Core Viewpoint - Zhejiang Huahai Pharmaceutical Co., Ltd. is expected to report a significant decline in net profit for the first half of 2025, with estimates ranging from 374 million to 449 million yuan, representing a year-on-year decrease of approximately 40% to 50% [1][2] Financial Performance Summary - The estimated net profit attributable to shareholders for the first half of 2025 is projected to be between 374 million and 449 million yuan, a decrease of approximately 29.957 million to 37.457 million yuan compared to the same period last year [1][2] - The estimated net profit after deducting non-recurring gains and losses is expected to be between 0 and 420.85 million yuan, reflecting a year-on-year decline of approximately 45% to 55% [2] Previous Year Performance Comparison - In the same period last year, the net profit attributable to shareholders was 748.566 million yuan, and the net profit after deducting non-recurring gains and losses was 764.8527 million yuan [2] - The earnings per share for the previous year was 0.52 yuan [2] Reasons for Performance Change - The decline in net profit is primarily attributed to several factors: 1. Intensified competition in the raw material drug industry and the impact of domestic centralized procurement policies, leading to a decrease in sales revenue despite an increase in market share [2] 2. Increased investment in the research and development of innovative biological drugs, resulting in significantly higher R&D expenses [2] 3. Reduced foreign exchange gains due to currency fluctuations [2] - Non-operating gains and losses increased by approximately 50 million to 70 million yuan, mainly due to the increase in fair value changes of financial assets measured at fair value [2]

Zhejiang Huahai Pharmaceutical Co., Ltd. 2025 Semi-Annual Performance Pre-announcement of Decline [Current Period Performance Forecast](index=1&type=section&id=Current%20Period%20Performance%20Forecast) The company expects a significant decline in its 2025 first-half performance, with net profit attributable to shareholders projected to decrease by approximately 40% to 50% year-on-year, while net profit after deducting non-recurring gains and losses is expected to decline by about 45% to 55% year-on-year 2025 Semi-Annual Performance Forecast (RMB) | Performance Indicator | 2025 Semi-Annual Estimated Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 374 million to 449 million yuan | Decrease of approximately 40% to 50% | | Net Profit After Deducting Non-Recurring Gains and Losses | 344 million to 421 million yuan | Decrease of approximately 45% to 55% | [Prior Period Performance Overview](index=1&type=section&id=Prior%20Period%20Performance%20Overview) The report provides 2024 prior period performance data as a benchmark, with net profit attributable to shareholders at 748.566 million yuan, net profit after deducting non-recurring gains and losses at 764.8527 million yuan, and earnings per share at 0.52 yuan 2024 Semi-Annual Performance (RMB) | Performance Indicator | 2024 Semi-Annual Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | 748.566 million yuan | | Net Profit After Deducting Non-Recurring Gains and Losses | 764.8527 million yuan | | Earnings Per Share | 0.52 yuan | [Key Reasons for Current Period Performance Change](index=2&type=section&id=Key%20Reasons%20for%20Current%20Period%20Performance%20Change) The year-on-year decline in current period performance is primarily influenced by three factors: product price decreases due to domestic centralized procurement, industry competition, and tariff issues impacting sales revenue; a significant year-on-year increase in R&D investment to accelerate biological innovative drug projects; and reduced exchange gains due to foreign currency exchange rate fluctuations, while non-operating gains and losses increased year-on-year due to fair value changes in financial assets - Due to deepening domestic centralized procurement policies, intensified competition in the API industry, and the impact of China-US tariffs, the company's product prices continued to fall, leading to a year-on-year decrease in current period sales revenue[6](index=6&type=chunk) - The company accelerated the advancement of biological innovative drug R&D projects, resulting in a significant year-on-year increase in R&D investment[6](index=6&type=chunk) - Foreign currency exchange rate fluctuations led to a year-on-year decrease in exchange gains[6](index=6&type=chunk) - During the reporting period, non-operating gains and losses increased by approximately **50 million to 70 million yuan** year-on-year, primarily due to increased gains from fair value changes in financial assets[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=Risk%20Warning) The company confirms that there are currently no significant uncertainties affecting the accuracy of this performance forecast - The company states that there are no significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) [Other Explanatory Notes](index=2&type=section&id=Other%20Explanatory%20Notes) The company explicitly states that the performance forecast data released this time is only a preliminary calculation result, unaudited, and the final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks - This performance forecast data is preliminary and unaudited by an accounting firm; the final data will be subject to the company's officially disclosed 2025 semi-annual report[8](index=8&type=chunk)

华海药业（600521）公告，经财务部门初步测算，公司2025年半年度实现归属于上市公司股东的净利润 预计在3.74亿元至4.49亿元之间，与上年同期相比，将减少约3亿元到3.75亿元，同比下降约40%到 50%。公司2025年半年度归属于上市公司股东的扣除非经常性损益的净利润预计在3.44亿元至4.21亿元 之间，与上年同期相比，将减少约3.44亿元到4.21亿元，同比下降约45%到55%。 ...

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

| 股票简称：华海药业 | 股票代码：600521 | 公告编号：临 | 号 2025-081 | | --- | --- | --- | --- | | 债券简称：华海转债 | 债券代码：110076 | | | 浙江华海药业股份有限公司 关于获得药品注册证书的公告 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个别及连带责任。 浙江华海药业股份有限公司（以下简称"公司"）于近日收到国家药品监督管 理局（以下简称"国家药监局"）核准签发的琥珀酸美托洛尔缓释片和盐酸尼卡地 平注射液的《药品注册证书》，现将相关情况公告如下： 一、琥珀酸美托洛尔缓释片相关情况 药品名称：琥珀酸美托洛尔缓释片 剂型：片剂 规格：47.5mg（按琥珀酸美托洛尔计） 申请事项：药品注册（境内生产） 注册分类：化学药品 4 类 申请人：浙江华海药业股份有限公司 药品批准文号：国药准字 H20254805 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品符 合药品注册的有关要求，批准注册，发给药品注册证书。 琥珀酸美托洛尔缓释片用于治疗高血压、心绞 ...

Index Performance - The CSI A500 Index rose by 0.96% this week, closing at 4707.08 points on July 11, marking three consecutive weeks of gains [6] - The average daily trading volume for the week was 4067.87 billion yuan, with a week-on-week increase of 10.89% [6] Component Stocks Performance - The top ten gainers this week included: 1. Zhongyou Capital (000617.SZ) with a gain of 27.78% 2. Quzhou Development (600208.SH) with a gain of 23.67% 3. Northern Rare Earth (600111.SH) with a gain of 21.66% 4. Shenghe Resources (600392.SH) with a gain of 18.99% 5. Harbin Investment (600864.SH) with a gain of 16.36% 6. China Rare Earth (000831.SZ) with a gain of 16.31% 7. Baogang Group (600010.SH) with a gain of 15.47% 8. New Town Holdings (601155.SH) with a gain of 12.98% 9. JA Solar Technology (002459.SZ) with a gain of 12.56% 10. Sungrow Power Supply (300274.SZ) with a gain of 12.50% [4] - The top ten losers included: 1. Huahai Pharmaceutical (600521.SH) with a loss of 9.50% 2. Kelun Pharmaceutical (002422.SZ) with a loss of 8.61% 3. Baillie Gifford (688506.SH) with a loss of 8.43% 4. Junshi Biosciences (688180.SH) with a loss of 7.54% 5. Dongpeng Beverage (605499.SH) with a loss of 6.30% 6. Yingfeng Environment (000967.SZ) with a loss of 5.94% 7. Ziwen Mining (601899.SH) with a loss of 5.79% 8. Juhua Group (600160.SH) with a loss of 5.62% 9. Shandong Gold (600547.SH) with a loss of 5.41% 10. Pudong Development Bank (600000.SH) with a loss of 5.35% [4] Fund Performance - All 38 CSI A500 funds collectively rose this week, with the top performer being the Fortune Fund, which increased by 1.48% [7] - The total scale of these funds reached 1985.44 billion yuan, with the top three being Huatai-PineBridge (189.17 billion yuan), Guotai (178.43 billion yuan), and GF Fund (171.80 billion yuan) [7] Market Insights - Recent reports indicate that the A-share market has broken through key levels, moving away from a "full reduction" mindset, with structural expansion observed [8] - The bond market is experiencing low interest rates and volatility, facing strong resistance both upwards and downwards [8] - The report suggests that the second half of the year will see an influx of incremental capital, driving the market to a new level, with insurance capital leading the way [8] - The technology sector is highlighted as having high probability and return potential due to industry trends and supportive policies [8] - Consumer data shows signs of improvement, with macroeconomic indicators reflecting positive trends, particularly in discretionary consumption [9]

Core Viewpoint - Huahai Pharmaceutical has received approval from the National Medical Products Administration for the registration of two new drugs, which are expected to generate significant sales in the domestic market in 2024 [1] Group 1: Product Approvals - The company has obtained the drug registration certificate for Succinic Acid Metoprolol Sustained-Release Tablets, which are used for treating hypertension and angina, with an estimated domestic market sales amount of approximately 3.066 billion yuan in 2024 [1] - The company has also received approval for Nicardipine Hydrochloride Injection, intended for emergency treatment of abnormal hypertension during surgery, with an estimated domestic market sales amount of around 632 million yuan in 2024 [1] Group 2: R&D Investment - The company has invested approximately 17.04 million yuan in the research and development of Succinic Acid Metoprolol Sustained-Release Tablets [1] - The investment in the research and development of Nicardipine Hydrochloride Injection amounts to about 4.98 million yuan [1]

Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

Group 1 - The China Securities Innovation Drug Industry Index (931152) increased by 0.55%, with notable stock performances including Zhenhua Cell (688520) up 16.46%, Rongchang Bio (688331) up 10.65%, and Aosaikang (002755) up 10.00% [1] - The Innovation Drug 50 ETF (159835) has shown a cumulative increase of 33.49% over the past year, indicating significant growth in its market share [1] - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, marking a pivotal step in the integration of commercial health insurance into the multi-tiered medical security system [1] Group 2 - Multiple policy releases are seen as significant for the development of innovative drugs, with the introduction of a commercial health insurance innovative drug directory expected to expand market opportunities and encourage pharmaceutical companies to enhance R&D efforts [2] - The domestic innovative drug industry is anticipated to reach a turning point by 2025, shifting from capital-driven growth to profit-driven growth, presenting dual opportunities for performance and valuation recovery [2] - The Innovation Drug 50 ETF closely tracks the China Securities Innovation Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug R&D to reflect the overall performance of the innovative drug sector [2]

Market Overview - The Shanghai Composite Index rose by 0.18% on July 3, with 24 out of the 28 sectors in the Shenwan classification experiencing gains. The leading sectors were electronics and electrical equipment, with increases of 1.69% and 1.38% respectively. The pharmaceutical and biological sector ranked third in terms of gains [1] - The coal and transportation sectors saw the largest declines, with decreases of 1.16% and 0.28% respectively [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 4.511 billion yuan throughout the day. Nine sectors saw net inflows, with the electronics sector leading at a net inflow of 7.820 billion yuan, followed by the pharmaceutical and biological sector with a net inflow of 1.382 billion yuan [1] - A total of 22 sectors experienced net outflows, with the machinery equipment sector leading at a net outflow of 2.317 billion yuan, followed by the basic chemicals sector with a net outflow of 1.908 billion yuan [1] Pharmaceutical and Biological Sector Performance - The pharmaceutical and biological sector increased by 1.35% with a net inflow of 1.382 billion yuan. Out of 474 stocks in this sector, 388 stocks rose, and 12 stocks hit the daily limit up. Conversely, 83 stocks declined [2] - Among the stocks with net inflows exceeding 100 million yuan, Huahai Pharmaceutical led with a net inflow of 269 million yuan, followed by Changchun High-tech and Zhongsheng Pharmaceutical with net inflows of 266 million yuan and 178 million yuan respectively [2] - The stocks with the largest net outflows included Dongfang Ocean, Changshan Pharmaceutical, and Mindray Medical, with net outflows of 186 million yuan, 155 million yuan, and 121 million yuan respectively [2][3] Top Gainers in Pharmaceutical Sector - The top gainers in the pharmaceutical sector included: - Huahai Pharmaceutical: +10.01%, turnover rate 4.98%, net inflow 268.63 million yuan - Changchun High-tech: +10.00%, turnover rate 4.06%, net inflow 266.41 million yuan - Zhongsheng Pharmaceutical: +6.22%, turnover rate 13.53%, net inflow 177.88 million yuan [2] Top Losers in Pharmaceutical Sector - The top losers in the pharmaceutical sector included: - Dongfang Ocean: -1.29%, turnover rate 25.09%, net outflow -186.29 million yuan - Changshan Pharmaceutical: +0.41%, turnover rate 2.88%, net outflow -154.59 million yuan - Mindray Medical: -2.13%, turnover rate 0.63%, net outflow -120.66 million yuan [3]