Zhangzhou Pientzehuang Pharmaceutical (600436) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 2.06 billion, down 26.28% year-over-year; YTD revenue was RMB 7.44 billion, down 11.93% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 687 million, down 28.82% year-over-year; YTD net profit was RMB 2.13 billion, down 20.74% year-over-year.

• Declines attributed to reduced sales and lower gross margins in the pharmaceutical manufacturing segment.

Financial highlights

• Q3 total profit was RMB 779 million, down 30.78% year-over-year; YTD total profit was RMB 2.49 billion, down 22.05%.

• Basic and diluted EPS for Q3 were RMB 1.14, down 28.75% year-over-year; YTD EPS was RMB 3.53, down 20.67%.

• Net cash flow from operating activities for Q3 was RMB 486.7 million, down 62.53% year-over-year.

• Non-recurring gains for the period included government subsidies and fair value changes in financial assets, totaling RMB 249 million for Q3.

Outlook and guidance

• Management attributes profit and cash flow declines to lower sales and margin compression, with no explicit forward guidance provided.