Xin Lang Cai Jing·2025-08-27 13:35Core Viewpoint - Harbin Yuheng Pharmaceutical Co., Ltd. reported a decline in revenue for the first half of 2025, but net profit increased, indicating a mixed performance with potential for future growth through product expansion and cost management [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 1.1 billion yuan, a year-on-year decrease of 9.97% [1]. - Net profit attributable to shareholders was 134 million yuan, an increase of 7.56% year-on-year [1]. - The net profit after deducting non-recurring items was 107 million yuan, up 13.28% year-on-year [1]. - Operating cash flow was 155 million yuan, with a weighted average return on equity of 6.78% [1]. Operational Highlights - The company achieved significant sales growth in key products: - Sales of An Nao Wan/Pian increased by over 30% year-on-year - Revenue from potassium chloride sustained-release tablets also grew by over 30% - The market coverage for Sitagliptin Metformin sustained-release tablets expanded to over 600 terminals [2]. - Management, sales, and financial expenses all saw reductions, with sales expenses down 31.28% to 294 million yuan, management expenses down 21.58% to 56.75 million yuan, and financial expenses down 48.03% to 601,300 yuan [2]. Future Development Strategy - The company plans to enhance asset quality and profitability through: - Continued growth in existing products like Lugu Peptide Injection and multi-vitamin injections - Accelerating sales channel development for new products like Sitagliptin Metformin sustained-release tablets and expanding market reach for new cooperative products [2]. - The company has over 20 projects in development, aiming to obtain approvals for 4 to 6 products this year [2]. - Cost control measures will continue to be a focus, with potential for further reductions in management and sales expenses [2]. Market Expectations - The company expressed optimism about the sales of Pemafibrate tablets, anticipating entry into national negotiations by Q4 2025, which could lead to significant market progress [3]. - The commercial cooperation for Methylcobalamin Injection is expected to contribute to revenue growth [3]. - The Sitagliptin Metformin sustained-release tablets are projected to achieve terminal sales of around 100 million yuan for the year [3]. - The company is exploring international collaborations and has begun exporting products, generating revenue from exports to Central Asia [3]. Investment Outlook - The company is open to investor engagement and is focused on creating value through performance improvement and strategic initiatives [4].