聚焦慢病领域，信立泰构建硬核创新药研发管线

Core Viewpoint - The company has successfully transitioned from a generic drug focus to an innovative drug development strategy, particularly in the cardiovascular field, after facing significant challenges in the past five years [1][3]. Financial Performance - In the first half of the year, the company achieved operating revenue of 2.131 billion yuan, a year-on-year increase of 4.32%, with the second quarter showing a growth of 12.3% [1]. - The net profit for the same period was 365 million yuan, up 6.1% year-on-year, with a second-quarter increase of 14.6% [1]. - The company's stock price has risen over 73% year-to-date, reaching new highs [1]. Strategic Transition - The company initially focused on cardiovascular drugs and successfully launched the first generic version of a key drug, which led to significant market share and profit growth until facing challenges from market competition and price reductions [3][4]. - Anticipating the unsustainability of the generic drug market, the company began its transition to innovative drug development around 2014, selling off low-end generic projects to reinvest in innovation [3][4]. Research and Development Focus - The company has maintained a strong commitment to R&D, with a research intensity of over 20%, reaching 25.43% in the first half of the year with R&D investment of 542 million yuan [7]. - The company has developed a robust pipeline of innovative products targeting chronic diseases, particularly in the cardiovascular, renal, and metabolic areas, with over 70 new drug projects in development [8]. Product Development Achievements - The company has successfully commercialized its innovative drug, Xinlitai, which is a significant product in its portfolio, and has recently launched a new hypertension drug, Xinchao, which is the first domestically developed ARNI drug [4][5]. - The company has established a diverse technological capability to meet various patient needs, including the development of long-acting injectable formulations and exploring gene editing technologies for hereditary cardiovascular diseases [8].