福安药业（集团）股份有限公司 2025 年半年度报告全文 福安药业（集团）股份有限公司 2025 年半年度报告 2025 年 8 月 1 福安药业（集团）股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人汪天祥、主管会计工作负责人余雪松及会计机构负责人(会计主管人员)甘小丽声明：保证本 半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略、经营计划等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 公司在本报告"第三节管理层讨论与分析"之第十部分"公司面临的风险和应对措施"详细描述了公司 经营中可能存在的风险，敬请投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 1,189,712,382 为基数，向全体股东每 10 股派发现 金红利 0.2 元（含税），送红股 0 股（含税），不以公积金转增股本。 2 | 第一节 | ...

Group 1 - The core viewpoint is that Fuan Pharmaceutical (300194.SZ) has some raw material drug products exported to the EU market, but the company primarily focuses on the domestic market, with overseas market revenue being relatively low [1] Group 2 - The company disclosed in its 2024 annual report that revenue by region indicates a dominant reliance on the domestic market [1] - The overseas market revenue accounts for a small proportion of the total revenue [1]

Core Viewpoint - Fuan Pharmaceutical (300194) has experienced a significant decline in revenue and net profit in the latest quarterly report, indicating potential challenges in its financial performance moving forward [1]. Financial Performance - As of the first quarter of 2025, the company reported total revenue of 468 million yuan, a year-on-year decrease of 42.22% [1]. - The net profit attributable to shareholders was 69.05 million yuan, down 43.63% year-on-year [1]. - The non-recurring net profit was 65.68 million yuan, reflecting a decrease of 43.80% compared to the previous year [1]. - The company's liquidity ratios are as follows: current ratio at 2.011 and quick ratio at 1.269, indicating a strong liquidity position [1]. - The asset-liability ratio stands at 26.84%, suggesting a relatively low level of debt [1]. Market Activity - The stock closed at 4.9 yuan, with a slight decline of 0.41% [1]. - The trading volume was 882,200 hands, with a total transaction value of 428 million yuan [1]. - The net inflow of main funds was 10.03 million yuan, accounting for 2.34% of the transaction amount [1]. - Large orders saw a net inflow of 7.57 million yuan, while small orders experienced a net outflow of 22.50 million yuan [1]. Company Overview - Fuan Pharmaceutical was established in 2004 and is based in Chongqing, primarily engaged in the pharmaceutical manufacturing industry [2]. - The company has a registered capital of approximately 1.19 billion yuan and a paid-in capital of 173.42 million yuan [1]. - The legal representative of the company is Wang Tianxiang [1]. Investment and Intellectual Property - Fuan Pharmaceutical has made investments in 17 external enterprises and participated in four bidding projects [2]. - The company holds 22 trademark registrations and 21 patents, along with 18 administrative licenses [2].

Core Viewpoint - The industrial hemp sector experienced a significant surge on December 12, driven by news that former President Trump is considering reclassifying marijuana's danger level, which could lower its regulatory status [1] Market Performance - Fu'an Pharmaceutical rose over 15% - Rhine Biology hit the daily limit up - Morning Light Bio increased nearly 7% - Kang En Bei and Fu Ri Electronics both rose around 6% [1] U.S. Market Reaction - U.S. cannabis stocks saw strong performance on Monday: - Canopy Growth surged over 26% - Tilray Brands jumped over 40% - Cronos Group increased by more than 14%, reaching a 52-week high [1] Industrial Hemp Overview - Industrial hemp is characterized by a tetrahydrocannabinol (THC) content of less than 0.3% and does not exhibit psychoactive effects - Its seeds, flowers, leaves, stalks, and roots can be utilized in textiles, food, daily chemicals, and pharmaceuticals [1] Market Growth Forecast - According to Mordor Intelligence, the global industrial hemp market is projected to grow from $2.21 billion in 2023 to $4.97 billion by 2028 - This represents a compound annual growth rate (CAGR) of 17.56% over the next five years [1]

Core Viewpoint - The A-share market saw a collective rise in industrial hemp concept stocks, driven by potential regulatory changes regarding cannabis classification in the U.S. [1][2] Group 1: Stock Performance - Fu'an Pharmaceutical (300194) increased by 15.02%, with a total market capitalization of 63.77 billion [2] - Rhine Biology (002166) reached a 10% limit up, with a market cap of 68.23 billion [2] - Morning Light Biology (300138) rose by 6.38%, with a market cap of 69.32 billion [2] - Dezhan Health (000813) saw a 4.39% increase, with a market cap of 94.79 billion [2] - Shunhao Co. (002565) and Kang En Bei (600572) increased by 3.65% and 3.25%, with market caps of 90.42 billion and 120 billion respectively [2] Group 2: Regulatory News - The Washington Post reported that Trump expressed interest in reclassifying cannabis as a lower-risk drug during a fundraising dinner, which could simplify the buying and selling process of cannabis [3] - This potential regulatory change could make the multi-billion dollar cannabis industry more profitable [3]

每经AI快讯，8月12日，化学制药板块短线拉升，福安药业涨超10%，悦康药业、威尔药业、德展健 康、京新药业、振东制药等跟涨。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company emphasizes its commitment to establishing a comprehensive and multi-layered collaboration framework with universities and research institutions since its inception [2] Group 1 - The company has engaged in partnerships with universities and research institutions as part of its broader strategy for external communication and collaboration [2]

Core Viewpoint - The company is developing a new high-end production facility for active pharmaceutical ingredients (APIs) with an expected annual capacity of 173.9 tons, but the timeline for completion is uncertain and depends on actual progress [1] Group 1 - The new facility aims to enhance the green and intelligent production of APIs [1] - The construction project is projected to take two years to complete [1] - The company acknowledges that the specific construction timeline may vary due to uncertainties [1]

金融界消息 截至2025年7月30日收盘，福安药业（300194）报收于4.74元，上涨1.07%，换手率6.46%， 成交量62.51万手，成交金额2.96亿元。 福安药业最新一期业绩显示，截至2025一季报，公司营业总收入4.68亿元、同比减少42.22%，归属净利 润6904.90万元，同比减少43.63%，扣非净利润6568.48万元，同比减少43.80%，流动比率2.011、速动比 率1.269、资产负债率26.84%。 资金流向方面，今日主力资金净流入1047.72万元，占比成交额3.54%。其中，超大单净流入1020.58万 元、占成交额3.44%，大单净流入27.15万元、占成交额0.09%，中单净流出流出337.97万元、占成交额 1.14%，小单净流出709.76万元、占成交额2.4%。 天眼查商业履历信息显示，福安药业(集团)股份有限公司，成立于2004年，位于重庆市，是一家以从事 医药制造业为主的企业。企业注册资本118971.2382万人民币，实缴资本17342万人民币。公司法定代表 人为汪天祥。 通过天眼查大数据分析，福安药业(集团)股份有限公司共对外投资了17家企业，参与招投标项 ...

Core Viewpoint - The latest earnings forecast for Fuan Pharmaceutical indicates a significant decline in net profit, expected to drop by 39.95% to 53.81% in the first half of 2025, contrasting sharply with a 20.69% growth in the same period of 2024 [1][2]. Group 1: Performance Changes - In 2024, despite a 9.68% decline in revenue, the company achieved a 20.69% increase in net profit, with a remarkable 1467.78% surge in non-recurring net profit due to successful bidding in national drug procurement [2]. - However, by the first quarter of 2025, both revenue and net profit had plummeted by over 40%, indicating a severe downturn [2][3]. Group 2: Pricing and Market Challenges - The average price drop from successful bids reached 70%, with anti-infection drug prices falling by 84.27% and cardiovascular drug prices by over 60%, severely impacting the company's core revenue-generating products [3]. - The "price for volume" strategy has reached its limits, and further price reductions in the tenth batch of procurement contracts have left little room for profit margins [3]. Group 3: Transformation and Innovation Efforts - In response to the challenges posed by drug procurement policies, the company is attempting to pivot towards innovative drug development and international expansion, although these efforts face significant hurdles [4]. - The company invested 1.71 billion yuan in R&D in 2024, accounting for 7.14% of revenue, but has primarily received approvals for generic drugs, which are unlikely to contribute significantly to short-term performance [4]. Group 4: Long-term Viability Concerns - The trajectory of Fuan Pharmaceutical's profits reveals underlying vulnerabilities, with a 13.32% increase in net profit in 2023 largely attributed to one-time gains, masking a 90% drop in recurring net profit [5]. - The reliance on a single growth engine has exposed the company to risks, especially as the benefits from policy changes diminish, placing it at a critical juncture for transformation [5].