Financial Performance - Revenue increased by RMB 106.5 million or 3.5% to RMB 3,181.1 million for the six months ended June 30, 2025[13] - Gross profit rose by RMB 79.0 million or 3.8% to RMB 2,157.6 million, with a gross margin of 67.8%[13] - Net profit attributable to shareholders decreased by RMB 74.9 million or 19.3% to RMB 312.9 million[13] - EBITDA increased by RMB 48.1 million or 4.2% to RMB 1,204.2 million[13] - The company recorded a revenue increase of 3.5% to RMB 3,181.1 million for the six months ending June 30, 2025[16] - Revenue from the oncology treatment segment increased by 13.5% to RMB 1,295.2 million, while revenue from the central nervous system treatment segment rose by 5.4% to RMB 867.5 million[18] - The cardiovascular treatment segment saw a revenue decrease of 9.2% to RMB 693.0 million, and the metabolic treatment segment's revenue decreased by 7.9% to RMB 180.2 million[18] - The net profit attributable to the company was approximately RMB 357.4 million, a decrease of RMB 80.8 million or 18.4% compared to RMB 438.2 million in the previous year[78] - Total comprehensive income for the period was RMB 425,791 thousand, slightly down from RMB 440,312 thousand in 2024[120] Research and Development - The company has a total of 31 products under development in China, including 13 oncology products and 12 CNS products[6] - The R&D team consists of 611 employees, including 59 PhDs and 299 Master's degree holders[6] - The company has achieved significant R&D milestones for several candidate products during the reporting period[40] - The company continues to invest in four strategic therapeutic areas: oncology, central nervous system, cardiovascular, and metabolism, with 31 products in various stages of development in China as of June 30, 2025, including 13 oncology products, 12 CNS products, and 6 others[39] - The global first weekly-administered transdermal patch for donepezil (LY30410) received approval in China in October 2023 for treating mild to moderate Alzheimer's disease symptoms, and is expected to launch in Japan by March 2025[41] - The next-generation VMAT2 inhibitor LY03015 has shown good safety and tolerability in Phase I trials, with Phase II trials for tardive dyskinesia patients ongoing in China[45] - The company is developing LY03017, a novel compound for treating Parkinson's disease psychosis and Alzheimer's disease psychosis, with promising preclinical results indicating superior efficacy and safety[47] - LY03020, a new generation antipsychotic, has demonstrated significant improvements in schizophrenia symptoms and is expected to meet clinical needs better than existing treatments[48] - LY03021, an innovative compound for treating depression, has shown rapid onset and sustained efficacy in preclinical studies, with Phase I trials ongoing in China[49][51] Market and Competitive Position - The company has established a strong competitive advantage in 18 major products within high-prevalence disease areas, with market share expected to grow or maintain current levels[19] - The company has developed a global supply chain with 8 production bases and adheres to international GMP quality management standards[15] - The product "Lipopson" is the only marketed paclitaxel liposome formulation globally and has been included in the 2024 National Medical Insurance Drug List in China[20] - "Bevacizumab" (博優諾) has received approval for multiple cancer treatments and is currently under review for market authorization in Brazil[21] - "Goserelin" (百拓維) is the only long-acting microsphere formulation of its kind and has been included in the 2023 National Medical Insurance Drug List for prostate cancer treatment[22] - "Zanbiga" (贊必佳) has received priority review approval in China and is the only new chemical entity approved by the FDA for treating recurrent small cell lung cancer in nearly 28 years[23] - "Mimixin" (米美欣) is a novel oral formulation approved for severe pain management, incorporating abuse-deterrent technology to prevent misuse[25] - The company has launched Rykindo, a long-acting injectable for schizophrenia, which was included in the national medical insurance catalog in December 2023, maintaining the original reimbursement standards[29] - Erzofri, a long-acting injectable for schizophrenia, received FDA approval in July 2024, marking it as the first product developed by a Chinese company with independent intellectual property rights in the U.S.[30] Financial Position and Assets - The total assets increased to RMB 32,031.5 million as of June 30, 2025, compared to RMB 27,198.5 million at the end of 2024[10] - As of June 30, 2025, the group's net current assets amounted to approximately RMB 3,748.2 million, an increase from RMB 2,539.0 million as of December 31, 2024[79] - The current ratio increased from approximately 1.24 as of December 31, 2024, to approximately 1.31 as of June 30, 2025, primarily due to a slight increase in current assets[79] - Total borrowings increased from approximately RMB 8,294.4 million as of December 31, 2024, to approximately RMB 9,770.9 million as of June 30, 2025[80] - The debt-to-equity ratio rose from 52.7% as of December 31, 2024, to 59.1% as of June 30, 2025, mainly due to the increase in total borrowings during the reporting period[81] - Non-current assets totaled RMB 16,344,287 thousand as of June 30, 2025, compared to RMB 16,304,093 thousand at the end of 2024[121] - Current assets increased to RMB 15,687,178 thousand from RMB 13,308,107 thousand, indicating a growth of 17.9%[121] - Current liabilities rose to RMB 11,939,025 thousand from RMB 10,769,142 thousand, reflecting an increase of 10.9%[122] - Total equity as of June 30, 2025, was RMB 16,542,615 thousand, up from RMB 15,753,670 thousand at the end of 2024[122] Shareholder and Governance Information - Major shareholders include Green Leaf Pharmaceutical Investment Limited with a 33.13% stake and Hillhouse Fund V, LP with a 14.68% stake[107] - The company has adhered to corporate governance standards, except for a deviation regarding the separation of the roles of Chairman and CEO[100] - The company has adopted a code of conduct for securities trading by directors and employees, ensuring compliance with regulations[101] - The audit committee has reviewed the unaudited interim financial statements for the six months ending June 30, 2025, and recommended their adoption to the board[103] - There were no changes in director information that required disclosure under the listing rules as of the reporting date[105] Cash Flow and Financing Activities - The company’s cash flow from operating activities generated RMB 1,784,352,000, a significant improvement compared to a cash outflow of RMB 394,400,000 in the previous year[126] - The company reported a net cash inflow from financing activities of RMB 583,809 thousand for the six months ended June 30, 2025, compared to RMB 980,399 thousand in the same period of 2024[127] - The company’s total cash flow from investment activities was a net outflow of RMB 267,365 thousand for the six months ended June 30, 2025, an improvement from a net outflow of RMB 505,313 thousand in the same period of 2024[127] - The company has secured bank loans with interest rates ranging from 2.27% to 4.50% for guaranteed bank loans maturing between 2025 and 2026, totaling RMB 3,149,496,000[159] - The company reported a provision for arbitration claims amounting to approximately RMB 273,482,000, including arbitration fees and related interest[161] Risks and Contingencies - The company identified potential risks related to pillar two income tax regulations primarily in Switzerland and mainland China, but these do not pose significant impacts on overall tax risks[142] - As of June 30, 2025, the company had no significant contingent liabilities[82] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2025[86]

Group 1 - Tianfeng Securities has revised down the revenue forecasts for Green Leaf Pharmaceutical for 2025 and 2026 from 8.529 billion and 10.279 billion to 6.638 billion and 7.447 billion respectively, with an expected revenue of 8.162 billion in 2027 [1] - The net profit estimates have also been reduced from 1.373 billion and 1.678 billion to 672 million and 831 million for 2025 and 2026, with an expected net profit of 916 million in 2027 [1] - In the first half of 2025, the company reported a revenue of 3.181 billion, a year-on-year increase of 3.5%, while the net profit attributable to the parent company was 313 million, a year-on-year decrease of 19.3% [1] Group 2 - The company focuses on two major therapeutic areas: CNS and oncology, with multiple new products beginning commercialization and the sales proportion of new products increasing by 32% year-on-year [1] - In the oncology treatment sector, revenue reached 1.295 billion, a year-on-year increase of 13.5%, while CNS treatment revenue was 868 million, up 5.4%. Cardiovascular treatment revenue was 693 million, down 9.2%, and metabolic treatment revenue was 180 million, down 7.9% [1] Group 3 - The company has successfully commercialized two major products in the CNS field, with Ruxinlin being the first domestically developed antidepressant included in the 2024 medical insurance catalog, achieving over fourfold sales growth in the first half of 2025 [2] - ERZOFRI, a treatment for schizophrenia, was commercialized in the U.S. in April 2025, marking it as the first drug of its kind developed by a Chinese company with independent intellectual property rights [2] - The company has a rich pipeline of innovative drugs in development, including LY03017 for treating Parkinson's disease psychosis and Alzheimer's disease psychosis, with expected completion of Phase I trials in China by the end of 2025 [3]

Core Viewpoint - Tianfeng Securities has revised down the revenue and net profit forecasts for Green Leaf Pharmaceutical for 2025 to 2026 due to intense market competition and centralized procurement impacts, while maintaining a "Buy" rating [1] Group 1: Financial Performance - The revenue forecast for Green Leaf Pharmaceutical has been adjusted from 85.29 billion and 102.79 billion to 66.38 billion and 74.47 billion for 2025 and 2026 respectively, with an expected revenue of 81.62 billion for 2027 [1] - The net profit forecast has been revised down from 13.73 billion and 16.78 billion to 6.72 billion and 8.31 billion for 2025 and 2026 respectively, with an expected net profit of 9.16 billion for 2027 [1] - In the first half of 2025, the company reported revenue of 31.81 billion, a year-on-year increase of 3.5%, while the net profit attributable to the parent company was 3.13 billion, a year-on-year decrease of 19.3% [1] Group 2: Business Focus and Product Development - The company is focusing on two major areas: CNS (Central Nervous System) and oncology, with multiple new products beginning commercialization and an increasing sales proportion of new products (up 32% year-on-year) [1] - In the oncology treatment sector, revenue reached 12.95 billion, a year-on-year increase of 13.5%, while CNS treatment revenue was 8.68 billion, up 5.4%. Cardiovascular treatment revenue was 6.93 billion, down 9.2%, and metabolic treatment revenue was 1.80 billion, down 7.9% [1] Group 3: New Product Commercialization - The company has successfully commercialized two major products in the CNS field, with Ruxinlin being the first domestically developed antidepressant included in the 2024 medical insurance directory, showing over 4 times year-on-year sales growth [2] - ERZOFRI, a product for treating schizophrenia, entered the U.S. market in April 2025, being the first of its kind developed by a Chinese company with independent intellectual property rights [2] - ERZOFRI has a long patent period until 2039 and is currently in a favorable competitive landscape with only two companies in the market [2] Group 4: Innovation Pipeline - The company has a rich pipeline of innovative drugs in development, actively seeking business development collaborations with multinational corporations [3] - LY03017, aimed at treating Parkinson's disease psychosis and Alzheimer's disease psychosis, is expected to complete Phase I clinical trials in China by the end of 2025, with IND approval anticipated in Q3 2025 [3] - Other innovative drugs, including LY03015 for tardive dyskinesia and Huntington's disease, are in Phase II clinical trials, with data expected in the first half of 2026 [3]

Group 1 - The core viewpoint of the report is that Huazhong Securities maintains a "buy" rating for Green Leaf Pharmaceutical, projecting steady revenue and profit growth from 2025 to 2027 [1] - Expected revenues for Green Leaf Pharmaceutical are projected to be 6.316 billion, 7.473 billion, and 9.076 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 4%, 18%, and 21% [1] - The forecasted net profit attributable to the parent company for the same years is estimated to be 606 million, 777 million, and 990 million yuan, with growth rates of 29%, 28%, and 27% [1] Group 2 - In the first half of 2025, the company reported revenues of 3.181 billion yuan, reflecting a year-on-year increase of 3.46%, while the net profit attributable to the parent company was 313 million yuan, down 19.33% due to a high base from the previous year [2] - The overall gross margin for the first half of the year was 67.83%, an increase of 0.23 percentage points year-on-year, while the expense ratio was 66.12%, a decrease of 0.75 percentage points [2] - Research and development expenses accounted for 6.08% of total expenses, down 3.06 percentage points year-on-year, while sales expenses increased by 4.36 percentage points to 32.03% [2]

Core Viewpoint - Huatai Securities maintains a "Buy" rating for Green Leaf Pharmaceutical (02186), projecting steady revenue and profit growth from 2025 to 2027, while not factoring in potential BD transaction impacts on revenue [1] Group 1: Revenue and Profit Projections - Expected revenues for Green Leaf Pharmaceutical from 2025 to 2027 are projected to be CNY 6.316 billion, CNY 7.473 billion, and CNY 9.076 billion, representing year-on-year growth rates of 4%, 18%, and 21% respectively [1] - Forecasted net profits attributable to the parent company for the same period are CNY 606 million, CNY 777 million, and CNY 990 million, with year-on-year growth rates of 29%, 28%, and 27% respectively [1] - Corresponding valuations for the years 2025, 2026, and 2027 are estimated at 22X, 17X, and 14X [1] Group 2: Financial Performance and Cost Structure - In the first half of 2025, the company reported revenues of CNY 3.181 billion, a year-on-year increase of 3.46%, while net profit attributable to the parent company was CNY 313 million, reflecting a decline of 19.33% due to a high base from the previous year [2] - The overall gross margin for the first half of the year was 67.83%, an increase of 0.23 percentage points year-on-year [2] - The operating expense ratio was 66.12%, a decrease of 0.75 percentage points year-on-year, with R&D expense ratio at 6.08% (down 3.06 percentage points), sales expense ratio at 32.03% (up 4.36 percentage points), administrative expense ratio at 9.92% (up 0.51 percentage points), and financial expense ratio at 10.64% (up 1.6 percentage points) [2] - The fluctuation in expenses is considered reasonable, with the listing of ERZOFRI in the U.S. and the inclusion of Ruoxinlin in the national medical insurance directory expected to enhance sales of new products [2]

Group 1 - The Hong Kong innovative drug sector experienced a decline in the afternoon session on September 13, with notable drops in stock prices [1] - Innovent Biologics saw a decrease of over 7%, while Rongchang Biopharmaceutical and Green Leaf Pharmaceutical fell by more than 4% [1] - Other companies such as WuXi Biologics, Junshi Biosciences, and Kelun Pharmaceutical also experienced declines [1]

Core Insights - The article highlights the increasing prevalence of depression in China, with approximately 95 million individuals affected, leading to a booming market for antidepressant medications [5][12][18] - The demand for antidepressants has surged, with sales in public medical institutions exceeding 9.1 billion yuan in the previous year, marking a 6% year-on-year increase [5][7] - The market for antidepressants is becoming increasingly competitive, with numerous domestic pharmaceutical companies entering the space, particularly in the production of generic drugs [13][20] Market Dynamics - The rise in depression cases has created a vibrant pharmaceutical market, with companies like Hansoh Pharmaceutical and Jingwei Pharmaceutical achieving significant sales figures [7][12] - The sales of antidepressants in public hospitals have seen a drastic shift, with domestic companies gaining market share due to price reductions and increased competition [22][24] - The introduction of centralized procurement has led to a significant drop in drug prices, making antidepressants more accessible to patients [19][20][22] Industry Challenges - Despite the growing market, the high cost of psychological therapy remains a barrier for many patients, leading to a preference for medication over therapy [26][27] - The perception of antidepressants as a long-term necessity poses challenges for patient management, with many experiencing withdrawal symptoms when discontinuing medication [26][27] - The industry faces scrutiny over the quality of psychological counseling services, which can vary significantly, impacting patient experiences and outcomes [26][27]

Core Viewpoint - Green Leaf Pharmaceutical (02186) announced the issuance of ordinary shares in exchange for convertible bonds maturing in 2025, indicating a strategic move to manage debt and enhance equity capital [1] Group 1: Convertible Bonds Details - On September 10, 2025, the company will issue 31.75 million ordinary shares at an exchange price of HKD 3.672 per share in exchange for USD 15 million of 5.85% convertible bonds [1] - On the same date, the company will also issue 21.17 million ordinary shares at the same exchange price for USD 10 million of 5.85% convertible bonds [1]

Core Viewpoint - Green Leaf Pharmaceutical (02186) announced the issuance of ordinary shares in exchange for convertible bonds maturing in 2025, indicating a strategic move to manage debt and enhance equity capital [1] Group 1: Convertible Bonds Details - On September 10, 2025, the company will issue 31.75 million ordinary shares at an exchange price of HKD 3.672 per share in relation to the USD 15 million convertible bonds with a 5.85% interest rate [1] - Additionally, on the same date, the company will issue 21.17 million ordinary shares at the same exchange price for USD 10 million convertible bonds also with a 5.85% interest rate [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 绿叶制药有限公司 呈交日期： 2025年9月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券 ...