（编辑 姚尧） 证券日报网讯 1月28日，康恩贝在互动平台回答投资者提问时表示，企业"反内卷"的本质在于持续构建 难以替代的核心竞争力。为此，公司系统规划并着力打造四大核心能力：健康领域全链条品牌塑造能 力、前瞻性研发与管线布局能力、全渠道专业合规推广能力、稳定高效供应链能力，以此筑牢发展根基 与竞争壁垒，驱动经济效益与企业价值同步提升。在拓宽营收渠道方面，公司坚持内涵式增长与外延式 扩张双轮驱动。在内涵式增长方面，公司将巩固优势品种品牌如肠炎宁、前列康、至心砃等的领导地 位；挖掘潜力品种如金笛、牛黄上清胶囊、金艾康等系列产品增长机会；洞察市场机会并完善研发布 局，巩固中药大健康的优势并积极布局创新药，寻找新的增长点。在外延式扩张方面，一方面围绕中药 大健康的股权并购，另一方面公司将通过系统化BD快速获取潜力品种，丰富管线。 ...

Core Insights - The company reported a revenue of 4.976 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.27%, and a net profit attributable to shareholders of 584 million yuan, up 12.65% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.617 billion yuan, representing a 10.42% year-on-year growth, and a net profit of 230 million yuan, which is a significant increase of 69.11% year-on-year [1] - The company is focusing on enhancing cash flow management and operational efficiency, with a net operating cash flow increase of 16% year-on-year [1] Revenue Breakdown - The traditional Chinese medicine segment generated 2.676 billion yuan in revenue for Q1-Q3 2025, a growth of 5.73% year-on-year [2] - The specialty chemical drug segment reported a revenue of 1.720 billion yuan, a decline of 7.16% year-on-year, primarily due to the impact of centralized procurement [2] - The specialty health consumer products segment achieved a revenue of 485 million yuan, growing by 12.41% year-on-year [2] Product Performance - The company saw significant growth in key products, with the Changyanning series growing over 25% year-on-year through innovative marketing strategies [2] - Health product series increased over 13% year-on-year due to participation in industry standard formulation and clinical trials [2] - The Qiekan series and Zhixinfen both experienced over 9% growth year-on-year through brand activities and academic initiatives [2] R&D and Innovation - The company invested 184 million yuan in R&D during the first three quarters of 2025, focusing on innovative drug development and product lifecycle extension [3] - Several new drugs received approval, including two new traditional Chinese medicine products and multiple generic drug production licenses [3] - The company is enhancing the clinical and academic value of its core products through various research initiatives [3] Strategic Planning - The company is developing a five-year strategic plan to guide future growth and is actively seeking acquisition opportunities in innovative drugs and health consumer products [4] - The strategic plan aims to create a closed-loop management system to ensure effective execution [4] - Revenue growth projections for 2025-2027 are estimated at 3.9%, 6.0%, and 5.9%, respectively, with net profit growth of 4.6%, 5.2%, and 5.3% [4]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 5.43 CNY over the next six months [5]. Core Insights - The company reported a steady performance in the first three quarters of 2025, achieving a revenue of 4.976 billion CNY, a year-on-year increase of 1.27%, and a net profit attributable to shareholders of 584 million CNY, up 12.65% [1]. - The company is actively formulating its "15th Five-Year Plan" to outline its strategic direction and growth opportunities, including potential mergers and acquisitions in the pharmaceutical sector [7]. Financial Performance - In Q3 2025, the company achieved a revenue of 1.617 billion CNY, representing a year-on-year growth of 10.42%, and a net profit of 230 million CNY, which is a significant increase of 69.11% [1]. - The operating cash flow for the first three quarters increased by 16% year-on-year, indicating improved operational efficiency [1]. Business Segments - The traditional Chinese medicine segment generated 2.676 billion CNY in revenue, up 5.73% year-on-year, while the specialty health products segment saw a revenue increase of 12.41% to 485 million CNY [2]. - The specialty chemical drug segment experienced a decline of 7.16% in revenue, primarily due to the impact of centralized procurement [2]. Research and Development - The company invested 184 million CNY in R&D during the first three quarters of 2025, focusing on innovative drug development and enhancing existing product lines [3]. - Several new drug approvals were achieved, including two new traditional Chinese medicine products and multiple generic drug approvals [3]. Future Projections - Revenue growth is projected at 3.9%, 6.0%, and 5.9% for 2025, 2026, and 2027 respectively, with net profit growth expected at 4.6%, 5.2%, and 5.3% during the same period [7].