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].

Core Viewpoint - Recently, the company Haisco (002653.SZ) responded to the Shenzhen Stock Exchange's inquiry regarding its plan to issue shares to specific investors, addressing concerns about its 1.365 billion yuan fundraising plan, including issues related to performance volatility and high dividends followed by immediate fundraising [1][2]. Financial Performance - In 2023 and 2024, Haisco's cash dividends reached 223 million yuan and 464 million yuan, accounting for 75.5% and 117.31% of the net profit attributable to shareholders, respectively [2]. - The company has maintained a high cash dividend ratio over the past decade, emphasizing its commitment to sharing operational results with investors [2][3]. - The average cash dividend as a percentage of net profit from 2022 to 2024 was 70.97%, which the company claims aligns with its profitability and cash flow [6]. Shareholder Structure - Haisco exhibits a highly concentrated ownership structure, with the top three shareholders benefiting significantly from the dividends [3][7]. - As of March 2025, the actual voting rights controlled by the three major shareholders amounted to 73.27%, with one shareholder expected to hold 40.11% after the dissolution of the joint action agreement [7]. R&D Expenditure - Haisco's R&D investment remained between 900 million and 1 billion yuan annually from 2022 to 2024, but the capitalization ratio of R&D expenses was notably high, at 53.39%, 40.98%, and 37.65% for the respective years [8]. - Compared to peers like Heng Rui Medicine and En Hua Pharmaceutical, Haisco's R&D capitalization ratio was significantly higher, raising regulatory concerns [8]. Production Capacity - Haisco's revenue growth has not translated into stable net profits, with non-recurring net profits fluctuating significantly, influenced by government subsidies [11]. - The company reported low production capacity utilization rates, with large volume injection products operating at 35%-55% and small volume injections and tablets below 30% [12]. - The company plans to use the proceeds from the fundraising to support six new drug R&D projects and to supplement working capital, which it believes will enhance production capacity utilization [13].

Core Viewpoint - Company announced the approval of a proposal to use its own funds to pay for part of the fundraising investment project and subsequently replace it with raised funds [1] Group 1 - The fifth session of the company's board of directors will be held on August 22, 2025, to review the proposal [1] - The proposal allows the company to initially use its own funds for the fundraising investment project during its implementation period [1] - The company plans to periodically replace the amount used with funds from the fundraising account, treating the replaced funds as part of the investment project usage [1]

Core Viewpoint - The company, Haishi Ke, announced the approval of a proposal to use its own funds to pay for part of the fundraising project and to replace it with an equivalent amount of raised funds [2] Group 1 - The fifth board of directors of Haishi Ke held its 29th meeting [2] - The meeting reviewed and approved the proposal regarding the use of self-owned funds [2] - The proposal involves replacing part of the fundraising project payments with raised funds [2]

（编辑 任世碧） 证券日报网讯 8月22日晚间，海思科发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 2，000，844，469.01元，同比增长18.63%；归属于上市公司股东的净利润128，821，952.97元，同比 下降21.79%。 ...

智通财经APP讯，海思科(002653.SZ)发布2025年半年度报告，该公司营业收入为20.01亿元，同比增长 18.63%。归属于上市公司股东的净利润为1.29亿元，同比减少21.79%。归属于上市公司股东的扣除非经 常性损益的净利润为1.45亿元，同比增长90.84%。基本每股收益为0.12元。 ...

Financial Performance - The company's operating revenue for the current reporting period is approximately 2.00 billion yuan, an increase from 1.69 billion yuan in the same period last year, representing a growth of about 18.59% [1] - The net profit attributable to shareholders of the listed company is approximately 128.82 million yuan, down from 164.72 million yuan year-on-year, indicating a decline of about 21.78% [1] - The net profit after deducting non-recurring gains and losses is approximately 144.62 million yuan, up from 75.78 million yuan in the previous year, showing a significant increase of about 90.80% [1] - The net cash flow from operating activities is approximately 349.63 million yuan, compared to 110.45 million yuan in the same period last year, reflecting a growth of about 216.54% [22] Earnings Per Share - Basic earnings per share (EPS) is 0.12 yuan, down from 0.15 yuan year-on-year, a decrease of 20% [1] - Diluted EPS is also 0.12 yuan, consistent with the basic EPS [1] Return on Equity - The weighted average return on equity (ROE) is 3.11%, a decrease of 0.78 percentage points from the previous year [18] Asset and Liability Changes - Total assets at the end of the current reporting period are approximately 6.99 billion yuan, up from 6.80 billion yuan at the end of the previous year [1] - The net assets attributable to shareholders of the listed company are approximately 4.06 billion yuan, down from 4.21 billion yuan year-on-year [1] - Long-term borrowings increased by 39.7%, while short-term borrowings decreased by 61.31% [38] Shareholder Structure - The top ten circulating shareholders include new shareholder Hong Kong Central Clearing Limited, replacing Fan Xiulian from the previous quarter [47] - The shareholding proportions of several funds have increased, while others have decreased [47] Valuation Metrics - As of the closing price on August 22, the company's price-to-earnings (P/E) ratio is approximately 183.14 times, the price-to-book (P/B) ratio is about 16.2 times, and the price-to-sales (P/S) ratio is approximately 16.32 times [1]

Group 1 - The company held its 29th meeting of the 5th Board of Directors on August 22, 2025, via telecommunication voting, with all procedures complying with relevant laws and regulations [1][2] - The Board approved the 2025 semi-annual report and summary with a unanimous vote of 5 in favor, 0 abstentions, and 0 against [1] - The Board also approved a proposal to use its own funds to pay for part of the fundraising project expenses, which will later be replaced with equivalent amounts from the raised funds [2]