HYBIO(SZ:300199) Tai Mei Ti A P P·2025-07-01 10:22Core Viewpoint - Hanyu Pharmaceutical (300199.SZ) is expected to turn a profit in the first half of 2025 after seven consecutive years of losses, primarily due to the approval and sales of its liraglutide injection in the U.S. market, along with growth in raw material exports and effective cost control [2][5]. Group 1: Financial Performance - The company forecasts a net profit of 142 million to 162 million yuan for the first half of 2025, a significant turnaround from a loss of 10.36 million yuan in the same period last year [2][5]. - The improvement in profitability is attributed to multiple factors, including the FDA approval of liraglutide, increased export of raw materials, and strict cost management [5][9]. Group 2: Product Development and Market Strategy - Liraglutide, a GLP-1 class drug for type 2 diabetes, has been pivotal for the company's recovery, with the FDA approval received on December 23, 2024, and nearly 1.4 million units shipped to the U.S. by January 2025 [2][9]. - The company has decided to withdraw its domestic application for liraglutide and terminate the project, fully impairing 52.99 million yuan, indicating a strategic shift to focus on international markets [2][11]. - Hanyu Pharmaceutical is also developing other GLP-1 products, including semaglutide, with a focus on overseas markets to avoid potential price wars in China [10][11]. Group 3: Market Context - The global market for GLP-1 drugs is expanding, with projections indicating that the market for diabetes and obesity treatments could reach 90 billion USD by 2030 [9]. - Hanyu Pharmaceutical's overseas revenue share is expected to increase significantly, from 11.25% in 2022 to 55.10% in 2024, reflecting the company's commitment to international growth [11].