Core Viewpoint - The collaboration between Haizheng Pharmaceutical and Shengzhao Pharmaceuticals aims to establish a joint venture focused on complex injectable drugs in Taizhou, Zhejiang Province [1] Group 1: Investment Details - Haizheng Pharmaceutical will invest 495 million yuan, holding a 45% stake in the joint venture [1] - Shengzhao Pharmaceuticals will invest 605 million yuan, holding a 55% stake in the joint venture [1] Group 2: Business Focus - The joint venture will primarily engage in the research, production, and commercialization of 11 complex injectable products, including generic drugs and improved new drugs [1] - Haizheng Pharmaceutical will have the priority cooperation rights for future related products from Shengzhao Pharmaceuticals [1]

Core Viewpoint - Haizheng Pharmaceutical (600267) and its wholly-owned subsidiary, Hanhui Pharmaceutical Co., Ltd., participated in the 11th batch of national centralized drug procurement organized by the Joint Procurement Office, with three products expected to win bids in this procurement process [1] Group 1 - The company announced its participation in the national centralized drug procurement bidding on October 29 [1] - The Joint Procurement Office published the proposed winning results for the procurement on October 28, 2025 [1] - The three products that are expected to win bids include Pravastatin Sodium Tablets, Injection Adenosine Methionine, and Aicuo Bopamine Ethanolamine Tablets [1]

一、拟中标产品基本情况 注：1、上述信息均以联采办发布的最终数据为准。 证券代码：600267 证券简称：海正药业 公告编号：临 2025-64 号 浙江海正药业股份有限公司 关于公司参与全国药品集中采购拟中标的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 近日，浙江海正药业股份有限公司（以下简称"公司"）及全资子公司瀚晖制药有 限公司（以下简称"瀚晖制药"）参加了联合采购办公室（以下简称"联采办"）组织的 第十一批全国药品集中采购的投标工作。根据联采办于 2025 年 10 月 28 日在上海阳光 医药采购网（https://www.smpaa.cn）发布的《全国药品集中采购拟中选结果公示》，公 司及全资子公司瀚晖制药符合本次集中采购范围的 3 个产品拟中标本次集中采购。现将 相关情况公告如下： | 序 号 | 品种名称 | 适应症 | 代表规格 | | 包装数量 | 拟中标价格 | 拟供省（区） | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 普伐 ...

Group 1 - The core point of the article is that Zhejiang Haizheng Pharmaceutical Co., Ltd. and its wholly-owned subsidiary, Hanhui Pharmaceutical Co., Ltd., participated in the 11th national centralized procurement organized by the Joint Procurement Office, with three products expected to win bids [1] - The three products that are likely to be awarded in the centralized procurement include Pravastatin Sodium Tablets, with projected sales revenue of 54.2 million yuan for the first half of 2025, Injection AdoMet, with projected sales revenue of 88.96 million yuan, and Eltrombopag Ethanolamine Tablets, with projected sales revenue of 740,000 yuan [1] - As of the report, Haizheng Pharmaceutical has a market capitalization of 13.2 billion yuan [1] Group 2 - In 2024, the revenue composition of Haizheng Pharmaceutical is expected to be: 58.46% from pharmaceutical manufacturing, 39.29% from drug sales, 1.94% from other industries, 0.23% from other businesses, and 0.08% from CMO/CDMO/CRO services [1]

Core Viewpoint - The company and its wholly-owned subsidiary, Hanhui Pharmaceutical, participated in the 11th national centralized drug procurement organized by the Joint Procurement Office, with three products expected to win bids in this procurement round [1] Group 1 - The company announced its participation in the national centralized drug procurement bidding process [1] - The Joint Procurement Office published the preliminary results of the procurement on October 28, 2025 [1] - Three products from the company and Hanhui Pharmaceutical are expected to be selected in this procurement [1]

Core Viewpoint - Recently, Haizheng Pharmaceutical announced its Q3 2025 financial results, showing mixed performance with slight revenue growth but a decline in net profit [1] Financial Performance Summary - For the first three quarters of 2025, the company's operating revenue reached 7.92 billion yuan, an increase of 0.6% year-on-year [1] - The net profit attributable to shareholders was 461 million yuan, a decrease of 10.6% year-on-year [1] - The net profit excluding non-recurring items was 491 million yuan, reflecting a significant increase of 42.0% year-on-year [1] - The net cash flow from operating activities was 1.645 billion yuan, up 13.0% year-on-year [1] - The earnings per share (EPS) on a fully diluted basis was 0.3845 yuan [1] Q3 Performance Summary - In Q3 2025, the company's operating revenue was 2.67 billion yuan, showing a year-on-year increase of 1.6% [1] - The net profit attributable to shareholders for Q3 was 162 million yuan, marking a substantial increase of 102.1% year-on-year [1] - The net profit excluding non-recurring items for Q3 was 169 million yuan, up 96.1% year-on-year [1] - The EPS for Q3 was 0.135 yuan [1] Shareholder Initiatives - The company is currently conducting a share buyback to support its employee stock ownership plan [1]

Core Viewpoint - Haizheng Pharmaceutical reported significant growth in revenue and net profit for the third quarter of 2025, indicating strong operational performance and advancements in various business segments [1][2]. Financial Performance - The company achieved a total revenue of 7.923 billion yuan and a net profit attributable to shareholders of 461 million yuan in the first three quarters [1]. - In Q3 alone, revenue reached 2.672 billion yuan, with a net profit of 162 million yuan, marking a year-on-year increase of 102.14% [1]. - The non-recurring net profit for Q3 was 169 million yuan, up 96.13% year-on-year [1]. - The gross profit margin improved by 3.81 percentage points, while the expense ratio decreased by 1.35 percentage points [1]. - Net cash flow from operating activities increased by 12.99% year-on-year [1]. Business Segments - The pharmaceutical formulation sector made significant strides, with the launch of the combination therapy for ACS patients setting a new standard in lipid-lowering treatment [1]. - The product "Meiman" was included in the 2025 edition of the guidelines for treating pediatric pneumonia, becoming a recommended medication for resistant Mycoplasma pneumonia [1]. Raw Material and Innovation - The raw material drug for bedaquiline received approval from the National Medical Products Administration, marking a major advancement in the development of key drugs for multidrug-resistant tuberculosis [2]. - The company became the first in China and the fourth globally to receive European Pharmacopoeia suitability certification for tigecycline raw materials [2]. - In the pet medicine sector, the product "Haili Miao" celebrated its tenth anniversary with over 45 million units sold, achieving recognition as the top-selling cat internal medicine in China [2]. Research and Internationalization - R&D expenses increased by 1.36 percentage points year-on-year, with the company obtaining clinical trial approval for HS387, a selective KIF18A inhibitor for treating advanced solid tumors [2]. - The EU has removed the GMP non-compliance statement for the Taizhou factory, enhancing the company's competitiveness in the global pharmaceutical supply chain [2]. Strategic Collaborations - The company entered a collaboration with Aixin Dawei in the SMDC field, incorporating HSE-001 into its R&D pipeline [3]. - A joint venture with Zhejiang Shengzhao Pharmaceutical Technology Co., Ltd. is planned to focus on the development and commercialization of 11 complex injectable products [3]. Future Outlook - As 2025 approaches its end, the company aims to deepen strategic initiatives, enhance domestic and international collaborations, and explore innovative fields to strengthen its market position in the pharmaceutical industry [3].

Core Insights - Haizheng Pharmaceutical reported a strong performance in Q3 2025, achieving a total revenue of 7.923 billion yuan and a net profit of 461 million yuan for the first three quarters, with Q3 alone generating 2.672 billion yuan in revenue and 162 million yuan in net profit, marking a year-on-year increase of 102.14% [1] - The company achieved its best-ever performance in terms of non-recurring net profit since its listing, with significant improvements in operational quality, including a gross margin increase of 3.81 percentage points and a decrease in expense ratio by 1.35 percentage points [1] Business Performance - In the pharmaceutical formulation sector, the core product, Saismei (generic name: Haibomai Tablets), has become the new standard for lipid-lowering treatment in acute coronary syndrome (ACS) patients, enhancing brand recognition [2] - The product "Meiman" has been included in the 2025 edition of the "Guidelines for the Diagnosis and Treatment of Pediatric Pneumonia Caused by Mycoplasma," solidifying its position in community infection treatment [2] - In the active pharmaceutical ingredient (API) sector, the approval of fumarate bedaquiline API marks a significant advancement in the development of key drugs for multidrug-resistant tuberculosis [2] Innovation and Internationalization - The synthetic biology subsidiary, Yunseng, successfully launched a flexible production line and established a strategic partnership with Jiangnan University to accelerate the industrialization of technological achievements [3] - The company’s Taizhou factory has had its GMP non-compliance status removed by the EU, enhancing its core competitiveness in the global pharmaceutical supply chain [3] R&D Investment - Haizheng Pharmaceutical has increased its R&D expenditure ratio by 1.36 percentage points in the first three quarters, with the innovative drug HS387 (a selective KIF18A inhibitor) receiving clinical trial approval for treating advanced solid tumors [4] - The company announced a joint investment with Zhejiang Shengzhao Pharmaceutical Technology Co., Ltd. to establish a joint venture focused on complex injectable products, aiming to enhance its capabilities in R&D, production, and commercialization in this field [4]

格隆汇10月27日丨海正药业(600267.SH)发布三季报，2025年前三季度实现营业总收入79.23亿元，同比 增长0.61%；归属母公司股东净利润4.61亿元，同比下降10.55%；基本每股收益为0.4元。 ...

Core Viewpoint - Haizheng Pharmaceutical (600267) reported a revenue of 2.672 billion yuan for Q3 2025, reflecting a year-on-year growth of 1.57%, while net profit reached 162 million yuan, marking a significant increase of 102.14% [1] Financial Performance - Q3 revenue was 2.672 billion yuan, up 1.57% year-on-year [1] - Q3 net profit was 162 million yuan, showing a substantial increase of 102.14% year-on-year [1] - For the first three quarters, net profit totaled 461 million yuan, which represents a decline of 10.55% compared to the same period last year [1] Growth Drivers - The increase in net profit for the quarter is attributed to growth in sales of formulations and animal drugs, as well as cost reduction and efficiency improvements in production [1]