Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed significant improvement in the second quarter, driven by its biopharmaceutical business and export growth in formulations [1][2]. Financial Performance - In 1H25, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.98 billion, 286 million, and 260 million yuan, respectively, representing year-on-year declines of 7.60%, 29.32%, and 29.46% [1]. - For Q2 2025, the revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.095 billion, 202 million, and 185 million yuan, showing year-on-year declines of 3.84%, 11.53%, and 6.36%, but a quarter-on-quarter improvement of 24%, 138%, and 145% respectively [1][2]. Business Segments - The raw material drug business faced challenges, with revenue declining by 45% year-on-year to 291 million yuan in 1H25, reducing its revenue contribution to 15% from 25% in 1H24 [2]. - The formulation segment showed stable growth, with revenue of 1.659 billion yuan in 1H25, up 7% year-on-year, driven by strong export performance, particularly in the U.S. market, which generated 1.137 billion yuan, a 20% increase year-on-year [3]. - The company has received over 100 overseas approvals and is expanding its pipeline in the European market, aiming to replicate U.S. growth [3]. Biologics Development - The company is building a product matrix in biosimilars, with approvals for adalimumab, liraglutide, and paclitaxel biosimilars, and expects to introduce more potential products [3]. - The collaboration with Tonghua Dongbao on insulin products is anticipated to yield approvals starting in 2026 [3]. Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 1.024 billion, 1.327 billion, and 1.650 billion yuan for 2025-2027, representing year-on-year growth of 24%, 30%, and 24% respectively [4]. - The estimated EPS for the same period is 0.63, 0.82, and 1.02 yuan [4]. - A target price of 17.34 yuan is set, based on a 2025 PE of 27.37x, reflecting a 20% discount to the average PE of comparable companies [4].

Group 1 - The company, Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd., has approved a stock repurchase plan with a total fund amount between RMB 20 million and RMB 40 million, with a maximum repurchase price of RMB 18.75 per share [2] - The repurchased shares will be used for employee stock ownership plans or equity incentives, and the implementation period is within 12 months from the approval date [2] - As of August 31, 2025, the company has repurchased a total of 880,000 shares, accounting for 0.05% of the total share capital, with a total payment of RMB 10.2207 million [3] Group 2 - The company will comply with relevant regulations and guidelines during the repurchase period and will make repurchase decisions based on market conditions [5] - The company is committed to timely information disclosure regarding the progress of the stock repurchase [5]

债券代码：113579 债券简称：健友转债 | | | 本次回购资金总额不低于人民币 2,000 万元（含）且不超过人民币 4,000 万 元（含），本次回购股份的价格不超过 18.75 元/股（含），本次回购的股份用于 员工持股计划或股权激励，回购股份实施期限为自公司股东大会审议通过本次回 购股份方案之日起 12 个月内。具体内容详见公司于 2025 年 4 月 29 日披露的《健 友股份关于以集中竞价交易方式回购股份的预案》（公告编号：2025-028）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间，应于每个月的前 3 个交易日内 披露截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 截至 2025 年 8 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购股份 88 万股，已回购股份占公司总股本的比例为 0.05%，成交最 低价为 11.58 元/股，成交最高价为 11.66 元/股，支付的总金额为人民币 1,022.07 万元（不含交易费用及印花税）。 南京健友生化制药股 ...

Group 1 - The company, Jianyou Co., Ltd. (603707.SH), has announced a share buyback program, having repurchased a total of 880,000 shares as of August 31, 2025 [1] - The repurchased shares account for 0.05% of the company's total share capital [1] - The total amount paid for the repurchased shares is approximately RMB 10.22 million, excluding transaction fees and stamp duty [1] Group 2 - The shares were repurchased through the Shanghai Stock Exchange trading system via centralized bidding [1] - The lowest transaction price for the repurchased shares was RMB 11.58 per share, while the highest was RMB 11.66 per share [1]

Investment Rating - The investment rating for the company is "Recommended" [1][8] Core Views - The company is experiencing rapid growth in its U.S. formulation segment, while its biosimilars are entering a period of significant market release [1][7] - The company reported a revenue of 1.98 billion yuan for the first half of 2025, a year-on-year decrease of 7.6%, and a net profit of 286 million yuan, down 29.32% year-on-year, which was slightly below previous expectations [3][7] - The company is focusing on expanding its biosimilar pipeline and has received multiple approvals from the U.S. FDA and the National Medical Products Administration of China [7][8] Financial Summary - Revenue projections for the company are as follows: 3.93 billion yuan in 2023, 3.92 billion yuan in 2024, 4.29 billion yuan in 2025, 4.95 billion yuan in 2026, and 5.64 billion yuan in 2027, with a year-on-year growth of 9.3% expected in 2025 [6][10] - The net profit is projected to be 826 million yuan in 2024, 753 million yuan in 2025, 866 million yuan in 2026, and 1.08 billion yuan in 2027, with a year-on-year growth of 15% expected in 2026 [6][10] - The gross margin is expected to be 43.2% in 2024, 41.3% in 2025, 43.1% in 2026, and 44.6% in 2027 [6][10] Segment Performance - The company's heparin raw material revenue was 291 million yuan in the first half of 2025, down 45% year-on-year, while the formulation revenue was 1.66 billion yuan, up 7% year-on-year, with the U.S. formulation platform Meitheal generating 1.14 billion yuan, a 20% increase [7][8] - The company has increased its R&D investment to 433 million yuan in the first half of 2025, accounting for 21.85% of revenue, which is a 126.55% increase year-on-year [7][8] Strategic Focus - The company is concentrating on overseas formulation sales and expects biosimilars to provide a new growth curve, maintaining its "Recommended" rating despite slight underperformance in the first half of 2025 [7][8]

Core Viewpoint - The recent financial report of Jianyou Co., Ltd. (603707) indicates a decline in both revenue and net profit for the first half of 2025 compared to the previous year, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.98 billion yuan, a decrease of 7.6% year-on-year [1]. - Net profit attributable to shareholders was 286 million yuan, down 29.32% from the previous year [1]. - In Q2 2025, total revenue was 1.095 billion yuan, reflecting a year-on-year decline of 3.84% [1]. - Q2 net profit attributable to shareholders was 202 million yuan, a decrease of 11.53% year-on-year [1]. - The gross margin was 37.49%, down 6.83% year-on-year, while the net margin was 14.46%, down 23.51% [1]. - The total of selling, administrative, and financial expenses reached 350 million yuan, accounting for 17.68% of total revenue, an increase of 54.56% year-on-year [1]. Key Financial Ratios - The company's return on invested capital (ROIC) for the previous year was 10.39%, indicating average capital returns [3]. - The historical median ROIC since the company went public is 14.31%, with a significant drop to -1.55% in the worst year, 2023 [3]. - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 96.18% [3]. - The debt situation is also a concern, with interest-bearing debt ratio reaching 20.97% [3]. - Accounts receivable to profit ratio has reached 154.56%, indicating potential collection issues [3]. Market Sentiment and Fund Holdings - Analysts expect the company's performance in 2025 to reach 1.023 billion yuan, with an average earnings per share of 0.63 yuan [3]. - The company is held by a prominent fund manager, Chen Hao from E Fund, who has recently increased his holdings [3][4]. - The largest fund holding Jianyou shares is the Jiaoyin Growth Mixed Fund, with a scale of 1.719 billion yuan and a recent net value increase of 0.16% [5].

Group 1 - The board of directors of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. held its 14th meeting of the 5th session on August 28, 2025, with 5 out of 6 directors present [1][2] - The meeting was chaired by Chairman Tang Yongqun and complied with relevant laws and regulations [1] - The board approved the half-year report for 2025 and its summary, which was previously reviewed by the audit committee [1][2] Group 2 - The board also approved a change in accounting policies, which was also reviewed by the audit committee prior to the meeting [2] - The voting results for both resolutions were unanimous, with 6 votes in favor and no votes against or abstaining [2]

Meeting Details - The fifth meeting of the supervisory board of Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. was held on August 28, 2025, with a notification sent on August 18, 2025 [1] - The meeting was attended by 2 out of 3 supervisors, with one supervisor represented by proxy [1] Resolutions Passed - The supervisory board approved the half-year report for 2025, ensuring that the report does not contain any false records, misleading statements, or significant omissions [1][2] - The board also approved a change in accounting policy aimed at improving the alignment of revenue recognition criteria with the ERP information management system, ensuring more reliable and accurate financial information [2]

Core Insights - The company reported a revenue of 1.98 billion yuan for the first half of 2025, representing a year-on-year decline of 7.60% [1] - The net profit attributable to shareholders was 286 million yuan, down 29.32% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 260 million yuan, a decrease of 29.46% compared to the previous year [1] - The basic earnings per share stood at 0.18 yuan [1]

Core Viewpoint - The company, Jianyou Co., announced the approval of a change in accounting policy during the 14th meeting of its fifth board of directors [2] Group 1 - The board meeting was held on August 28, where the proposal regarding the change in accounting policy was reviewed and approved [2]