8月26日，深圳经济特区迎来建立45周年。 在深圳这片敢闯敢试、敢为人先的热土上，生物医药产业正以前所未有的速度崛起。从昔日以"三来一补"（即来料加工、来样加工、来件装配和补偿贸易） 为起点，到如今成为创新药与高端医疗器械的策源地，深圳生物医药产业正加速向规模超千亿元的创新高地迈进。 深圳坪山生物医药产业加速器园区 图片来源：视觉中国-VCG211420918549 从"零起步"到国际一流产业集聚高地 在深圳经济特区45年的发展历程中，产业转型升级的轨迹清晰可见，而生物医药产业亦是其中的亮丽篇章。 45年前，深圳没有一家现代化药厂，仅有几家作坊式制药车间，原料药依赖进口。45年后，深圳医药产业规模持续壮大，汇聚了众多生物医药相关的上市公 司，在创新药、高端医疗器械、生物技术等领域不断突破。 药智数据统计显示，截至2024年，深圳市累计拥有生物医药企业2780家，规上医药制造业工业总产值（2022年）499.22亿元。其中，医疗器械企业2468家， 保健品企业133家，生产化药的企业114家。 如今，深圳不再仅仅是"世界工厂"，更是"创新工场"。 从原创成果到产业龙头，这里既诞生了多个自主研发的创新治疗产品，还 ...

Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but net profit showed a modest increase, indicating resilience amid market challenges [1][2]. Financial Performance - Revenue for the first half of 2025 was 7.898 billion yuan, a year-on-year decrease of 4.08% - Net profit attributable to shareholders was 785 million yuan, a year-on-year increase of 1.10% - Non-recurring net profit was 770 million yuan, a year-on-year increase of 1.04% - Basic EPS was 0.43 yuan, in line with market expectations [1][2]. Business Segment Analysis - Chemical preparations revenue was 3.768 billion yuan, down 7.51% year-on-year - Chemical raw materials and intermediates revenue was 2.525 billion yuan, down 4.48% year-on-year - Traditional Chinese medicine preparations revenue was 812 million yuan, up 4.29% year-on-year - Diagnostic reagents and equipment revenue was 374 million yuan, down 5.13% year-on-year - Health food revenue was 244 million yuan, up 35.24% year-on-year, driven by brand digital marketing - Bioproducts revenue was 95 million yuan, up 8.31% year-on-year [2]. Cost Management - Gross margin for the pharmaceutical manufacturing sector was 62.53%, a decrease of 1.09 percentage points year-on-year - Selling expense ratio was 25.54%, an increase of 0.07 percentage points year-on-year - Management expense ratio was 5.34%, a decrease of 0.06 percentage points year-on-year - R&D expense ratio was 7.74%, a decrease of 0.94 percentage points year-on-year [2]. Innovation and Pipeline Development - The company is deepening its layout in the respiratory field, with core products performing well despite short-term pressures from procurement policies - Sales of tobramycin inhalation solution increased by 112% year-on-year - The company is advancing its innovation transformation with a rich pipeline, including: - Antiviral drug TG-1000 expected to be approved in the second half of 2025 - Complex formulations such as salmeterol/fluticasone inhalation powder and fluticasone propionate nebulized suspension received registration - TSLP monoclonal antibody and IL-4R monoclonal antibody are in Phase II clinical trials - The company is also diversifying into innovative fields, with Nav1.8 targeting peripheral nerve pain signaling [3]. Profit Forecast and Valuation - The company is in a transitional phase due to procurement factors, but innovation transformation is progressing steadily - Net profit forecasts for 2025-2027 are 1.32 billion, 1.51 billion, and 1.67 billion yuan, respectively - Corresponding P/E ratios are 18, 16, and 14 times - The company maintains a leading position in inhalation formulations, with core products expected to grow significantly [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Views - The company is undergoing a transitional phase in its traditional business due to factors such as centralized procurement, while its innovative transformation is progressing in an orderly manner [4]. - The company reported a revenue of 7.898 billion yuan for the first half of 2025, a year-on-year decrease of 4.08%, but the net profit attributable to shareholders increased by 1.10% to 785 million yuan, aligning with market expectations [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the revenue from the chemical preparation segment was 3.768 billion yuan (down 7.51% year-on-year), while the revenue from chemical raw materials and intermediates was 2.525 billion yuan (down 4.48% year-on-year). The traditional Chinese medicine segment saw a revenue increase of 4.29% to 812 million yuan, and health food revenue surged by 35.24% to 244 million yuan [2]. - The gross margin for the pharmaceutical manufacturing sector was 62.53%, a decrease of 1.09 percentage points year-on-year [2]. Business Development - The company is deepening its layout in the respiratory field, with core products performing well despite short-term pressures from centralized procurement policies. Sales of the core product, Tobramycin inhalation solution, increased by 112% year-on-year [3]. - The company is advancing its innovative transformation with a rich pipeline, including an anti-influenza drug expected to be approved in the second half of 2025 and several complex formulations that have received registration [3]. Profit Forecast and Valuation - The profit forecast for the company is set at 1.32 billion yuan for 2025, with projected earnings per share (EPS) of 0.72 yuan. The price-to-earnings (P/E) ratio is expected to be 18 for 2025, decreasing to 14 by 2027 [4][5]. - The report anticipates a gradual recovery in revenue growth, with a projected increase of 0.90% in 2025, followed by higher growth rates in subsequent years [5].

Core Viewpoint - The report from Kaiyuan Securities highlights Health元's stable performance in H1 2025, with a slight increase in net profit and strong growth in various business segments [1] Financial Performance - Health元's net profit attributable to shareholders for H1 2025 reached 785 million yuan, reflecting a year-on-year increase of 1.10% [1] - The company's gross margin for H1 2025 was 62.21%, down by 1.10 percentage points, while the net profit margin improved to 22.33%, up by 1.73 percentage points [1] - In Q2 2025, the net profit attributable to shareholders was 349 million yuan, showing a year-on-year increase of 3.72% but a quarter-on-quarter decline of 19.88% [1] Business Segments - The collaboration across various business segments has been effective, with Lijun Group continuing to provide stable performance [1] - The impact of Lijun monoclonal antibody on the company's net profit has reduced losses by 62 million yuan compared to H1 2024 [1] - Sales of the drug 妥布霉素 in H1 2025 increased by 112% year-on-year, indicating strong growth [1] - The health products segment grew by 35% year-on-year, while the raw materials segment remained stable, with key product 7-ACA maintaining favorable pricing [1] - The price of meropenem raw materials has gradually stabilized after a decline [1] Future Outlook - The company is expected to maintain its innovative advantages in the respiratory sector, with projected net profits for 2025-2027 at 1.463 billion, 1.568 billion, and 1.715 billion yuan respectively [1] - Earnings per share (EPS) are forecasted to be 0.80, 0.86, and 0.94 yuan per share for the same period [1] - The current stock price corresponds to price-to-earnings (PE) ratios of 16.1, 15.0, and 13.7 times for 2025-2027 [1] - The rating for the stock is maintained as "Buy" [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable profit growth with an accelerated layout in innovative drugs, maintaining a "Buy" rating. In H1 2025, the company achieved revenue of 7.898 billion yuan (down 4.08% year-on-year) and a net profit attributable to shareholders of 785 million yuan (up 1.10%) [5][6] - The company has a strong focus on respiratory diseases, with over 10 innovative drugs in the pipeline, and is making significant progress in clinical trials for various treatments [6] Financial Summary - In H1 2025, the company's gross margin was 62.21% (down 1.10 percentage points), and the net profit margin was 22.33% (up 1.73 percentage points) [5] - The company expects net profits attributable to shareholders to be 1.463 billion yuan, 1.568 billion yuan, and 1.715 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.80 yuan, 0.86 yuan, and 0.94 yuan per share [5][8] - The current stock price corresponds to a PE ratio of 16.1, 15.0, and 13.7 for the years 2025, 2026, and 2027 respectively [5] Research and Development - The company has made multiple breakthroughs in research and development, particularly in the respiratory field, with innovative drugs targeting COPD and influenza [6] - The company is advancing its clinical trials for various drugs, including a non-opioid pain relief medication, which aims to provide safer alternatives for pain management [6]

Group 1 - The core point of the news is that Health元药业集团股份有限公司 has applied for an "I class meeting" with the CDE, which is currently in processing status [1] - The I class meeting is typically held within 30 days after the application and addresses significant safety issues in drug clinical trials or major technical issues in the development of breakthrough therapies [1] - Health元药业集团股份有限公司 was established in 1992 and is primarily engaged in the pharmaceutical manufacturing industry, with a registered capital of 1,874.20042 million RMB [1] Group 2 - The company has made investments in 31 enterprises and participated in 174 bidding projects, indicating active engagement in the market [1] - Health元药业集团股份有限公司 holds 893 trademark registrations and 156 patents, showcasing its focus on intellectual property [1] - The company has 106 administrative licenses, reflecting its compliance and operational capabilities [1] Group 3 - Major shareholders of Health元药业集团股份有限公司 include Shenzhen百业源投资有限公司 with a 48.96% stake, Hong Kong Central Clearing Limited with 3.74%, and others [2] - The ownership structure indicates a significant concentration of ownership with the largest shareholder holding nearly half of the company [2]

Financial Performance - Health元 reported a total revenue of 7.898 billion yuan for the first half of 2025, a decrease of 4.08% year-on-year [1] - The net profit attributable to shareholders was 785 million yuan, reflecting a year-on-year increase of 1.1% [1] - The gross margin was 62.21%, down 1.75% from the previous year, while the net margin increased by 8.41% to 22.33% [1] - Total operating expenses were 2.217 billion yuan, accounting for 28.07% of revenue, a decrease of 4.41% year-on-year [1] - Earnings per share rose to 0.43 yuan, a 2.38% increase compared to the previous year [1] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 9.39%, indicating average capital returns [2] - The net profit margin was reported at 19.1%, suggesting a high added value for the company's products or services [2] - The company has experienced two loss years since its IPO, indicating a relatively fragile business model [2] Accounts Receivable - The accounts receivable to profit ratio has reached 208.16%, suggesting a need for attention to the company's accounts receivable situation [3] Fund Holdings - The largest fund holding in Health元 is the Guolian An Small Cap Selected Mixed Fund, which has increased its holdings to 4.355 million shares [4] - The fund's recent performance shows a 37.7% increase over the past year [4] Innovation Pipeline - The company has over 20 first-class innovative drugs in development, with more than 10 in key research stages [5] - The innovative drug pipeline includes a new oral PREP inhibitor for COPD, which has completed Phase I clinical trials and is advancing to Phase II [6] - The company is also developing a pediatric formulation of its flu drug, aimed at improving acceptance among children [10] Internationalization Strategy - The company is focusing on internationalization, with plans to establish sales subsidiaries in the Netherlands and the Philippines [13] - A strategic partnership has been formed with Kalbe Group in Indonesia to set up a raw material drug factory targeting high-end markets [13] Shareholder Returns - The company has completed a share buyback plan totaling 2.7 billion yuan over the past five years and has increased cash dividends by nearly 10% year-on-year [14]

Fundraising Overview - The company raised a total of RMB 200,000.00 million through a share placement, with actual funds raised amounting to RMB 171,599.38 million after deducting issuance costs of RMB 4,625.36 million, resulting in a net amount of RMB 166,974.02 million [1][5] - As of June 30, 2025, the company has utilized RMB 171,655.28 million of the raised funds, with RMB 4,865.02 million used in the first half of 2025 [1][5] - The balance of the fundraising account as of June 30, 2025, is RMB 947.31 million, primarily held in dedicated fundraising accounts [1][5] GDR Issuance - The company issued Global Depository Receipts (GDR) corresponding to 63,825,000 shares, raising approximately USD 9,204 million, with a net amount of about USD 8,930 million after deducting underwriting and bank fees [1][5] - As of June 30, 2025, the GDR fundraising account balance is USD 9,766.53 million, including interest income of USD 1,087.17 million [1][5] Fund Management - The company has established a fundraising management system to ensure that the funds are used specifically for their intended purposes, with strict approval processes in place [1][5] - Funds are stored in dedicated accounts approved by the board, and a tripartite supervision agreement has been signed with the sponsoring institution and banks [1][5] Fund Utilization - In the first half of 2025, the company used RMB 4,865.02 million of the raised funds, with approximately 70% allocated for global R&D and industrialization plans, 10% for global sales and service network development, and 20% for working capital and other general corporate purposes [1][5] - The company has replaced RMB 21,532.82 million of self-raised funds with the raised funds for investment projects, complying with legal requirements [1][5] Project Changes - The company has changed the use of funds from the Zhuhai Health Industry Base project to new product R&D, expansion of the Haibin Pharmaceutical Pingshan base, and information technology platform projects due to changes in project feasibility and market conditions [1][5] - The company plans to return RMB 3,386.29 million from the sale of land use rights related to the Zhuhai project to the fundraising account for new product R&D [1][5] Compliance and Disclosure - The company has complied with relevant regulations regarding the disclosure of fundraising storage and utilization, with no violations reported [1][5]

Core Views - Joincare Pharmaceutical Group Industry Co., Ltd. reported a steady growth trajectory in its overall performance during the first half of 2025, demonstrating strong operational resilience despite market fluctuations and intensified competition [16][18]. Financial Highlights - Revenues for the reporting period were RMB 7,898,328,250.41, a decrease of 4.08% compared to the same period last year [4]. - Total profit increased by 4.58% to RMB 2,072,742,025.46 [4]. - Net profit attributable to shareholders of the listed company was RMB 784,939,913.34, reflecting a slight increase of 1.10% [4]. Company Profile and Major Financial Indicators - The company is engaged in R&D, production, and sales of pharmaceutical products, including chemical pharmaceuticals, biologics, and traditional Chinese medicine [5]. - The company has established a comprehensive end-to-end system covering the entire value chain, from R&D to sales [5]. Industry Overview - The Chinese pharmaceutical innovation sector is undergoing structural changes, with a focus on innovative drug development, supported by government policies [13][15]. - The National Medical Products Administration approved over 20 Class 1 innovative drugs from January to May 2025, marking a record high [13]. Business Model - The company employs a multi-pronged R&D model that integrates independent innovation, external licensing, and collaborative development [5]. - The company has established long-term partnerships with suppliers to ensure procurement efficiency and quality [6]. Performance Drivers - The health care products segment achieved a 35% increase in sales, becoming a key driver of performance [20]. - The respiratory therapeutic area saw a sales increase of 112% for Tobramycin Inhalation Solution, demonstrating strong growth momentum [19]. R&D Innovation - The company has established a pipeline of more than ten Category I innovative drugs, focusing on respiratory diseases and other therapeutic areas [23]. - Significant progress has been made in various therapeutic areas, including autoimmune diseases and metabolism [24][25]. Internationalization Strategy - The company is expanding its global footprint with the construction of its first overseas API plant in Jakarta, Indonesia [30]. - The company has successfully obtained regulatory approvals in multiple international markets, enhancing its global supply chain [30]. Future Outlook - The company plans to deepen R&D in innovative drugs, focusing on core strengths in respiratory, anti-infective, and gastroenterology fields [32]. - The company aims to optimize production processes and enhance efficiency through intelligent manufacturing and AI data analytics [33].

Core Viewpoint - Health元药业集团 reported a stable overall business performance in the first half of 2025, with core business segments working collaboratively to adapt to market changes and maintain resilience [3][4]. Financial Performance - Total assets at the end of the reporting period were CNY 35,552.22 million, a decrease of 0.46% from the previous year [1]. - Operating revenue was CNY 7,898.33 million, down 4.08% year-on-year [1]. - Total profit reached CNY 2,072.74 million, an increase of 4.58% compared to the previous year [1]. - Net profit attributable to shareholders was CNY 769.81 million, showing a slight increase of 1.04% from the previous year [1]. Business Segments - The respiratory product segment faced sales declines due to continued centralized procurement policies and intensified market competition, but the company managed to grow sales of its existing products, such as tobramycin inhalation solution, by 112% year-on-year [4]. - The health products segment performed well, achieving a growth of 35% year-on-year, highlighting the positive effects of diversified business strategies [4]. - The raw materials segment maintained strong competitiveness, with key products like 7-ACA sustaining good pricing [4]. R&D and Innovation - The company has made significant progress in R&D across various therapeutic areas, with over 10 innovative drugs in the respiratory field, including a new treatment for influenza that has entered the production application stage [5][6]. - In the autoimmune field, a humanized monoclonal antibody for moderate to severe psoriasis has completed Phase III clinical trials, showing superior efficacy compared to existing treatments [6]. - The company is also advancing in the pain management area with a non-opioid innovative drug that has completed Phase I clinical trials [7]. International Expansion - The company has commenced construction of its first overseas raw material drug factory in Jakarta, Indonesia, aimed at enhancing its global supply chain and market responsiveness [8]. - Regulatory approvals for production and import in the Philippines and Malaysia have been achieved, facilitating market entry in Southeast Asia [8]. - The company is pursuing a strategic acquisition of a Vietnamese company to enhance its market penetration in the region [8].