证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 25 日 [Table_Title] 聚焦创新药研发，长期增长动能强劲 [Table_Title2] 海思科(002653) [Table_Summary] 事件概述 2025H1 公司实现营收 20.0 亿元（yoy+18.6%），归母净利润 1.3 亿 元 （ yoy -21.8% ）， 扣 非 归 母 净 利 润 1.4 亿 元 （ yoy +90.8%）。单 Q2 营收 11.1 亿元（yoy+18.7%），归母净利润 0.8 亿元（yoy+13.0%），扣非归母净利润 0.9 亿元（yoy+104.8%）； 业绩符合我们预期。 盈利能力方面，2025H1 公司毛利率 73.0%（+1.0pcts），其中自 产产品毛利率高达 80.36%，合作产品毛利率为 50.13%；归母净 利率 6.4%（-3.3pcts），扣非归母净利率 7.2%（+2.7pcts）；单 Q2 毛 利 率 75.1% （ -3.01pcts ）， 归 母 净 利 率 7.4% （ - 0.4pcts），扣非归母净利率 8.5%（+3.6pcts）。 ...

Summary of Haishi Science Conference Call Company Overview - **Company**: Haishi Science (海思科) - **Industry**: Pharmaceutical and Biotechnology Key Points Financial Performance - Haishi Science expects a **20% revenue growth** for the full year of 2025, with projected revenue reaching **20 billion RMB** in the first half of 2025, marking an **18% year-over-year increase** [2][3] - The company achieved a record **11 billion RMB** in revenue for Q2 2025, with a **90% increase** in net profit [3] Product Revenue Projections - **Ringbofen** (环泊酚) is expected to generate **1.6 billion RMB** in revenue for 2025, while products **16,149** and **7,653** are projected to reach **300 million RMB** in total revenue [2][4] - By the end of 2029, Haishi Science aims for total revenue to grow to **10 billion RMB**, with innovative drug sales exceeding **7 billion RMB** [2][6] Research and Development - R&D expenses increased by **60%** year-over-year to **500 million RMB** in the first half of 2025, with a focus on multiple projects across various therapeutic areas [2][9] - The company is advancing several clinical trials, including **39,297** for PNH and **31,858** for non-cystic fibrosis bronchiectasis, with NDA submissions planned for late 2025 and early 2026, respectively [7][17] Market Strategy - Haishi Science plans to launch **1 to 3 new products annually** and is pursuing a dual-filing strategy in the U.S. and China [5][23] - The company is focusing on the respiratory field, targeting diseases such as COPD, IPF, and asthma, with specific attention to the **DP1**, **PDE34**, and **PDE14B** targets [5][18] Competitive Landscape - **PD34** is positioned for asthma treatment, with no current plans to expand its indications [20] - The company is exploring potential synergies between its respiratory products to enhance treatment efficacy [19] Future Outlook - Haishi Science is optimistic about the commercialization of its new products, with **16,149** and **7,653** expected to maintain sales around **60 million RMB** each for 2025 [11] - The company does not plan to enter the nuclear medicine field but remains focused on other innovative therapies [11][26] Financial Management - The company has improved cash flow significantly in Q2 2025 due to enhanced payment cycles and financial policy optimizations [21] International Development - Haishi Science is actively pursuing international clinical trials, particularly for product **47,388**, with plans for IND submissions in the U.S. [22][23] Conclusion - Haishi Science is on a growth trajectory with ambitious revenue targets, a strong pipeline of innovative drugs, and a strategic focus on international expansion and R&D investment to drive future success [25][26]

Group 1 - The core viewpoint is that recent brokerage recommendations signal potential mid-to-long-term investment opportunities, with 213 stocks rated as "buy" and some target prices suggesting increases of over 50% [1][3] - Notable stocks include HaiSiKe with a target increase of 50.56%, DongA AJiao at 48%, and FuNeng Shares at 47%, indicating strong institutional interest in these companies due to their respective breakthroughs and market conditions [3] - The sectors with the most brokerage activity are Materials II, Capital Goods, and Food & Beverage, highlighting a focus on "hard technology" and consumer recovery as key investment themes [3] Group 2 - Two stocks received upgraded ratings and six received initial ratings, indicating new discoveries of value and validated investment logic, respectively [3] - Yangnong Chemical is under close observation by six brokerages, while Huali and Muyuan are followed by five and four brokerages, respectively, suggesting a high level of consensus among institutions [3] - It is advised to consider performance and policy factors when evaluating stocks, particularly in Materials II and Food & Beverage sectors, to identify those with solid growth logic [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company achieved a significant increase in non-recurring net profit, with a growth of 90.84% year-on-year, indicating strong operational performance despite a decline in net profit [6] - The company is expected to maintain a robust growth trajectory in its innovative pipeline, with projected net profits of 5.33 billion, 7.35 billion, and 10.31 billion for 2025, 2026, and 2027 respectively [6][9] - The current price-to-earnings (P/E) ratios are projected to decrease from 123.6 in 2025 to 63.9 in 2027, suggesting potential for valuation improvement [6][9] Financial Performance Summary - In H1 2025, the company reported operating revenue of 2.001 billion (up 18.63% year-on-year) and a gross margin of 72.96% (up 1.01 percentage points) [6][9] - The company’s R&D investment reached 497 million in H1 2025, reflecting a year-on-year increase of 43.02% [7] - The projected operating revenues for the years 2025 to 2027 are 4.364 billion, 5.312 billion, and 6.863 billion respectively, with corresponding year-on-year growth rates of 17.3%, 21.7%, and 29.2% [9][12] Innovative Pipeline and Market Position - The company has successfully maintained a leading market share of 22.3% in the intravenous anesthesia market with its product环泊酚, which is currently used in over 2,500 hospitals [7] - The company has several innovative products in various stages of development, including a first-class new drug for diabetic peripheral neuropathic pain and a high-selectivity peripheral κ-opioid receptor agonist [7] - The company’s innovative transformation is expected to drive future growth and enhance its market valuation [7]

Core Viewpoint - On August 22, a total of 213 stocks received buy ratings from brokerages, with 53 stocks announcing target prices, indicating a positive sentiment in the market [1] Group 1: Stock Performance - The stocks with the highest target price increases are Haishike, Dong'a Ejiao, and Funeng Shares, with target price increases of 50.56%, 48.55%, and 47.27% respectively [1] - Among the stocks rated, 205 maintained their ratings, 2 stocks had their ratings upgraded, and 6 stocks received their ratings for the first time [1] Group 2: Brokerage Attention - A total of 36 stocks received attention from multiple brokerages, with Yangnong Chemical, Huali Group, and Muyuan Foods leading in the number of ratings, receiving 6, 5, and 4 ratings respectively [1] Group 3: Industry Distribution - The sectors with the most stocks receiving buy ratings include Materials II, Capital Goods, and Food, Beverage & Tobacco, with 40, 36, and 18 stocks respectively [1]

Group 1 - The core viewpoint of the article highlights the performance of the E Fund Healthcare Industry Mixed A Fund, which has shown significant returns over various time frames [1] - As of August 24, 2025, the latest net value of the fund is 4.7380 yuan, with a weekly return of -0.94%, a three-month return of 31.94%, and a year-to-date return of 55.55% [1] - The fund was established on January 28, 2011, and as of June 30, 2025, it has a total scale of 3.944 billion yuan [1] Group 2 - The top ten stock holdings of the fund include companies such as Heng Rui Medicine, Rejig Bio, Xin Li Tai, BeiGene-U, Hai Si Ke, and others, with a total holding percentage of 58.14% [1] - The fund manager is Yang Zhenshao, who oversees the investment strategy and portfolio management [1]

Group 1 - The core viewpoint of the article highlights the performance of the Huatai-PineBridge Medical Services Flexible Allocation Mixed C Fund, which has shown significant returns in recent periods [1] - The fund's latest net value is 1.9690 yuan, with a weekly return of 0.66%, a three-month return of 24.86%, and a year-to-date return of 66.44% [1] - The fund was established on February 14, 2022, and as of June 30, 2025, it has a total scale of 1.069 billion yuan [1] Group 2 - The top ten stock holdings of the fund include companies such as Heng Rui Pharmaceutical, Kelun Pharmaceutical, and Hai Si Ke, with the top ten holdings accounting for a total of 68.66% of the portfolio [1]

Core Viewpoint - Recently, the company Haikang (002653) reported its 2025 mid-year financial results, showing revenue growth but a decline in net profit, indicating a challenging financial environment for the company [1]. Financial Performance - The total operating revenue for the first half of 2025 reached 2.001 billion yuan, an increase of 18.63% year-on-year, while the net profit attributable to shareholders was 129 million yuan, a decrease of 21.79% [1]. - In Q2 2025, the operating revenue was 1.109 billion yuan, up 18.65% year-on-year, and the net profit attributable to shareholders was 82.21 million yuan, an increase of 12.99% [1]. - The gross margin stood at 72.96%, a year-on-year increase of 1.41%, while the net margin was 6.44%, down 33.39% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 928 million yuan, accounting for 46.4% of revenue, a slight decrease of 0.31% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) was 0.12 yuan, down 20.00% year-on-year, while operating cash flow per share was 0.31 yuan, an increase of 214.9% [1]. - The company reported a significant increase in research and development expenses by 43.02%, indicating a focus on innovation [1]. - The company’s debt situation is notable, with interest-bearing liabilities reaching 2.308 billion yuan, a 29.36% increase year-on-year [2]. Market Position and Investment Sentiment - The company's return on invested capital (ROIC) for the previous year was 7.95%, indicating average capital returns, with a historical median ROIC of 12.43% over the past decade [2]. - Analysts project the company's performance for 2025 to be around 546 million yuan, with an average EPS forecast of 0.48 yuan [2]. - The largest fund holding in Haikang is the ICBC Frontier Medical Stock A, which has increased its position, reflecting positive sentiment towards the company [3].

Group 1 - The core viewpoint of the news is that Haisco (002653.SZ) has seen an increase in institutional investor holdings, with a total of 42 institutions holding 122 million shares, representing 10.88% of the total share capital as of August 22, 2025 [1] - The top ten institutional investors collectively hold 8.32% of Haisco's shares, with an increase of 1.00 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there are 10 funds that increased their holdings, with a total increase rate of 1.47%, including funds like ICBC Frontier Medical Stock A and China Europe Medical Health Mixed A [2] - Conversely, 12 public funds reduced their holdings, with a decrease rate of 0.93%, including funds such as Huatai-PB Daxin Mixed A and Fortune Precision Medical Flexible Allocation Mixed A [2] - There are 15 new public funds disclosed this period, including ICBC Medical Health Stock and ICBC Pension Industry Stock A [2] - Additionally, 25 public funds were not disclosed this period, including Southern Medical Innovation Stock A and Agricultural Bank Medical Health Stock [2]

Core Viewpoint - The company has approved the use of its own funds to pay for part of the investment project costs, which will later be replaced with raised funds, ensuring compliance with regulations and maintaining operational efficiency [23][29][31]. Group 1: Company Overview - The company is named Haishike Pharmaceutical Group Co., Ltd. and is publicly traded with the stock code 002653 [10]. - The company held its fifth board meeting on August 22, 2025, where all directors attended and approved the half-year report [2][5]. Group 2: Financial Data - The company raised a total of RMB 800 million through a non-public stock issuance, with a net amount of RMB 790.87 million after deducting issuance costs [11][23]. - The company has established a special account for the management of raised funds, ensuring compliance with regulatory requirements [12][23]. Group 3: Fund Usage - The company plans to use surplus funds from previous projects for new initiatives, including RMB 16.42 million for working capital and RMB 53.02 million for clinical research projects [25]. - The company has not changed the implementation location or method for any investment projects during the reporting period [14]. Group 4: Fund Management - The company has implemented a cash management strategy for temporarily idle raised funds, generating a cash return of RMB 1.39 million during the reporting period [15]. - The company has established a process for replacing its own funds with raised funds within six months, ensuring that the funds are used effectively [27][28]. Group 5: Compliance and Oversight - The board of directors has ensured that the use of self-funds for project payments complies with relevant regulations and does not affect the project's implementation [29][31]. - The company has received no negative feedback from its sponsor regarding the fund management practices [31].