*ST双成: 2025年半年度报告

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the pharmaceutical industry and the need for strategic adjustments to improve performance [2][4]. Financial Performance - Revenue for the first half of 2025 was CNY 84,122,087.60, a decrease of 11.35% compared to CNY 94,892,601.28 in the same period last year [2][4]. - The net profit attributable to shareholders was a loss of CNY 18,466,557.74, compared to a loss of CNY 16,946,164.02 in the previous year, reflecting an 8.97% increase in losses [2][4]. - The net cash flow from operating activities improved significantly, with a net outflow of CNY 1,590,356.53, a 93.23% improvement from a net outflow of CNY 23,505,112.58 in the previous year [2][4]. Industry Overview - The pharmaceutical manufacturing industry in China saw a revenue of CNY 1,227.52 billion in the first half of 2025, down 1.2% year-on-year, with total profits decreasing by 2.8% to CNY 176.69 billion [3]. - The company is recognized as a national high-tech enterprise, focusing on the research, production, and sales of peptide drugs, with several products approved for sale in international markets [3][4]. Business Operations - The company specializes in the development, production, and sales of injectable drugs, solid preparations, and active pharmaceutical ingredients, with a strong emphasis on chemical synthesis of peptide drugs [3][4]. - Key products include Thymosin Alpha 1, Somatostatin, and Bivalirudin, which have received various international approvals, including from the FDA and EMA [3][4]. Competitive Advantages - The company has established a comprehensive capability in generic drug research, registration, and patent management, with a robust pipeline of products aimed at international markets [4]. - The company has initiated the development of new peptide synthesis technologies to reduce environmental impact and production costs, enhancing its competitive edge [4].