Investment Rating - The investment rating for the pharmaceutical industry is "Accumulate (Maintain)" [1] Core Views - The report indicates that the company has shown continuous growth in revenue and profit, with a 40.89% increase in revenue to 164 million yuan and a 47.16% increase in net profit to 49.04 million yuan for the first three quarters of 2025 [5][8] - The company's gross margin and net margin have improved, with gross margin at 42.70% (up 2.59 percentage points) and net margin at 29.94% (up 1.28 percentage points), reflecting enhanced profitability and operational efficiency [5][8] - The company is expected to benefit from the recovery in the industry and has a diversified product line, particularly in the pet medicine sector, which is anticipated to drive future growth [5][8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 164 million yuan, a year-on-year increase of 40.89%, and a net profit of 49.04 million yuan, up 47.16% [5][8] - The third quarter alone saw a revenue of 62.99 million yuan (up 38.94%) and a net profit of 18.72 million yuan (up 89.48%) [5][8] Market Position and Strategy - The company has a strong market presence with products covering Europe, Asia, and South America, and is deepening collaborations with international clients [5][8] - New products are expected to contribute to revenue growth, and the company is focusing on expanding its international market presence [5][8] Financial Health - As of the end of Q3 2025, the company reported total assets of 706 million yuan, with a low debt ratio of 3.26%, indicating a strong financial position [5][8] - The report forecasts revenue growth for 2025-2027, with expected revenues of 227.04 million yuan, 255.81 million yuan, and 289.01 million yuan, representing growth rates of 36.60%, 12.67%, and 12.98% respectively [9][11]

上证报中国证券网讯（记者 张雪）海昇药业10月27日晚披露公司2025年三季度报告。公告显示，报告 期内，公司实现营业收入1.64亿元，同比增长40.89%；实现归母净利润4904.74万元，同比增长 47.16%。 来源：上海证券报·中国证券网 第三季度（7-9月）单季，海昇药业实现归母净利润1872.14万元，同比增长89.48%，业绩增长主要源于 销售收入增加、银行理财收益提升以及政府补助增长。 公司在建工程较年初增长45.40%，主要系新生产线投资建设所致，为未来发展奠定基础。此外，公司 货币资金减少系购买大额银行理财，期末交易性金融资产达3.6亿元。 ...

证券代码：870656 证券简称：海昇药业 公告编号：2025-114 浙江海昇药业股份有限公司股票解除限售公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、本次股票解除限售数量总额为 7,376,156 股，占公司总股本 7.3762%，可交 易时间为 2025 年 9 月 11 日。 二、本次股票解除限售的明细情况及原因 单位：股 | 序号 | 股东姓名或 | 是否为控 股股东、 | 董事、监 事、高级 | 本次 解限 | 本次解除限 | 本次解除 限售股数 | 尚未解除限 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 实际控制 | | | 售登记股票 | | 售的股票数 | | | 名称 | 人或其一 | 管理人员 | 售原 | 数量 | 占公司总 | 量 | | | | 致行动人 | 任职情况 | 因 | | 股本比例 | | | 1 | 王小青 | 否 | 离任董 事、副总 | B | 6,126,156 | 6.1 ...

（一）已授权委托理财基本信息 公司于 2024 年 5 月 16 日召开第三届董事会第十六次会议、第三届监事会 第十五次会议，于 2024 年 6 月 3 日召开 2024 年第二次临时股东会，审议通过 了《关于使用闲置自有资金进行现金管理的议案》，基于公司经营稳定，财务 状况稳健，有较充裕的资金及有效的风险控制制度，在确保公司正常经营活动 资金需求的前提下，公司拟使用部分闲置自有资金进行管理，以提高资金使用 效率和收益，为公司股东谋取更好的回报。公司拟进行的现金管理的金额不超 过人民币 1 亿元（含本数），资金来源为公司闲置自有资金。在上述额度内， 资金可以循环滚动使用，委托理财取得的收益可进行再投资，再投资的金额不 包含在上述额度以内。具体内容详见公司在北京证券交易所信息披露平台 （www.bse.cn）披露的《关于使用闲置自有资金进行现金管理的公告》（公告 编号：2024-070）。 公司于 2024 年 12 月 3 日召开第三届董事会第十九次会议、第三届监事会 第十八次会议，于 2024 年 12 月 24 日召开 2024 年第三次临时股东会，审议通 过了《关于调整使用闲置自有资金进行现金管理额度 ...

证券代码：870656 证券简称：海昇药业 公告编号：2025-113 浙江海昇药业股份有限公司 关于使用部分闲置募集资金购买理财产品的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 授权委托理财情况 （一）已授权委托理财基本信息 1．上年授权现金管理 浙江海昇药业股份有限公司（以下简称"公司"）于 2024 年 5 月 16 日召开 第三届董事会第十六次会议、第三届监事会第十五次会议，于 2024 年 6 月 3 日召开 2024 年第二次临时股东会议，审议通过了《关于使用部分闲置募集资金 进行现金管理的议案》，在确保资金安全、不影响募集资金投资项目建设的前提 下，公司拟使用额度不超过人民币 3 亿元（含本数）的闲置募集资金进行现金 管理，在上述额度范围内资金可以循环滚动使用，并授权公司董事长行使相关 投资决策权并签署相关文件，财务负责人负责具体组织实施及办理相关事宜。 具体内容详见公司在北京证券交易所信息披露平台（www.bse.cn）披露的《关 于使用部分闲置募集资金进行现金管理的 ...

Core Insights - Haisheng Pharmaceutical reported a revenue of 101 million yuan in the first half of 2025, representing a year-on-year growth of 42.14% and a net profit of 30.33 million yuan, up 29.33% year-on-year [1] - The company is a key supplier in the veterinary and pharmaceutical raw materials sector, capitalizing on the recovery of the aquaculture industry and expanding its revenue sources through new product launches and successful fundraising projects [1][3] Industry Trends - The global aging population is projected to reach nearly 1.6 billion by 2050, with 16% of the population aged 65 and older, driving demand for chronic disease management and elderly care medications [2] - The Chinese elderly population is expected to reach 310 million by the end of 2024, accounting for 22% of the total population, further increasing the demand for pharmaceuticals [2] - The global veterinary drug market is expected to exceed 60 billion USD by 2025, with a compound annual growth rate (CAGR) of 7.5% from 2022 to 2025 [2] Company Performance - In the first half of 2025, Haisheng Pharmaceutical's raw materials and intermediates business generated revenues of 77.94 million yuan and 22.71 million yuan, respectively, with year-on-year growth rates of 58.14% and 5.46% [3] - The gross profit margins for raw materials and intermediates were 43.81% and 42.25%, indicating strong product competitiveness and market expansion effectiveness [3] R&D and Innovation - Haisheng Pharmaceutical maintains a high level of R&D investment, with expenditures of 5.17% of revenue in the first half of 2025, reflecting a year-on-year increase of 28.68% [4] - The company has developed core patented technologies that effectively reduce production costs and ensure product quality consistency, supporting profitability and market competitiveness [4] Market Strategy - The company achieved domestic revenue of 78.44 million yuan and international revenue of 22.41 million yuan in the first half of 2025, with gross margins of 39.70% and 56.34%, respectively [5][6] - Haisheng Pharmaceutical is expanding its global market presence while optimizing internal operations and technical capabilities, which is expected to drive revenue growth [5][6] Client Relationships - The company has established partnerships with notable domestic and international clients, ensuring stable sales growth and continuous operational optimization [7] - Haisheng Pharmaceutical is well-positioned to capture opportunities arising from the recovery of the aquaculture industry and the expansion of its product offerings [7]

Core Insights - Haisheng Pharmaceutical (stock code: 870656) reported a strong performance in the first half of 2025, achieving revenue of 101 million yuan, a year-on-year increase of 42.14%, and a net profit of 30.33 million yuan, up 29.33% [2][3] - The company focuses on core businesses including veterinary drug raw materials, pharmaceutical raw materials, and intermediates, which contributed to double-digit growth in both revenue and profit [2][3] Business Performance - The raw material drug segment remains the main growth driver, generating revenue of 77.94 million yuan, a 58.14% increase, with a gross margin of 43.81% [3] - The intermediates segment achieved revenue of 22.71 million yuan, reflecting a 5.46% growth [3] - Domestic market revenue reached 78.44 million yuan, a 64.35% increase, benefiting from rising demand in the downstream aquaculture industry, with a gross margin of 39.70% [3] - The overseas market faced challenges due to exchange rate fluctuations and international competition, resulting in revenue of 22.41 million yuan, a decline of 3.51%, but maintaining a high gross margin of 56.34% [3] Research and Development - R&D expenses for the first half of 2025 amounted to 5.21 million yuan, a 28.68% increase, focusing on process optimization and new product development for raw materials and intermediates [3] - Ongoing capacity expansion projects, including the 200-ton Celecoxib upgrade and 150-ton Tranexamic Acid production, are progressing well, with some projects entering equipment debugging stages [3] Compliance and Environmental Responsibility - The company adheres strictly to safety and environmental regulations, with no major incidents reported during the reporting period [4] - A comprehensive waste treatment system is in place, ensuring compliance with national and local environmental standards [4] Future Outlook - Haisheng Pharmaceutical plans to continue focusing on core businesses, accelerate project construction, and expand both domestic and emerging overseas markets to achieve steady annual growth [4] - The company aims to leverage its technological accumulation, capacity reserves, and compliance advantages to strengthen its market position amid ongoing industry expansion and recovering downstream demand [4]

Group 1: Company Performance - During the first half of 2025, the company achieved operating revenue of 101 million yuan, a year-on-year increase of 42.14% [1] - The total profit reached 35 million yuan, reflecting a year-on-year growth of 29.72% [1] - The net profit attributable to shareholders was 30 million yuan, with a year-on-year increase of 29.33% [1] Group 2: Competitive Advantages - The company is a significant supplier of sulfonamide drugs globally, with a long product chain and self-production of key intermediates, which mitigates supply shortages [1] - The company has a strong position in the veterinary raw materials market, with its core product SPDZ showing high sales revenue [2] - The company employs a flexible production model based on sales, enhancing market adaptability and resilience to cyclical fluctuations [2] Group 3: Market Trends - The global veterinary drug market is projected to grow from approximately 44.59 billion USD in 2022 to about 83.76 billion USD by 2030, with a compound annual growth rate (CAGR) of 8.2% [2] - The domestic veterinary drug market is expected to expand from 68.62 billion yuan in 2021 to 139.57 billion yuan by 2027, with a CAGR of 12.56% [3] - The company is focusing on expanding its product offerings in both sulfonamide and non-sulfonamide raw materials, as well as pet medications [3] Group 4: Shareholder Returns - The company implemented a high cash dividend and stock transfer plan, distributing 20 million yuan in cash dividends and increasing its total share capital to 100 million shares [4] - This initiative reflects the company's strong profitability and commitment to shareholder returns [4]

2025年8月21日，海昇药业(870656.BJ)发布2025年半年度报告。截至2025年8月21日，共有8个机构投资 者披露持有海昇药业A股股份，合计持股量达426.97万股，占海昇药业总股本的4.27%。其中，机构投 资者包括衢州有明企业管理合伙企业(有限合伙)、开源证券股份有限公司客户信用交易担保证券账户、 开源证券股份有限公司客户信用交易担保证券账户、中国中金财富证券有限公司客户信用交易担保证券 账户、中国中金财富证券有限公司客户信用交易担保证券账户、申万宏源证券有限公司客户信用交易担 保证券账户、申万宏源证券有限公司客户信用交易担保证券账户、山东益兴创业投资有限公司，机构投 资者合计持股比例达4.27%。相较于上一季度，机构持股比例合计上涨了0.45个百分点。 ...

长江证券承销保荐有限公司关于浙江海昇药业股份有限 公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定，长江证券承销保荐有限公司（以下简称 "保荐机构"）作为浙江海昇药业股份有限公司（以下简称"海昇药业""公司"） 的保荐机构，负责海昇药业的持续督导工作，并出具 2025 年半年度持续督导跟 踪报告。 一、持续督导工作概述 （一）审阅公司信息披露文件情况 保荐机构查阅公司募集资金使用台账、募集资金专户银行对账单，了解募投 项目实施进度并实地查看募投项目进展情况；获取公司购买理财产品的协议及相 关凭证，核查公司使用闲置募集资金进行现金管理是否符合法律规定；及时审阅 募集资金信息披露相关文件等。 （四）督导公司规范运作情况 对于公司重要信息披露文件，如定期报告、董事会决议、股东会决议、权益 分派等公告文件，保荐机构均履行了事前审阅程序。 （二）督导公司建立健全并有效执行规则制度情况 保荐机构已督导公司按照法律、法规、部门规章和相关业务规则及其他规范 性文件的要求健全并有效执行规则制度。报告期内，公司相关规章制度有效执行。 ...