净利润大增1664％！翰宇药业连亏7年后靠“减肥神药”翻身

Core Viewpoint - Han Yu Pharmaceutical (300199.SZ) is experiencing a significant increase in net profit due to the approval and commercialization of its liraglutide injection in the U.S., marking a turnaround after seven years of losses in non-recurring net profit [2][4][8]. Financial Performance - The company expects a net profit attributable to shareholders of 142 million to 162 million yuan for the first half of the year, representing a year-on-year increase of 1470.82% to 1663.89% [2][4]. - The non-recurring net profit is projected to be between 122 million and 142 million yuan, showing a year-on-year growth of 304.27% to 337.76% [2][4]. - The company has turned around its non-recurring net profit after seven consecutive years of losses [8]. Product Development and Market Strategy - The approval of liraglutide injection by the FDA in December 2024 is a key driver of the company's revenue growth, with the product being the first generic version in the U.S. market [2][5]. - Han Yu has signed contracts worth 338 million yuan with Hikma to expand its market presence in the U.S. [2][5]. - The company has shipped nearly 1.8 million units of liraglutide to Hikma as part of its commercialization strategy [7]. Competitive Landscape - The company will face competition from other firms, including Jianyou Co., which also received FDA approval for its liraglutide injection [3][5]. - The global market for liraglutide is substantial, with a terminal market size of approximately 5.991 billion USD in 2023, and the U.S. market alone is about 3.204 billion USD [5][6]. - The competition includes both the original manufacturer Novo Nordisk and other generic entrants, which may impact market share [5][6]. Business Segments and Growth Potential - Han Yu's main business segments include peptide formulations, peptide raw materials, small nucleic acids, and CDMO/CMO services [8]. - The company has seen a significant increase in revenue from raw materials, which accounted for 44.04% of total revenue in 2024, up from 28.14% in 2023 [9]. - The company plans to enhance its raw material production capacity to 5-10 tons by 2025 and expand its global market penetration [9][10].