Ge Long Hui A P P·2025-08-28 05:30Core Viewpoint - Dongwu Securities report indicates that Hisco achieved a net profit attributable to shareholders of 129 million yuan in the first half of 2025, a year-on-year decrease of 21.79% [1] Financial Performance - Overall gross margin stands at 72.96%, an improvement compared to the projected 71.46% for the entire year of 2024 [1] - Sales expenses for the first half of 2025 amounted to 727 million yuan, with a stable expense ratio of 36.35% [1] - Research and development expenses reached 342 million yuan, reflecting a year-on-year increase of 59.22%, supporting the development of the company's innovative drug pipeline [1] Revenue Breakdown - Revenue from anesthesia products in the first half of 2025 was 796 million yuan, showing a year-on-year growth of 54% [1] - Parenteral nutrition revenue was 206 million yuan, a year-on-year decline of 19.39% [1] - Revenue from antiemetic drugs for cancer reached 163 million yuan, marking a year-on-year increase of 19.9% [1] Strategic Outlook - The core anesthesia product, remifentanil, is experiencing rapid sales growth, facilitating the company's transition towards innovative drug sales [1] - Remifentanil is expected to be launched overseas soon, with multiple pipelines already included in medical insurance, which will become a new growth point for performance [1] - The company has sufficient catalysts for future innovative pipelines, maintaining a "buy" rating [1]