Haisco(SZ:002653) Xin Lang Cai Jing·2025-09-05 11:29Core Viewpoint - The company, HaiSiKe Pharmaceutical Group Co., Ltd., has responded to an inquiry regarding its application for a specific stock issuance, detailing its operational performance, R&D investment, and financial status, showcasing its development trends and strategic layout in the pharmaceutical sector [1] Financial Performance - HaiSiKe's operating revenue increased from 3,015.29 million yuan in 2022 to 3,721.35 million yuan in 2024, indicating a growth trend [1] - The main revenue contributor, the innovative drug Ropivacaine injection, saw its revenue rise from 434.59 million yuan in 2022 to 1,214.43 million yuan in 2024 [1] - Gross profit margins improved from 69.51% in 2022 to 72.96% in 2024, primarily due to increased sales of Ropivacaine injection [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 111.82 million yuan in 2022, 242.12 million yuan in 2023, and 132.20 million yuan in 2024, with the 2024 figure not aligning with revenue trends due to increased expenses and asset impairment losses [1] Product Analysis - The anesthetic product market is experiencing growth, with Ropivacaine injection expanding its market share [2] - The parenteral nutrition market is developing steadily, although related product revenues have declined [2] - The antiemetic market shows clear demand, with the company's Dexamethasone injection maintaining stable revenue [2] - Overall product prices remain stable, with some fluctuations due to national negotiations and centralized procurement, while sales volumes are generally on the rise [2] R&D and Financial Status - R&D investments for the reporting period were 960.86 million yuan, 875.43 million yuan, 1,000.94 million yuan, and 496.55 million yuan, with a high proportion of capitalized R&D expenditures compared to industry peers [2] - The company received significant government subsidies in 2023-2024, primarily from the Tibet Autonomous Region [2] - Accounts receivable turnover is below industry averages due to sales channel optimization, with a prolonged collection cycle but sufficient bad debt provisions [3] - The company’s dividend policy aligns with its profit levels, cash flow, and business scale, ensuring compliance with regulations and protecting minority investors' rights [3] Stock Issuance Plan - HaiSiKe plans to raise no more than 1,365.26 million yuan through a specific stock issuance, with 965.26 million yuan allocated for new drug R&D projects and 400 million yuan for working capital [4] - The new drug R&D projects involve six products that are already in clinical development, with manageable risks associated with potential R&D failures [4]