Core Insights - Haisheng Pharmaceutical (stock code: 870656) reported a strong performance in the first half of 2025, achieving revenue of 101 million yuan, a year-on-year increase of 42.14%, and a net profit of 30.33 million yuan, up 29.33% [2][3] - The company focuses on core businesses including veterinary drug raw materials, pharmaceutical raw materials, and intermediates, which contributed to double-digit growth in both revenue and profit [2][3] Business Performance - The raw material drug segment remains the main growth driver, generating revenue of 77.94 million yuan, a 58.14% increase, with a gross margin of 43.81% [3] - The intermediates segment achieved revenue of 22.71 million yuan, reflecting a 5.46% growth [3] - Domestic market revenue reached 78.44 million yuan, a 64.35% increase, benefiting from rising demand in the downstream aquaculture industry, with a gross margin of 39.70% [3] - The overseas market faced challenges due to exchange rate fluctuations and international competition, resulting in revenue of 22.41 million yuan, a decline of 3.51%, but maintaining a high gross margin of 56.34% [3] Research and Development - R&D expenses for the first half of 2025 amounted to 5.21 million yuan, a 28.68% increase, focusing on process optimization and new product development for raw materials and intermediates [3] - Ongoing capacity expansion projects, including the 200-ton Celecoxib upgrade and 150-ton Tranexamic Acid production, are progressing well, with some projects entering equipment debugging stages [3] Compliance and Environmental Responsibility - The company adheres strictly to safety and environmental regulations, with no major incidents reported during the reporting period [4] - A comprehensive waste treatment system is in place, ensuring compliance with national and local environmental standards [4] Future Outlook - Haisheng Pharmaceutical plans to continue focusing on core businesses, accelerate project construction, and expand both domestic and emerging overseas markets to achieve steady annual growth [4] - The company aims to leverage its technological accumulation, capacity reserves, and compliance advantages to strengthen its market position amid ongoing industry expansion and recovering downstream demand [4]
海昇药业2025上半年业绩稳健增长 研发与产能建设双轮驱动发展