Core Viewpoint - The company announced that its subsidiary, Suzhou Yabao Pharmaceutical Research Co., Ltd., received approval from the National Medical Products Administration for clinical trials of SY-005 injection for a new indication related to postoperative neurological deficits in brain glioma patients [1] Group 1: Product Development - SY-005 is an innovative recombinant protein that previously received approval for clinical trials targeting sepsis in November 2018, which is currently in Phase II clinical trials [1] - The newly approved indication for SY-005 injection focuses on addressing neurological deficits following brain glioma surgery [1]

证券代码：600351 证券简称：亚宝药业 公告编号：2025-031 亚宝药业集团股份有限公司 关于 SY-005 项目新适应症获得临床试验批准通知书 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，亚宝药业集团股份有限公司（以下简称"公司"） 控股孙公司苏州 亚宝药物研发有限公司（以下简称"苏州亚宝"）收到了国家药品监督管理局（以 下简称"国家药监局"）核准签发的 SY-005 注射液新增适应症的《药物临床试 验批准通知书》（通知书编号：2025LP02198），批准了 SY-005 注射液针对脑胶质 瘤术后神经功能缺损开展临床试验的申请。现将相关情况公告如下： 一、药品的基本情况 1、药品名称：SY-005 注射液 2、剂型：注射剂 3、本次申请增加的适应症：脑胶质瘤术后神经功能缺损 4、注册分类：治疗用生物制品 1 类 5、申请人：苏州亚宝药物研发有限公司 二、药物研发及相关情况 SY-005是一种创新型的重组蛋白，2018年11月获得治疗脓毒症适应症的《药 物临床试验批准通知书》，目前该适应症处于Ⅱ期临 ...

Core Viewpoint - The announcement indicates that the company’s subsidiary, Suzhou Yabao Pharmaceutical Research Co., Ltd., has received approval from the National Medical Products Administration for a new indication for the SY-005 injection, specifically for clinical trials targeting neurological deficits after brain glioma surgery [1] Group 1 - The approval notification number for the clinical trial is 2025LP02198 [1] - The new indication for SY-005 injection is for neurological deficits following brain glioma surgery, which is currently in the Phase II clinical trial stage [1]

Core Viewpoint - The company has received approval for a new clinical trial indication for its innovative recombinant protein SY-005, targeting neurological deficits after brain glioma surgery [1] Company Summary - The company, Yabao Pharmaceutical (600351.SH), announced that its subsidiary, Suzhou Yabao Pharmaceutical Research Co., Ltd., received a clinical trial approval notice from the National Medical Products Administration for SY-005 injection [1] - SY-005 is currently in the second phase of clinical trials for the treatment of sepsis, having received its initial clinical trial approval in November 2018 [1] - The newly approved indication for SY-005 is for neurological deficits following brain glioma surgery [1]

Core Viewpoint - The financial performance of Yabao Pharmaceutical for the first half of 2025 shows a significant decline in revenue and net profit compared to the previous year, primarily due to decreased sales in key product lines and wholesale business [1][2]. Financial Performance Summary - The company reported an operating income of 1.139 billion yuan, a decrease of 21.08% year-on-year [2]. - The net profit attributable to shareholders was 174 million yuan, down 2.99% from the previous year [1][2]. - The total profit for the period was 212 million yuan, reflecting a slight decrease of 0.18% [2]. - The net cash flow from operating activities was 327 million yuan, which is a decline of 4.34% compared to the previous year [2]. - The net assets attributable to shareholders at the end of the reporting period were 2.799 billion yuan, down 3.22% from the end of the previous year [2]. - Total assets amounted to 3.454 billion yuan, a decrease of 2.55% [2]. Product and Market Overview - Yabao Pharmaceutical is the first listed company in the pharmaceutical industry of Shanxi Province, with a product range that includes pediatric, chronic disease, and special medical fields [3]. - Key products in the pediatric field include the anti-swelling and pain relief patch and children's throat relief oral liquid, while the injection of Betahistine Hydrochloride is a major product in the chronic disease sector [3].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025 compared to the same period last year, indicating challenges in its product sales and overall financial performance [1][3]. Financial Performance - The company achieved an operating revenue of 1.139 billion, a decrease of 21.08% year-on-year [3]. - The net profit attributable to shareholders was 174 million, down 2.99% from the previous year [1][3]. - The total profit for the period was 212 million, showing a slight decrease of 0.18% compared to the same period last year [3]. - The net cash flow from operating activities was 327 million, reflecting a decline of 4.34% [3]. - The net assets attributable to shareholders at the end of the period were 2.799 billion, a decrease of 3.22% from the end of the previous year [3]. - Total assets were reported at 3.453 billion, down 2.55% from the previous year [3]. Product Performance - The decline in operating revenue was primarily attributed to reduced sales of key products such as the anti-inflammatory pain relief patch, Betahistine hydrochloride injection, and children's throat relief oral solution [1][4]. - The company operates in pediatric, chronic disease, and special medical fields, with its main products in pediatrics being the anti-inflammatory pain relief patch and children's throat relief oral solution, while Betahistine hydrochloride injection is a key product in the chronic disease sector [4].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it indicates a positive trend in the pharmaceutical and biotechnology sector with a weekly increase of 3.08% [3][8]. Core Insights - The pharmaceutical and biotechnology sector outperformed the Wind All A index and the CSI 300 index during the week of August 11 to August 15, with notable gains in medical research outsourcing (7.77%), hospitals (5.59%), and medical consumables (4.47%) [3][8]. - The upcoming launch of the commercial insurance innovative drug directory is expected to activate the domestic high-end payment market for innovative drugs, with 121 drug names passing preliminary review [3][8]. - The World Conference on Lung Cancer (WCLC) will take place from September 6 to 9, showcasing significant research advancements in lung cancer, with domestic research playing an increasingly important role [3][8]. Market Weekly Review - The pharmaceutical and biotechnology sector rose by 3.08%, outperforming the Wind All A index (2.95%) and the CSI 300 index (2.37%) [3][8]. - Medical research outsourcing, hospitals, and medical consumables led the sector's gains, while offline pharmacies, blood products, and medical circulation experienced declines [3][8]. - Notable individual stock performances included Sino Medical (69.1%), Innovation Medical (51.5%), and Guangsheng Tang (40.7%) for gains, while *ST Suwu (-16.8%), ST Sansheng (-15.2%), and Nanhua Biological (-14.2%) faced significant losses [3][11]. Industry News and Key Company Announcements - The National Medical Insurance Administration announced the preliminary review of the 2025 National Basic Medical Insurance drug directory and the commercial insurance innovative drug directory [3][13]. - Novo Nordisk received accelerated FDA approval for its therapy Wegovy for treating non-alcoholic steatohepatitis (NASH) [3][13]. - Yunnan Baiyao approved a full acquisition of An Guo Shi Ju Yao Tang Pharmaceutical Co., Ltd. for 660 million RMB to enhance its traditional Chinese medicine business [3][15]. - Insmed's DPP1 inhibitor Brensocatib received FDA approval for treating non-cystic fibrosis bronchiectasis [3][14].

Core Insights - The company reported a decline in total revenue and net profit for the first half of 2025, with total revenue at 1.139 billion yuan, down 21.08% year-on-year, and net profit at 174 million yuan, down 2.99% [1] - The gross margin decreased to 52.56%, while the net margin increased to 15.38%, reflecting a mixed performance in profitability [1] Financial Performance - Total revenue for 2025 was 1.139 billion yuan, compared to 1.444 billion yuan in 2024, a decrease of 21.08% [1] - Net profit for 2025 was 174 million yuan, down from 180 million yuan in 2024, a decline of 2.99% [1] - The gross margin decreased by 3.19% to 52.56%, while the net margin increased by 26.7% to 15.38% [1] - Total expenses (selling, administrative, and financial) amounted to 338 million yuan, accounting for 29.66% of revenue, down 14.22% year-on-year [1] Cash Flow and Assets - Operating cash flow per share was 0.47 yuan, a decrease of 1.6% year-on-year [1] - Cash and cash equivalents increased to 641 million yuan, up 6.9% from 600 million yuan [3] - Accounts receivable decreased significantly by 50.7% to 209 million yuan [3] Liabilities and Equity - Interest-bearing debt decreased by 28.8% to 160 million yuan [3] - Contract liabilities decreased by 40.19% due to a reduction in advance payments [4] - The company's equity per share increased slightly to 4.0 yuan, up 0.11% [1] Operational Insights - The decline in revenue was attributed to decreased sales of key products, including pain relief patches and certain pharmaceutical injections [7] - Sales expenses decreased by 40.2%, while management expenses decreased by 8.45% [8] - Research and development expenses decreased by 29.56%, indicating a reduction in outsourced R&D and clinical trial costs [9] Business Model and Market Position - The company's return on invested capital (ROIC) was reported at 7.2%, indicating average capital returns [11] - The business model relies heavily on marketing-driven strategies, necessitating further analysis of the underlying drivers [11] - The accounts receivable situation is concerning, with accounts receivable reaching 86.18% of profits [12]

Core Viewpoint - Yabao Pharmaceutical (600351.SH) reported its half-year results for 2025, indicating a total institutional ownership of 161 million shares, representing 22.94% of the company's total equity, with a slight decline in institutional holding compared to the previous quarter [1] Institutional Ownership - As of August 15, 2025, six institutional investors disclosed their holdings in Yabao Pharmaceutical, with a combined shareholding of 161 million shares [1] - The institutional investors include Shanxi Yabao Investment Group Co., Ltd., Hong Kong Central Clearing Limited, Datong Traditional Chinese Medicine Factory, and others [1] - The total institutional holding percentage decreased by 0.35 percentage points compared to the previous quarter [1] Public Fund Holdings - During this reporting period, only one public fund, Huatai-PineBridge CSI Traditional Chinese Medicine ETF, was disclosed, remaining unchanged from the previous quarter [1]

Core Viewpoint - The company, Yabao Pharmaceutical Group Co., Ltd., is set to hold a half-year performance briefing on August 25, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [5][6][7]. Group 1: Company Overview - The company has confirmed that all board members attended the board meeting [2]. - The half-year report has not been audited [2]. - There are no proposed profit distribution plans or capital reserve transfers for the reporting period [3]. Group 2: Financial Data - The company has not disclosed specific financial data in the provided documents, indicating that detailed financial results will be discussed during the upcoming performance briefing [3]. Group 3: Important Events - The performance briefing will take place on August 25, 2025, from 15:00 to 16:00 at the Shanghai Stock Exchange Roadshow Center, and will be conducted in an interactive online format [5][8]. - Investors can submit questions for the briefing from August 18 to August 22, 2025, through the designated website or via email [9]. - Key personnel attending the briefing include the Vice Chairman and General Manager, the Board Secretary, and the Chief Financial Officer [7].