创新转型提速，核心管线加速推进 公司发布2025 年三季报，单三季度收入3.65 亿元（-1.55%），归母净利润8359万元（+18.52%，含股权 激励费用)，扣非净利润6919 万元（+27.85%，含股权激励费用）。受益于新品放量以及仿制药研发投 入管控，利润端明显超出预期。 评论： 主业经营拐点确立，业绩有望重回高增长通道。由于第十批国采的冲击，苑东25H1 业绩承压，下半年 切换至低基数区间，集采压力逐步消化。当前，布托啡诺、纳布啡、奥沙西泮等核心精麻品种均已进入 快速放量通道，我们预计25Q3 的经营趋势将在后续延续且进一步加速。同时考虑到25Q4 及26H1 都是 明确的低基数，预计公司表观增速将十分可观。 制剂国际化实现突破。根据美国FDA 网站信息，纳洛酮鼻喷剂生产线以零缺陷通过了FDA 批准前的现 场核查和体外BE 核查，目前正在等待最终的现场检查报告，公司已分别与代理商签署美国、加拿大独 家商业化推广合作协议。 投资建议：公司精麻新品放量迅速，同时积极调整仿制药研发投入，尽管第十批国采冲击明显，但全年 预计公司依然可以解锁股权激励利润考核指标。我们调整盈利预测，预计2025-2027 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2025 performance shows significant improvement, with a quarter-on-quarter revenue increase of 14.12% and a net profit increase of 25.40% [4] - The company is expected to continue achieving its stock incentive goals, driven by new product launches and accelerated overseas revenue growth [4] - The projected net profits for 2025-2027 are 271 million, 319 million, and 379 million yuan respectively, with corresponding EPS of 1.53, 1.80, and 2.15 yuan [4] Financial Summary - For H1 2025, the company reported revenue of 654 million yuan (down 2.25% year-on-year) and a net profit of 137 million yuan (down 6.77% year-on-year) [4] - Q2 2025 revenue was 349 million yuan (down 1.61% year-on-year, up 14.12% quarter-on-quarter) and net profit was 76 million yuan (up 6.29% year-on-year, up 25.40% quarter-on-quarter) [4] - The company’s revenue is projected to grow from 1,532 million yuan in 2025 to 2,109 million yuan in 2027, with a year-on-year growth rate of 13.5% and 18.5% respectively [8] Business Development - The company has recently received approvals for new products, including sodium nalbuphine injection and butorphanol tartrate injection, contributing to revenue growth [5] - The company is actively expanding its international market presence, with regular shipments of nicardipine hydrochloride injection and plans for a naloxone nasal spray submission in September 2024 [5] - The company has increased its stake in Chao Yang to 30.68%, enhancing its innovation platform value [6]