Core Insights - Lisheng Pharmaceutical (002393) announced that its wholly-owned subsidiary, Central Pharmaceutical Co., Ltd., will receive a cash dividend of 304 million yuan from its 12.15% stake in Tian Shili Biopharmaceutical Group, positively impacting the company's 2025 operating performance [2] - In 2024, Lisheng Pharmaceutical achieved a revenue of 1.336 billion yuan and a net profit of 103 million yuan after deducting non-recurring items [2] - The company is recognized as a national high-tech enterprise and has been included in the "Science and Technology Reform Demonstration Enterprise" list by the State-owned Assets Supervision and Administration Commission [2] R&D and Product Development - Lisheng Pharmaceutical has maintained a research and development intensity of over 7% in recent years, with a record number of approvals for new products: 6 in 2022, 4 in 2023, and 16 in 2024 [3] - The company is expanding its "raw materials + formulations" integrated advantage, focusing on developing raw materials with technical barriers to complement its formulations and enhance overall competitiveness [3] - In 2024, five raw materials, including Perindopril tert-butylamine salt and Apixaban, received approval, and the company also received a listing application approval for Voriconazole raw material from the National Medical Products Administration [3] Sustainability and ESG Performance - Lisheng Pharmaceutical is recognized as a national green factory, adhering to principles of safety, health, and sustainable development, with a focus on energy conservation, emission reduction, and resource recycling [3] - The company has actively worked on non-hazardous raw materials, clean production, waste resource utilization, and low-carbon energy initiatives [3] - Lisheng Pharmaceutical received an "A" rating in its ESG assessment from Wind Information, reflecting its excellent performance and practices in environmental, social, and governance aspects [3]

Core Insights - The report highlights a positive shift in fiscal data, indicating an improvement in economic conditions and policy direction, with tax revenue growth returning to positive territory for the first time this year [6][9]. - The report emphasizes the recovery of domestic markets for specific companies, particularly in the medical sector, with significant growth potential in overseas markets [14][21]. Summary by Sections Total Research - Fiscal data released on May 20, 2025, shows a year-on-year tax revenue increase of 1.9% in April, marking the first month of positive growth this year [6]. - Non-tax revenue growth slowed to 1.66%, the lowest in nearly a year, indicating a significant easing of local government financial pressures [7]. - Land transfer revenue saw a 4.27% increase, the highest growth rate since 2021, suggesting a normalization in land sales [7]. Expenditure Side - General fiscal expenditure increased by 5.8% in April 2025, significantly above the planned target of 4.4% for the year, indicating strong fiscal spending [8]. - Government fund expenditures surged by 45%, the highest growth rate since 2022, reflecting a normalization of government spending [8]. Economic Recovery - The report suggests that the ongoing "wide fiscal" policy is crucial for driving economic recovery, with improvements in the business environment for enterprises [9]. - The anticipated acceleration in fiscal spending, particularly following the April 25 Politburo meeting's directives, is expected to further boost economic activity [9]. Company Insights: Mindray Medical (300760.SZ) - The company is poised for a domestic market recovery in 2025, with a projected revenue of CNY 367.26 billion in 2024, reflecting a 5.14% increase [14]. - The company plans to distribute dividends of CNY 6.79 billion and CNY 17.10 billion for 2024 and 2025, respectively, with a payout ratio of 6% and 65% [14]. - The overseas market is performing well, with the in-vitro diagnostics (IVD) segment showing a revenue increase of 10.82% [15]. Company Insights: Lifesun Pharmaceutical (002393.SZ) - The company received over CNY 300 million in dividends from its subsidiary, enhancing its financial position [18]. - Lifesun's revenue for 2024 is projected at CNY 13.36 billion, a 15.88% year-on-year increase, despite a decline in net profit due to adjustments in its marketing strategy [20]. - The company is focusing on a dual strategy of industrial operations and capital management to drive growth [20]. Company Insights: 3SBio (01530.HK) - The company has signed an agreement with Pfizer for the global development and commercialization of its PD-1/VEGF dual-specific antibody, SSGJ-707, which could yield up to USD 60.5 billion in milestone payments [21]. - SSGJ-707 has shown promising results in clinical trials, with plans for further studies in various cancer treatments [22]. - The company maintains a strong growth outlook, with projected net profits of CNY 23.28 billion, CNY 26.12 billion, and CNY 29.38 billion for 2025-2027 [21].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received over 300 million yuan in cash dividends from its wholly-owned subsidiary, further solidifying its status as a model enterprise for scientific and technological reform [4] - The company is expected to benefit from stable income contributions from its product clusters and has raised its profit forecasts for 2025-2027 [4] - The company has a strong market position in multiple therapeutic areas, and its valuation is expected to rebound due to the recent cash dividend [5] Financial Summary - The company achieved a revenue of 1.336 billion yuan in 2024, a year-on-year increase of 15.88% [5] - The net profit attributable to the parent company for 2025 is projected to be 466 million yuan, reflecting a significant year-on-year growth of 152.3% [7] - The company's earnings per share (EPS) for 2025 is estimated at 1.81 yuan, with a corresponding price-to-earnings (P/E) ratio of 9.6 [7] Company Developments - The company was selected as a "Model Enterprise for Scientific and Technological Reform" by the State-owned Assets Supervision and Administration Commission in 2022 [5] - The company has optimized its layout and adjusted its marketing model, which has led to a recovery of core product distribution rights [5] - The company focuses on a dual-driven strategy of "industrial operation + capital operation," integrating research, production, and sales [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received over 300 million yuan in cash dividends from its wholly-owned subsidiary, further solidifying its status as a model enterprise for scientific and technological reform [4] - The company is expected to benefit from stable income contributions from its product clusters and has a favorable market position in multiple therapeutic areas [5] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 466 million, 291 million, and 331 million yuan respectively, with corresponding EPS of 1.81, 1.13, and 1.28 yuan per share [4][5] Financial Summary - The company achieved a consolidated revenue of 1.336 billion yuan in 2024, representing a year-on-year increase of 15.88% [5] - The net profit attributable to shareholders for 2024 was 185 million yuan, a decrease of 49% year-on-year [7] - The projected revenue for 2025 is 1.492 billion yuan, with a year-on-year growth of 11.7% [7] - The projected net profit for 2025 is 466 million yuan, with a year-on-year increase of 152.3% [7] - The company maintains a gross margin of 58.1% and a net margin of 31.3% for 2025 [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 9.6 for 2025, 15.4 for 2026, and 13.5 for 2027 [4][7] - The price-to-book (P/B) ratio is expected to remain at 0.9 for 2025 and 2026, and decrease to 0.8 for 2027 [7]

力生制药（002393）公告，全资子公司中央药业持有天士力（600535）生物12.15%的股份，将获得现 金分红款3.04亿元。此分红款项将计入公司2025年度的投资收益，对公司的经营业绩产生积极影响。具 体影响金额以会计师事务所审计数据为准。 ...

证券代码：002393 证券简称：力生制药 公告编号：2025-038 天津力生制药股份有限公司 关于全资子公司中央药业参股公司天士力生物医药产业 集团权益分派的提示性公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，公告不 存在虚假记载、误导性陈述或者重大遗漏。 近日，天津力生制药股份有限公司（以下简称"公司"或"本公司"）全资子公司天津 市中央药业有限公司（以下简称"中央药业"）的参股公司天士力生物医药产业集团有限公 司（以下简称"天士力生物"）召开2025年第一次和第二次临时股东会。会议决议，天士力 生物将以现金方式向全体股东进行权益分派，其中公司全资子公司中央药业按持股12.15% 比例可获现金分红款30,375万元。 公司全资子公司中央药业对参股公司天士力生物的投资按照其他权益工具投资核算,根 据企业会计准则，全资子公司中央药业收到的上述权益分派款项将计入公司2025年度投资收 益，将对公司2025年度经营业绩产生积极影响，具体影响金额最终以会计师事务所审计数据 为准，敬请广大投资者注意投资风险。 2025 年 05 月 22 日 特此公告。 天津力生制药股份有限公司 董事会 ...

证券代码：002393 证券简称：力生制药 公告编号：2025-034 天津力生制药股份有限公司 第七届监事会第四十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 天津力生制药股份有限公司(以下简称"公司"或"本公司")于2025年4月17日以书面方式 发出召开第七届监事会第四十二次会议的通知，会议于2025年4月24日以通讯表决方式召 开。会议应参加的监事3名，实际参加的监事3名，符合《公司法》及《公司章程》的规定。 二、监事会会议审议情况 1.会议以3票同意、0票反对、0票弃权的表决结果，审议通过了《关于2025年第一季 度报告全文的议案》； 监事会的专项审查意见为：经审查，监事会认为董事会编制和审核《2025 年第一季 度报告全文》的程序符合法律、行政法规和中国证监会的相关规定，报告内容真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 2.会议以3票同意、0票反对、0票弃权的表决结果，审议通过了《关于公司高级管理 人员绩效考核责任书的议案》。 三、备查文件 1.经与会监事签字 ...

1.会议以9票同意、0票反对、0票弃权的表决结果，审议通过了《关于2025年第一季度 报告全文的议案》； 证券代码：002393 证券简称：力生制药 公告编号：2025-035 天津力生制药股份有限公司 第七届董事会第五十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 天津力生制药股份有限公司（以下简称"公司"或"本公司"）于2025年4月17日以书面方 式发出召开第七届董事会第五十一次会议的通知，会议于2025年4月24日以通讯表决方式召 开。会议应参加的董事9名，实际参加的董事9名。符合《公司法》及《公司章程》的规定。 二、董事会会议审议情况 具体公告详见巨潮资讯网（www.cninfo.com.cn）、中国证券报和证券时报。 2.会议以9票同意、0票反对、0票弃权的表决结果，审议通过了《关于公司高级管理人 员绩效考核责任书的议案》。 三、备查文件 1.经与会董事签字并加盖董事会印章的董事会决议； 2.深交所要求的其他文件。 特此公告。 天津力生制药股份有限公司 董事会 2025 年 4 月 25 日 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 369,840,643.70, representing a 1.37% increase compared to CNY 364,845,897.95 in the same period last year[5] - Net profit attributable to shareholders decreased by 6.56% to CNY 55,275,346.71 from CNY 59,155,623.68 year-on-year[5] - Basic and diluted earnings per share decreased by 8.70% to CNY 0.21 from CNY 0.23 year-on-year[5] - Net profit for the current period was ¥56,570,945.05, slightly up from ¥55,876,040.06, indicating a growth of 1.2%[17] - Earnings per share (EPS) for the current period was ¥0.21, down from ¥0.23 in the previous period, representing a decrease of 8.7%[18] Cash Flow - The net cash flow from operating activities turned negative at CNY -977,611.58, a decline of 101.22% compared to CNY 80,435,074.93 in the previous year[5] - Cash flow from operating activities showed a net outflow of ¥977,611.58, contrasting with a net inflow of ¥80,435,074.93 in the previous period[20] - Net cash flow from investing activities was $100,676,298.73, compared to a negative cash flow of $2,980,492.07 in the previous period[21] - Total cash inflow from financing activities was $61,104,300.00, with cash outflow totaling $103,995,214.11, resulting in a net cash flow of -$42,890,914.11[21] - The net increase in cash and cash equivalents was $56,807,773.04, compared to a decrease of $16,763,965.18 in the previous period[21] - The ending balance of cash and cash equivalents was $1,651,972,826.75, down from $1,923,401,225.87 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,776,075,519.65, a slight decrease of 0.16% from CNY 5,785,511,812.28 at the end of the previous year[5] - The company's total current assets amount to ¥3,066,995,612.16, showing a slight increase from ¥3,059,714,286.07 at the beginning of the period[12] - The total liabilities amount to ¥707,592,100.78, a decrease from ¥746,527,866.55 at the beginning of the period[13] - Total liabilities decreased to ¥946,839,806.99 from ¥985,536,619.88, a reduction of 3.9%[14] - The total non-current assets are valued at ¥2,709,079,907.49, down from ¥2,725,797,526.21[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 16,914[9] - The largest shareholder, Tianjin Jinhao Pharmaceutical Co., Ltd., holds 50.91% of the shares, totaling 131,194,851 shares[9] - The company has a total of 1,439,980 shares held in the repurchase special account as of March 31, 2025[9] - The company has no preferred shareholders as of the reporting period[11] Expenses and Investments - Financial expenses decreased by 67.21% year-on-year, mainly due to an increase in interest income[8] - Investment income decreased by 86.68% year-on-year, as there were no equity method investment income this period[8] - Cash paid for other operating activities increased by 74.93% year-on-year, primarily due to higher R&D and sales expenses[8] - Research and development expenses rose to ¥30,749,905.79, up from ¥24,584,187.57, marking an increase of 25.2%[16] Accounting and Reporting - The company did not undergo an audit for the first quarter report[22] - The company plans to implement new accounting standards starting in 2025[22] - The report was issued by the board of directors on April 25, 2025[24] - The company is identified as Tianjin Lisheng Pharmaceutical Co., Ltd.[23]

证券代码：002393 证券简称：力生制药 公告编号：2025-037 天津力生制药股份有限公司 关于伏立康唑原料药通过上市申请的公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，公告不 存在虚假记载、误导性陈述或者重大遗漏。 一、概况 近日，天津力生制药股份有限公司（以下简称"本公司"）收到国家药品监督管理局 颁发的关于伏立康唑原料药《化学原料药上市申请批准通知书》（通知书编号： 2025YS00323），该品种通过化学原料药上市申请。 申请内容：化学原料药上市申请 二、该品种的基本情况 通用名称：伏立康唑 英文名称：Voriconazole 汉语拼音：Fulikangzuo 化学名：（2R,3S）-2-（2,4-二氟苯基）-3-（5-氟-4-嘧啶基）-1-（1H-1,2,4-三氮 唑-1-基）-2-丁醇 化学结构式： 分子量：349.32 分子式：C16H14F3N5O CAS 号：137234-62-9 生产企业：天津力生制药股份有限公司 受理号：CYHS2360914 审批结论：通过化学原料药上市申请 三、该品种的相关信息 伏立康唑为一种广谱的三唑类抗真菌药，临床上适用于治疗成人和 ...