Core Viewpoint - Baiyang Pharmaceutical is focusing on innovation and transformation into an innovative pharmaceutical company, with significant growth in brand operations and strategic investments in high-value innovative products [1][4][5]. Financial Performance - In the first half of 2025, Baiyang Pharmaceutical reported revenue of 3.751 billion yuan, which increases to 4.374 billion yuan when excluding the two-invoice system business. The net profit attributable to shareholders was 163 million yuan, with a net profit of 177 million yuan after excluding non-recurring gains and losses [1]. Brand Operations - The brand operation business generated revenue of 2.716 billion yuan in the first half of 2025, a year-on-year increase of 1.36%, accounting for 72.41% of total revenue. In Q2, revenue reached 1.421 billion yuan, a quarter-on-quarter increase of 9.75%. When adjusted for the two-invoice system, brand revenue was 3.339 billion yuan, up 14.91% year-on-year [2]. - Key brands include: - "Dijiao," with revenue of 905 million yuan, maintaining the top position in the domestic imported calcium supplement market for nine consecutive years. - "Fuzheng Huayu," with revenue of 371 million yuan, showing a year-on-year growth of 37.42%. - "NutriSumma," with revenue of 78 million yuan, up 34.83% year-on-year. - "Hailu," with revenue of 376 million yuan, a year-on-year increase of 14.86% [2]. Product Structure Optimization - Baiyang Pharmaceutical has successfully optimized its product structure, with the revenue share of exclusive patented products continuously increasing. The rapid growth of high-margin products has contributed to the overall increase in gross profit [3]. Innovation and Strategic Investments - The company is leveraging national innovation strategies to drive transformation in the pharmaceutical industry, focusing on clinical value and innovation as core growth engines. Baiyang is transitioning from a commercialization platform to an innovative pharmaceutical enterprise through a dual approach of "investment incubation + commercialization" [4]. - Recent strategic investments include: - ZAP Surgical, gaining commercialization rights for the ZAP-X Mars surgical robot in China. - Huahao Zhongtian, securing commercialization rights for a new generation of microtubule inhibitors. - Beihai Kangcheng, obtaining rights for specific rare disease products in mainland China and Hong Kong [4]. Progress in Innovation Projects - Baiyang Pharmaceutical has made substantial progress in various innovative projects, including: - The promotion of the drug Yutidelong, which has reached over 500 hospitals nationwide. - The first anti-drug-resistant tuberculosis drug NTB-3119M is undergoing Phase I clinical trials. - The innovative nuclear medicine drug 99mTc-3PRGD2 has been prioritized for review. - The global first innovative drug RAB001 for treating bone necrosis is in Phase II clinical trials [5].
百洋医药半年报：品牌增长凸显发展韧性，创新布局打造第二增长曲线