment manufacturing [3] New Materials Industry - The new materials sector comprises over 40 enterprises with an annual output value nearing 10 billion yuan [4] - Innovations include self-lubricating composite materials and memory alloys, with some products successfully replacing imported materials [4] - Companies like Lanzhou Zhongke Jurun and Lanzhou Ximai Memory Alloy are leading in their technological advancements [4] Digital Economy Industry - The digital economy sector has established three national-level platforms and includes 260 enterprises, with software and information companies accounting for 70% of the province's total [5] - Annual revenue in this sector exceeds 6 billion yuan, focusing on quantum communication, smart transportation, and industrial internet [5] - Companies like China Electronics Wande and Gansu Unisplendour are driving digital transformation and integration with the real economy [5]

Core Viewpoint - Longshen Rongfa (300534) reported a net profit increase of 27.48% for the first half of 2025, despite a decline in total revenue by 8.21% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 496 million yuan, down from 541 million yuan in 2024, representing an 8.21% decrease [1] - Net profit attributable to shareholders reached 27.96 million yuan, up from 21.93 million yuan in 2024, marking a 27.48% increase [1] - The gross profit margin decreased to 66.19%, down 13.38% year-on-year, while the net profit margin increased to 8.25%, up 18.99% [1] - Total operating expenses (selling, administrative, and financial) amounted to 248 million yuan, accounting for 50.05% of revenue, a decrease of 20.43% [1] - Earnings per share rose to 0.09 yuan, a 27.52% increase from 0.07 yuan in 2024 [1] Cash Flow and Debt - Operating cash flow per share was -0.21 yuan, a significant decrease of 129.82% year-on-year, attributed to reduced sales collections and increased payments related to operating activities [1][3] - The company’s monetary funds decreased by 39.05% to 215 million yuan, while accounts receivable increased by 27.52% to 235 million yuan [1] Business Model and Product Development - The company relies heavily on research and marketing to drive performance, with a historical return on invested capital (ROIC) of 5.51%, indicating average capital returns [3] - Longshen Rongfa is focused on the development of its main products, including the unique "Yuanhu Zhitong Dwan," which has been recognized for its efficacy in treating various types of pain [5][6] - The company is actively pursuing the second development of major products and enhancing its technological barriers through various research projects [6] Market Strategy and Future Outlook - The company is optimistic about the health sector and is expanding its product offerings in this area, including various health products [7] - It aims to leverage its advantages in the traditional Chinese medicine industry, supported by recent government policies promoting the sector [9] - The company plans to enhance its quality management system and increase R&D investments to develop more high-quality products [9]

Core Viewpoint - Longshen Rongfa (300534.SZ) reported a steady growth in revenue and net profit for the first half of 2025, demonstrating resilience in a challenging economic environment and a competitive pharmaceutical industry [1] Financial Performance - The company achieved an operating income of 496 million yuan and a net profit attributable to shareholders of 27.96 million yuan, representing a year-on-year increase of 27.48% [1] - The net profit after deducting non-recurring gains and losses reached 30.49 million yuan, up 39.93% compared to the previous year [1] Product and Market Development - Longshen Rongfa focuses on its core pharmaceutical business, enhancing its marketing system and brand building, which has led to increased hospital coverage for its key products [1] - The core products, Yuanhu Zhitong Diban and Xuanfei Zhiso Heji, covered 2,858 and 2,299 hospitals respectively, with coverage rates increasing to 19.39% and 15.56% [1] - Revenue from the drop pill products grew by 31.22% year-on-year, indicating effective market promotion [1] Product Recognition - Yuanhu Zhitong Diban and Xuanfei Zhiso Heji received multiple industry awards for their clinical efficacy and brand recognition [2] - Xuanfei Zhiso Heji ranked 7th in the "2024 China Innovative Drug Sales Enterprise Ranking (Traditional Chinese Medicine) TOP20" [2] - Yuanhu Zhitong Diban was listed among the top 20 brands in sales for traditional Chinese medicine pills in public medical institutions [2] Project Development - The company made significant progress in capacity enhancement and technology upgrades, including the acquisition of 70% of the Innovative Research Institute [3] - The production line upgrade for Xuanfei Zhiso Heji has been completed and passed GMP compliance checks, ready for production [3] - The construction and registration of a new production line for blood dialysis concentrate is underway, expected to become a new growth point [3] R&D Innovation - Longshen Rongfa established a technical center laboratory with Puan Pharmaceutical to facilitate the industrialization of R&D results [4] - Ongoing research includes real-world studies for Xuanfei Zhiso Heji and new formulations for Yuanhu Zhitong Diban [4] - The company collaborates with Lanzhou University for health food R&D, with several products launched through dual-channel marketing [4] Investor Returns and Social Responsibility - The company plans to distribute a cash dividend of 0.2 yuan per 10 shares to all shareholders for the first half of 2025 [4] - Longshen Rongfa has been recognized as a "green factory" and included in the list of high-tech, high-growth enterprises in Gansu Province [4]

Core Viewpoint - Gansu Longshen Rongfa Pharmaceutical Co., Ltd. reported a steady growth in revenue and net profit for the first half of 2025, demonstrating resilience amid a challenging economic environment [1][2]. Financial Performance - The company achieved an operating income of 496 million yuan and a net profit attributable to shareholders of 27.96 million yuan, representing a year-on-year increase of 27.48% [1]. - The net profit excluding non-recurring gains and losses was 30.49 million yuan, up 39.93% year-on-year [1]. Market Strategy - The company focused on enhancing its marketing efforts, particularly in promoting its major products, with the coverage of its flagship products reaching 2,858 hospitals for Yuanhu Zhiting Diban and 2,299 hospitals for Xuanfei Zhiso Heji, marking coverage increases to 19.39% and 15.56% respectively [2]. - Revenue from the droplet products grew by 31.22% year-on-year, contributing to overall performance improvement [2]. Project Development - The company completed the acquisition of 70% of the Gansu Pharmaceutical Group Technology Innovation Research Institute, enhancing its drug research and development capabilities [3]. - Upgrades to the production line for Xuanfei Zhiso Heji were completed, achieving compliance with GMP standards, which will boost production capacity [3]. - The construction of a production line for a new type of medical device is progressing, which is expected to create new business growth opportunities [3]. Research and Development - A technical center laboratory was established in collaboration with a subsidiary, improving the R&D infrastructure and facilitating the transition from laboratory to industrial production [4]. - Ongoing development of main products includes real-world studies for Xuanfei Zhiso Heji and Yuanhu Zhiting Diban, as well as collaborations with Lanzhou University for health food R&D [4]. Investor Returns and Social Responsibility - The company plans to distribute cash dividends of 0.2 yuan per 10 shares, totaling 6.07 million yuan [4]. - The company has been recognized for its commitment to green development and has made donations of 1 million yuan to support areas affected by recent natural disasters [4].

Core Insights - The company reported a revenue of 496 million yuan and a net profit attributable to shareholders of 27.96 million yuan for the first half of 2025, marking a year-on-year increase of 27.48% in net profit and 39.93% in net profit after deducting non-recurring items [1] - The company is engaged in the research, production, and sales of traditional Chinese medicine, raw materials, health foods, pharmaceutical intermediates, chemical drugs, and medical devices, recognized as a national high-tech enterprise and a key enterprise in Gansu's strategic emerging industries [1] - The company has made significant progress in market coverage for its main products, with the coverage of its flagship products reaching 2,858 hospitals for the pain relief drops and 2,299 hospitals for the cough syrup, representing increases in coverage rates of 19.39% and 15.56% respectively [1] Financial Performance - The company achieved a revenue of 496 million yuan and a net profit of 27.96 million yuan, with a year-on-year growth of 27.48% in net profit and 39.93% in net profit after non-recurring items [1] - The revenue from the drop products increased by 31.22% year-on-year, indicating effective market sales efforts for the flagship product [1] Strategic Developments - The company completed the acquisition of 70% of the innovative research institute, enhancing its drug research and development capabilities and technical reserves [2] - The company upgraded the production line for the cough syrup, achieving compliance with GMP standards, which enhances its production capacity and market assurance [2] - A technical center laboratory was established in collaboration with a partner, improving the hardware capabilities of the R&D center and facilitating the transition from laboratory research to industrial production [2] Investor Returns - The company plans to distribute a cash dividend of 0.2 yuan per 10 shares to all shareholders for the first half of 2025 [3] - The company was recognized as a "city-level green factory" and included in the list of high-tech, high-growth, and high-value-added enterprises in Gansu for 2024 [3]

Group 1: Company Overview and Key Products - Gansu Longshen Rongfa Pharmaceutical Co., Ltd. has two main products: Yuanhu Zhitong Diban and Xuanfei Zhike Heji, which are positioned as core offerings in the market [2][3] - Yuanhu Zhitong Diban is a unique product in China, included in the National Essential Medicines List, recognized for its effectiveness in treating various types of pain [2][3] - Xuanfei Zhike Heji is classified as a national-level new drug, suitable for cough relief, and has received multiple awards for its quality and effectiveness [3][4] Group 2: Product Development and Marketing Strategy - The company is focused on secondary development of major products and building technological barriers through various research projects [4][5] - Ongoing projects include clinical efficacy evaluations and production process improvements for Yuanhu Zhitong Diban and Xuanfei Zhike Heji [4][5] - A professional marketing platform is being developed to enhance brand influence and market share, targeting both hospitals and OTC markets [4][5] Group 3: Health Product Expansion - The company has launched several health products, including Huangqi Danggui capsules and plant-based beverages, with plans for further market promotion [5][6] - Future development will focus on health products that align with market demand, leveraging the parent company's advantages in the traditional Chinese medicine industry [5][6] Group 4: Industry Opportunities and Challenges - Recent government policies support the innovation and quality improvement of traditional Chinese medicine, creating a favorable environment for industry growth [6][7] - The aging population increases demand for chronic disease management and health maintenance, expanding market opportunities for traditional Chinese medicine products [6][7] - The company aims to enhance its competitive edge by improving product quality and increasing R&D investment in response to these opportunities [7]

Core Viewpoint - The company achieved significant growth in Q1 2025, with revenue of 289 million yuan, a year-on-year increase of 13.52%, and a net profit attributable to shareholders of 24.21 million yuan, up 9.18%, marking the end of three consecutive quarters of decline [1] Financial Performance - The company reported a net profit of 26.92 million yuan after deducting non-recurring items, reflecting a year-on-year growth of 26.88% [1] - The revenue from the company's main products, including Yuanhu Zhitong Diban and Xuanfei Zhiso Heji, contributed to the stable growth in Q1 [1] Product Development and Market Strategy - The company focuses on its core business and actively develops OTC and untapped markets, which has laid a solid foundation for revenue growth [1] - The core product, Xuanfei Zhiso Heji, has shown strong sales growth, with revenue reaching 840 million yuan in 2024, a 29.76% increase from the previous year [2] - The company is upgrading its production capacity for Xuanfei Zhiso Heji, with a new production line set to be operational in May 2024, enhancing market supply capabilities [2] Innovation and R&D - The company has acquired 70% of the shares in an innovation research institute, which will accelerate the transformation of research results and improve product quality and competitiveness [3] - The company is also developing new products, including a blood dialysis concentrate and a plant-based beverage, while continuing to enhance its main products [3] Future Outlook - The company aims to maintain its focus on core operations and market expansion, with plans to implement various annual work tasks to improve operational efficiency [4]