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]

Core Viewpoint - The company announced the approval of changes to its accounting policies during the tenth meeting of the fifth supervisory board [2] Group 1 - The announcement was made on the evening of August 28 [2] - The changes were approved by the supervisory board [2] - The specific details of the accounting policy changes were not disclosed in the announcement [2]

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | | 一、聚焦主业，稳步提升经营质量 公司是一家集药品研发、生产、销售为一体的制药企业，积极布局化学药、 生物药领域，建立涵盖心血管、神经类、麻醉剂、抗肿瘤制剂、手术辅助类及其 他高附加值无菌注射剂等丰富的产品管线，是全球市场多品种注射剂的供应商。 2025 年，公司持续加大研发投入，支撑研发项目快速推进，增加研发储备 广度，实现快速规模化，为公司成为多品种、全球化药品生产企业建立支撑。加 强对外合作，深化全球商业化运营，在全球寻求生物药产品合作、临床管理、分 销渠道的建立，在产品管线不断完善的同时建立完整的商业竞争能力。公司产线 顺利通过 FDA 现场检查，公司共拥有 12 条通过美国 FDA 批准的生产线，为公司 持续拓展美国市场提供了坚实的保障，并对拓展全球规范市场带来积极影响。 2025 年，公司将继续坚持以创造健康生活为己任，不断开拓创新，给患者 更为安全、更有疗效的高品质产品。加大研发力度，加速推动公司产品管线建设， ...

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | | 南京健友生化制药股份有限公司 会议由监事会主席刘祖清先生主持。本次会议召集、召开符合《中华人民共 和国公司法》及有关法律、法规和《公司章程》的规定。会议审议并通过了如下 议案： 二、监事会会议审议情况 会议审议并通过了如下议案： （一）审议通过了《关于公司 2025 年半年度报告及其摘要》的议案 全体监事保证 2025 年半年度报告所载不存在任何虚假性记载、误导性陈述 或重大遗漏，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。详细 内容请见上海证券交易所网站（http://www.sse.com.cn）。 表决结果：同意 3 票赞成，0 票反对，0 票弃权。 （二）审议通过了《关于公司会计政策变更的议案》 第五届监事会第十次会议决议公告 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个别及连带责任。 一、监事会会议召开情况 南京健友生化制药股份 ...