广生堂：上半年核心业务继续保持增长 创新药进展积极

Core Insights - Guangshentang (300436) reported a revenue of 208.86 million yuan for the first half of 2025, with a net profit attributable to shareholders of -66.89 million yuan, indicating a slight decline in revenue year-on-year [1] - The sales performance in the core business of liver and gallbladder disease drugs remained strong, achieving sales revenue of 169.77 million yuan, a year-on-year increase of 17.61% [1] - The net cash flow from operating activities showed improvement year-on-year, indicating a steady enhancement in operational quality [1] Innovation and R&D - The company is advancing its strategic transformation from generic drugs to innovative drugs, with significant progress in multiple innovative drug developments during the first half of the year [1] - The innovative drug for hepatitis B treatment, GST-HG141, has progressed the fastest, completing the enrollment of the first subject in Phase III clinical trials in July [1] - Another innovative drug, GST-HG131, has completed Phase II clinical research and has been included in the list of breakthrough treatment varieties, forming a synergistic development pattern with GST-HG141 [1] Marketing and Future Outlook - The company is implementing a marketing system reform, enhancing channel construction, optimizing competitive mechanisms, and promoting team rejuvenation to improve market response and sales efficiency [2] - Although sales expenses have increased during the reform period, these measures are expected to lay a solid foundation for future sales growth and market competitiveness [2] - Looking ahead to the second half of the year, the company plans to deepen cooperation with the Zhangzhou health industry chain, actively expand its premium traditional Chinese medicine business, and focus on new drug developments in the hepatitis B treatment field [2]