Core Insights - The company reported a revenue of 5.25 billion yuan and a net profit attributable to shareholders of 299 million yuan for the first half of 2025, with a year-on-year growth of 23.92% in net profit [1] - The company implemented a series of reforms including structural optimization and brand enhancement, leading to steady business growth and improved operational performance [1] Financial Performance - The operating cash flow net amount reached 1.211 billion yuan, reflecting a significant year-on-year increase of 54.98% [1] - The sales of core products such as "Saismei" and "Meiman" contributed positively to the revenue growth of the formulation segment [1] Business Segments - The pet medicine business experienced remarkable growth, exceeding 60%, with e-commerce sales surpassing 100 million yuan [1] - The company celebrated the 10th anniversary of its domestic deworming drug "Hailiemiao," which has sold over 45 million tablets [1] R&D and Innovation - The company adopted a combination of self-research and collaboration for innovative drug development, with its self-developed small molecule innovative drug HS387 entering clinical development [2] - Strategic partnerships with AI pharmaceutical companies aim to enhance drug development capabilities, focusing on cutting-edge technology platforms [2] Future Outlook - The company plans to continue leveraging synthetic biology and AI-driven drug development to enhance innovation and global strategy [2] - The establishment of a subsidiary focused on synthetic biology marks a significant step into the high-end synthetic biology industry [2]

Group 1 - The company reported a slight revenue increase of 0.13% to 5.25 billion yuan in the first half of 2025, while net profit attributable to shareholders decreased by 31.29% to 299 million yuan [1] - Key products showed strong growth in both hospital and non-hospital channels, with over 200 new county-level coverage and more than 800 hospital admissions, accelerating penetration in grassroots markets [1] - The company is advancing its e-commerce platform construction, with C-end conversion and brand momentum contributing to a steady increase in single product market share [1] Group 2 - The company achieved a 100% winning rate in national centralized procurement and a 90% winning rate in provincial volume-based procurement [1] - The company has successfully transitioned its agency business from general agents to provincial agents, enhancing sales scale and profit contribution through academic training for agents [1] - The animal health segment achieved record sales, with the launch of three new products, including the cat trivalent vaccine, and a year-on-year growth of over 60% in pet e-commerce business, with sales exceeding 100 million yuan [1] Group 3 - The company is actively developing international markets outside the United States, with its first introduced product achieving a 21% market share in the U.S. market in the second quarter [1] - The animal health product "Hailiwang" has been approved for the Vietnamese market, and the first shipment has been completed [1] - The active pharmaceutical ingredient business is expanding into new markets in South America, CIS, and the Middle East, with sufficient CMO project reserves through precise demand matching at global exhibitions [1] Group 4 - The company focuses on core treatment areas such as cardiovascular and metabolic diseases, establishing a global patent barrier innovation pipeline [2] - The self-developed Class 1 small molecule innovative drug HS387 has received clinical implied approval from NMPA and has officially entered the clinical development stage [2] - The company is accelerating the introduction of clinical-stage pipelines to enrich its product lineup and cover more unmet clinical needs [2]

Core Insights - The company reported a slight revenue increase of 0.13% to 5.25 billion yuan for the first half of 2025, while net profit attributable to shareholders decreased by 31.29% to 299 million yuan [1] Revenue and Profit Performance - Revenue for the first half of 2025 was 5.25 billion yuan, showing a marginal increase of 0.13% compared to the previous period [1] - Net profit attributable to shareholders fell by 31.29% to 299 million yuan [1] Market Expansion and Product Development - The company experienced strong growth in key products, with over 200 new county-level coverage and more than 800 hospital admissions, accelerating penetration in grassroots markets [1] - E-commerce platform development is ongoing, with C-end conversion and brand momentum contributing to steady market share expansion for individual products [1] Procurement and Sales Strategy - The company achieved a 100% winning rate in national centralized procurement and a 90% winning rate in provincial volume-based procurement [1] - The agency business has transitioned from general agency to provincial agency strategy, with academic training empowering agents, leading to growth in both sales scale and profit contribution [1] - Sales of animal health products reached a historical high [1] International Market Development - The company is actively developing formulation sales in international markets outside the United States, with its first introduced product achieving a 21% market share in the U.S. market in Q2 [1] - The animal health product "Hailuwang" has been approved for the Vietnamese market and completed its first shipment [1] Research and Development Focus - The company is focusing on core therapeutic areas such as cardiovascular and metabolic diseases, establishing a globally patented innovative pipeline [1] - The self-developed Class 1 small molecule innovative drug HS387 has received clinical implied approval from NMPA and has officially entered the clinical development stage [1]

Core Viewpoint - Zhejiang Hisun Pharmaceutical Co., Ltd. reported a slight increase in revenue but a significant decrease in net profit for the first half of 2025, indicating challenges in profitability despite stable sales performance [2][3]. Company Overview and Key Financial Indicators - The company generated revenue of approximately 5.25 billion RMB, a marginal increase of 0.13% compared to the same period last year [2]. - Total profit decreased by 16.74% to approximately 404.3 million RMB, while net profit attributable to shareholders fell by 31.29% to about 299.07 million RMB [2]. - The net cash flow from operating activities increased by 54.98% to approximately 1.21 billion RMB, reflecting improved efficiency in accounts receivable turnover [2]. - As of June 30, 2025, the company's total assets were approximately 15.56 billion RMB, a decrease of 2.56% from the end of the previous year [2]. Industry and Main Business Situation - The pharmaceutical industry is a crucial part of China's economy, with growing market demand driven by an aging population and increasing health awareness [3]. - In the first half of 2025, the pharmaceutical manufacturing industry reported a revenue of approximately 1.23 trillion RMB, a decrease of 1.2% year-on-year, and total profit of about 176.69 billion RMB, down 2.8% [3]. Main Business Segments - The company operates in various segments, including pharmaceutical formulations, active pharmaceutical ingredients (APIs), and animal health products [4][9]. - The pharmaceutical formulation business focuses on hospital sales, with specialized divisions for cardiovascular, infectious diseases, and oncology [5][6][7]. - The API business leverages over 50 years of fermentation technology, with a diverse product line and significant export capabilities [9]. - The animal health segment has established a strong market presence with over 50 products and partnerships with major livestock groups [10]. Market Position and Performance Drivers - The company has been recognized as a leading comprehensive pharmaceutical enterprise in China, with a focus on innovation and quality [11]. - Key performance drivers include structural optimization, business expansion, and management innovation, leading to a 23.92% increase in net profit excluding non-recurring items [12]. - The company has successfully expanded its market presence through a multi-channel strategy, including e-commerce and international markets, achieving significant growth in sales and market share [12].

| 公司代码：600267 浙江海正药业股份有限公司 | 浙江海正药业股份有限公司2025 年半年度报告摘要 | | | | | --- | --- | --- | --- | --- | | | 公司简称：海正药业 | | | | | 浙江海正药业股份有限公司2025 | 年半年度报告摘要 | | | | | 第一节 | 重要提示 | | | | | 展规划，投资者应当到 www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | 不适用 | | | | | | 第二节 | 公司基本情况 | | | | | 公司股票简况 | | | | | | 股票种类 股票上市交易所 | 股票简称 | 股票代码 | | 变更前股 | | 票简称 | | | | | | A股 上海证券交易所 | 海正药业 | 600267 | | | | 联系人和联系方式 | 董事会秘书 | | 证券事务代表 | | | 姓名 沈锡飞 | | 李媛婷 | | | | 电话 | 0571-85278141、0576-8 ...

Core Viewpoint - Zhejiang Haizheng Pharmaceutical Co., Ltd. held its sixth meeting of the tenth board of directors on August 22, 2025, where several key resolutions were passed, including asset impairment provisions, correction of prior accounting errors, and governance structure adjustments [1][2][3]. Group 1: Financial Decisions - The board approved the proposal for asset impairment provisions with unanimous support [1]. - A resolution was passed to correct prior accounting errors, also receiving unanimous approval [2]. - The half-year report for 2025 was reviewed and approved by the board [2]. Group 2: Governance Changes - The company decided to abolish the supervisory board and amend its articles of association to enhance governance structure, with the audit committee taking over relevant responsibilities [2][3]. - The proposal to establish, amend, and abolish certain corporate governance systems was approved, aimed at improving operational standards [4]. Group 3: Strategic Initiatives - The company plans to publicly transfer 100% equity of its wholly-owned subsidiary, Zhejiang Pharmaceutical Industry Co., Ltd., with an estimated value of 392.23 million yuan and a proposed minimum transfer price of 430 million yuan [4][5]. - A resolution was passed to establish a wholly-owned subsidiary in Brazil, with an investment of 5 million Brazilian Reais, to support international expansion [5][6]. Group 4: Social Responsibility - The company and its subsidiaries will donate medicines valued at approximately 2.14 million yuan to the Xinjiang Red Cross Foundation, reflecting its commitment to social responsibility [6]. Group 5: Upcoming Events - The company has scheduled its first extraordinary general meeting of 2025 for September 10, 2025, to discuss the resolutions passed [7].

一、审议通过《关于计提资产减值准备的议案》； 证券代码：600267 证券简称：海正药业 公告编号：临 2025-48 号 浙江海正药业股份有限公司 第十届监事会第三次会议决议公告 本公司监事会及全体监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。 浙江海正药业股份有限公司（以下简称"公司"）第十届监事会第三次会议 于 2025 年 8 月 22 日下午在公司会议室以现场加通讯方式召开。应参加会议监事 程》的规定，合法有效。本次会议由监事会主席彭均先生主持，经与会监事审议 讨论，本次会议做出如下决议： 能够更加客观、准确地反映公司的财务状况和经营成果。同意本次会计差错更正。 同意 3 票，反对 0 票，弃权 0 票。 监事会认为，公司董事会在审议本次计提资产减值准备的议案时，程序合法。 此次计提资产减值准备公允地反映了公司的财务状况以及经营成果，没有损害公 司及中小股东利益，同意本次计提资产减值准备。 同意 3 票，反对 0 票，弃权 0 票。 详见《浙江海正药业股份有限公司关于计提资产减值准备的公告》，已登载 于 2025 年 8 月 26 日 ...

证券代码：600267 证券简称：海正药业 公告编号：2025-49 号 (二)股东大会召集人：董事会，经第十届董事会第六次会议召开。 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 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。 重要内容提示： ? 股东大会召开日期：2025年9月10日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一)股东大会类型和届次 浙江海正药业股份有限公司 关于召开2025年第一次临时股东大会的通知 召开的日期时间：2025 年 9 月 10 日 14 点 00 分 召开地点：浙江海正药业股份有限公司会议室（台州市椒江区外沙路 46 号） (五)网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 10 日 至2025 年 9 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 ...

证券代码：600267 证券简称：海正药业 公告编号：临 2025-46 号 浙江海正药业股份有限公司 关于取消监事会并修订《公司章程》及制定、修订、 废止部分公司治理制度的公告 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。 浙江海正药业股份有限公司（以下简称"公司"）于2025年8月22日召开的 第十届董事会第六次会议，审议通过了《关于取消监事会并修订 <公司章程> 的 议案》《关于制定、修订、废止部分公司治理制度的议案》，现将相关情况公告 如下： 一、取消监事会的相关情况 根据最新修订的《公司法》《上市公司章程指引》《上市公司独立董事管理 办法》《上海证券交易所股票上市规则》等相关法律、法规、规范性文件的规定， 结合公司实际情况，公司将取消监事会并对《浙江海正药业股份有限公司章程》 （以下简称"《公司章程》"）的部分内容进行修订，监事会相关职权由董事会 审计委员会承接，《浙江海正药业股份有限公司监事会工作规定》相应废止。公 司监事会取消后，公司监事彭均（职工代表监事）、金军丽、刘振玮不再担任公 司监事职务。 本次取消监事 ...

Core Viewpoint - Zhejiang Hai Zheng Pharmaceutical Co., Ltd. has received approval for the production of Minocycline Hydrochloride API, which is expected to enhance the company's product line and market competitiveness [1][3]. Group 1: Drug Approval Details - The Minocycline Hydrochloride API has been granted a registration number Y20240000032 and a notification number 2025YS00742 by the National Medical Products Administration [1]. - The product is packaged in 5kg bags and is approved for domestic production [1]. Group 2: Indications and Market Data - Minocycline Hydrochloride is indicated for various infections caused by sensitive pathogens, including but not limited to urinary tract infections, superficial pyogenic infections, and bacterial pneumonia [2][3]. - Global sales of Minocycline Hydrochloride API are projected to be approximately 35,648.65 kg in 2024, with domestic sales around 7,914.50 kg [3]. Group 3: Company Investment and Development - The company has invested approximately 19.21 million RMB in the research and development of this drug [3]. - The approval signifies that the product meets national technical standards for drug approval, allowing for production and sales [3].