Core Viewpoint - Sanli Pharmaceutical is in the process of applying for the protection of its traditional Chinese medicine product, the throat spray (including a children's version) [2] Company Summary - Sanli Pharmaceutical has responded to investor inquiries on an interactive platform regarding the status of its throat spray product [2]

Core Viewpoint - The company Sanli Pharmaceutical (603439.SH) is in the process of applying for a patent for its product, the Kaotoujian spray (including a children's version), which is a traditional Chinese medicine protection variety [1] Group 1 - The Kaotoujian spray is currently under patent application [1] - The product includes a version specifically designed for children [1]

Core Viewpoint - Guizhou Sanli (603439) is in the process of applying for a traditional Chinese medicine protective product, the "Kao Hou Jian" spray (including a children's version) [1] Company Summary - Guizhou Sanli has responded to investor inquiries on an interactive platform regarding the status of its product applications [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant decline in performance, with a 28.24% year-on-year decrease in revenue for the first nine months of 2025, totaling 1.038 billion yuan. The net profit attributable to the parent company fell by 58.39% to 81 million yuan, and the net profit after deducting non-recurring items decreased by 64.49% to 66 million yuan [2][6]. - In Q3 2025, the company achieved revenue of 337 million yuan, down 36.10% year-on-year, with a net profit of -2 million yuan and a net profit after deducting non-recurring items of -5 million yuan [2][6]. - The company is actively expanding its OTC channel network, which has led to a significant increase in operational costs, while the scale effect of the channel has not yet been fully realized [12]. Financial Performance Summary - For Q3 2025, the gross profit margin was 71.03%, a slight increase of 0.19 percentage points year-on-year, while the net profit margin attributable to the parent company was -0.68%, a decrease of 15.30 percentage points year-on-year [12]. - Sales expenses for Q3 2025 amounted to 201 million yuan, a decrease of 6.79% year-on-year, with a sales expense ratio of 59.75%, an increase of 18.79 percentage points year-on-year [12]. - The company expects net profits attributable to the parent company for 2025-2027 to be 137 million yuan, 146 million yuan, and 158 million yuan, respectively, with corresponding EPS of 0.34 yuan, 0.36 yuan, and 0.39 yuan [12].