Core Viewpoint - The company has shown positive operational performance in the first three quarters of 2025, with significant growth in both revenue and profit, setting a solid foundation for achieving annual business goals [1] Financial Performance - The company achieved operating revenue of 1.006 billion yuan, representing a year-on-year increase of 17.81% [1] - The net profit reached 39.5759 million yuan, marking a turnaround from loss to profit [1] Overseas Expansion - In July 2025, the company approved a $10 million investment through its subsidiary, Erkang Tanzania Co., Ltd., for a comprehensive formulation production project [1] - The project is progressing as planned, with purification engineering and equipment installation underway, expected to complete equipment debugging by Q4 2025, and aims to meet GMP certification conditions [1] - The company is also preparing registration materials for drug approval in compliance with Tanzanian regulatory requirements [1] Technological Development - The company's subsidiary, Hangzhou Longde Intelligent Technology Co., Ltd., is focusing on AI technology applications, particularly in rehabilitation robots and security [1] - The subsidiary has obtained operating qualifications for second-class medical devices, supporting the marketization of related businesses [1] Intellectual Property - The subsidiary has completed the writing of documents for 3 new software copyrights and 2 invention patents, with one patent application receiving initial approval [2] - This enhances the company's intellectual property protection system and accumulates core resources to improve business technical barriers and market competitiveness [2] New Project Initiatives - The company announced plans to invest $8 million in a new injection production project in Nigeria, with an estimated construction period of 18 months [2] - This investment aligns with the company's overall development strategy and aims to expand its business reach and better meet overseas customer demands, potentially becoming a new profit growth point [2]

Core Insights - The company reported a positive performance in Q3 2025, with a revenue of 1.006 billion yuan, representing a year-on-year growth of 17.81%, and a net profit of 39.5759 million yuan, showing a significant increase of 255.40% [1][3] - The company is expanding its overseas operations, with a $10 million investment in a comprehensive formulation production project in Tanzania, which is progressing as planned and is expected to meet GMP certification conditions by Q4 2025 [1][2] - The company is also investing $8 million in a new injection production project in Nigeria, which is part of its overall development strategy to enhance economic benefits and competitiveness [2] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.006 billion yuan, a 17.81% increase year-on-year [1] - The net profit for the same period was 39.5759 million yuan, reflecting a substantial growth of 255.40% compared to the previous year [1] Overseas Expansion - The company’s subsidiary in Tanzania is investing $10 million in a production project, with construction and equipment installation progressing on schedule [1] - The project aims to complete equipment debugging by Q4 2025 and is preparing for drug registration to facilitate market entry [1][2] - An additional investment of $8 million is planned for a new injection production project in Nigeria, expected to take 18 months to complete [2] Technological Development - The company’s subsidiary, Hangzhou Longde Intelligent Technology Co., Ltd., is focusing on AI applications in rehabilitation robots and security, and has obtained various medical device operating qualifications [2] - The subsidiary has also expanded its intellectual property portfolio, completing new software copyrights and patent applications to enhance its competitive edge [2] Market Outlook - Market analysts view the company’s stable growth in Q3 2025 as a result of solid progress in industrial breakthroughs and technology development, which supports its future stability [3] - The collaborative advancement across multiple business lines is seen as a strong foundation for the company’s ongoing development [3]

此外，公司同日发布新项目公告，拟投资800万美元建设尔康尼日利亚注射剂生产项目，项目建设期预 计18个月。公司表示，此次投资是公司落实整体发展战略的重要举措，通过海外医药项目布局，将有助 于拓宽业务辐射范围、更好匹配海外客户需求，进而提升公司经济效益与综合竞争力。若项目未来生产 经营及销售符合预期，将有望成为公司新的利润增长点，对经营规模扩大与业绩持续提升产生正向推动 作用。 10月29日，尔康制药（300267）披露2025年第三季度报告，期内公司经营表现呈现积极态势：2025年前 三季度实现营业收入10.06亿元，同比增长17.81%；实现净利润3957.59万元，同比增幅达255.40%，营 收与利润双指标均实现显著增长，为全年经营目标的推进奠定基础。 总体而言，尔康制药在2025年前三季度业绩呈稳定增长态势，于产业突围、中非经济对接项目的扎实推 进以及新质生产力的技术研发储备等方面均取得阶段性成效。多业务线协同推进的格局，为公司后续的 稳定发展提供了有力保障。 在海外产业布局方面，公司于2025年7月通过董事会审议，由控股孙公司尔康坦桑尼亚有限公司斥资 1000万美元投建综合制剂生产项目。截至目前，该 ...