海正药业上半年净利下滑31.29%，原料药业务积极开拓南美中东等新市场

Core Insights - The company reported a slight revenue increase of 0.13% to 5.25 billion yuan for the first half of 2025, while net profit attributable to shareholders decreased by 31.29% to 299 million yuan [1] Revenue and Profit Performance - Revenue for the first half of 2025 was 5.25 billion yuan, showing a marginal increase of 0.13% compared to the previous period [1] - Net profit attributable to shareholders fell by 31.29% to 299 million yuan [1] Market Expansion and Product Development - The company experienced strong growth in key products, with over 200 new county-level coverage and more than 800 hospital admissions, accelerating penetration in grassroots markets [1] - E-commerce platform development is ongoing, with C-end conversion and brand momentum contributing to steady market share expansion for individual products [1] Procurement and Sales Strategy - The company achieved a 100% winning rate in national centralized procurement and a 90% winning rate in provincial volume-based procurement [1] - The agency business has transitioned from general agency to provincial agency strategy, with academic training empowering agents, leading to growth in both sales scale and profit contribution [1] - Sales of animal health products reached a historical high [1] International Market Development - The company is actively developing formulation sales in international markets outside the United States, with its first introduced product achieving a 21% market share in the U.S. market in Q2 [1] - The animal health product "Hailuwang" has been approved for the Vietnamese market and completed its first shipment [1] Research and Development Focus - The company is focusing on core therapeutic areas such as cardiovascular and metabolic diseases, establishing a globally patented innovative pipeline [1] - The self-developed Class 1 small molecule innovative drug HS387 has received clinical implied approval from NMPA and has officially entered the clinical development stage [1]