On the evening of October 24, Tasly Pharmaceutical Group Co., Ltd. (600535) announced its third-quarter report, revealing that the company achieved pharmaceutical industrial revenue of 5.709 billion yuan in the first three quarters, maintaining steady performance. The net profit attributable to shareholders reached 984 million yuan, marking a year-on-year increase of 16.88%, reversing the industry's declining trend. The company’s key product, Puyouke, has received approval to expand its indications for cerebral infarction, providing incremental contributions to future performance.
In the context of poor performance in the national pharmaceutical manufacturing sector, Tasly's countercyclical growth is notably significant. According to data from the National Bureau of Statistics, as of August, the cumulative operating income of the national pharmaceutical manufacturing industry amounted to 1.58331 trillion yuan, a year-on-year decline of 2.0%, while the total profit in the same period was 212.95 billion yuan, down 3.9% year-on-year.
The third-quarter report indicated that Tasly’s pharmaceutical industrial revenue for the first three quarters was 5.709 billion yuan, remaining stable; the net profit attributable to shareholders reached 984 million yuan, with a year-on-year increase of 16.88%. Within this, the cardiovascular/metabolism segment contributed revenue of 3.186 billion yuan, achieving steady and positive growth, up 1.16% year-on-year.
Tasly's three major essential medicine products—Compound Danshen Dripping Pills, Yangxue Qingaon (Granules, Pills), and Qishen Yiqi Dripping Pills—performed well, and second-tier traditional Chinese medicine varieties also showed strong results. The indications for Compound Danshen Dripping Pills have expanded to diabetic retinopathy (DR), further contributing to growth. According to the company's semi-annual report, the diabetic retinopathy indication for Compound Danshen Dripping Pills has been included in the "Chinese Diabetes Prevention and Control Guidelines (2024 Edition)" and the "Expert Consensus on Comprehensive Management of Cardiovascular and Metabolic Issues in Patients with Hypertension and Diabetes (2024)." The company is leveraging national-level major special projects and promoting participation in significant research projects aimed at “effectively reducing the annual laser treatment rate for diabetic retinopathy,” amid the global public health burden caused by vision impairment due to diabetic retinopathy. They are also promoting the comprehensive management of cardiovascular events and the co-treatment concepts for cardiovascular diseases through academic activities, enhancing brand influence through various promotional channels, and establishing a closed loop for the prevention and treatment of diabetic retinopathy through public screenings, live broadcasts, and AI interpretation systems.
Additionally, the company’s innovative biologics drug Puyouke has recently received approval from the National Medical Products Administration for a new indication for thrombolytic treatment in acute ischemic stroke (AIS). Compared to other thrombolytic agents, Puyouke offers a specific thrombolytic mechanism, with reduced risk of systemic bleeding, high safety, and low rate of rethrombosis, alongside advanced production processes. Securities research reports indicate that with the approval of Puyouke's cerebral infarction indication, it is expected to grow into a billion-dollar product. CITIC Securities recently noted that with rising incidence rates of AIS and increasing penetration of thrombolytic therapy, combined with the sales channel synergies from Sanjiu, the sales potential of Puyouke is anticipated to continue being released, with peak sales projected to exceed 1 billion yuan. Moreover, the report from Industrial Securities highlights that the company has a rich pipeline of research and development, and the launch of Puyouke's new indication is expected to attract market attention, presenting a revaluation opportunity.
Currently, Tasly has 31 innovative drugs in its pipeline. The company continues to advance nearly 20 clinical mid-to-late stage products in the innovative traditional Chinese medicine sector and is also expanding in the highly regarded field of biologics, with several CGT and antibody drugs entering clinical trials, including umbilical cord mesenchymal stem cell injections, adipose-derived mesenchymal stem cell injections, and dual-target CAR-T cell injections; key products include PD-L1/VEGF dual antibodies and recombinant human fibroblast growth factor 21 injections.
In the third quarter, Tasly announced multiple achievements in innovative drug development. Several securities reports pointed out that Tasly is focusing on three core disease areas, continually optimizing its research pipeline, viewing the acceleration of innovative outcomes as a continuous incremental contribution.
Following its integration into the China Resources Sanjiu ecosystem, Tasly is positioned as one of the "wings" in the "one body, two wings" strategy, focusing on "innovation-driven," with the vision of becoming a leading enterprise in the Chinese pharmaceutical market driven by innovation. Tasly aims to achieve double-engine development capabilities for innovative Chinese medicine and innovative biopharmaceuticals.
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