立方制药(003020)：25H1业绩符合预期 哌甲酯已正式上市销售

Core Viewpoint - The company reported its 2025 mid-year results, showing a decline in revenue but an increase in net profit, indicating a mixed performance in the first half of the year [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 732 million yuan, a year-on-year decrease of 4.80%, while net profit attributable to shareholders was 90 million yuan, an increase of 16.53% [1] - The second quarter of 2025 saw revenue of 372 million yuan, down 14.57% year-on-year, with net profit attributable to shareholders at 52 million yuan, up 10.45% [1] - The pharmaceutical industrial segment generated revenue of 668 million yuan, a decline of 4.74%, while the pharmaceutical retail segment brought in 56.45 million yuan, down 0.74% [1] - The gross margin and net profit margin for the first half of 2025 were 64.25% and 12.32%, respectively, with the net profit margin increasing by 2.26 percentage points year-on-year [1] - The company improved its expense ratios, with sales, management, R&D, and financial expense ratios at 41.3%, 4.55%, 7.06%, and 0.01%, respectively [1] Group 2: Product Development and Market Position - The company is focusing on high-end controlled-release narcotic drugs, with products like oxycodone and methylphenidate expected to see continued growth [2] - The company has a leading position in the high-tech permeation pump controlled-release technology field, with eight products already launched [2] - The methylphenidate controlled-release tablet, which was approved in April 2025, is expected to rapidly gain market share due to increasing demand and supply shortages of original drugs [2] - The oxycodone controlled-release tablet is projected to exceed 100 million yuan in sales in its first full year of 2024, as it is a first-line treatment for cancer pain [2] Group 3: R&D Investment - The company is increasing its R&D investment, with 51.71 million yuan spent in the first half of 2025, a year-on-year increase of 40.77%, resulting in an R&D expense ratio of 7.06% [3] - The company is pursuing a dual strategy of self-research and external collaboration to enhance its product pipeline [3] - The company has multiple narcotic drug projects approved and in early research stages [3] Group 4: Profit Forecast - The company forecasts net profits of 209 million yuan, 265 million yuan, and 340 million yuan for 2025-2027, representing year-on-year growth of 30%, 27%, and 29% respectively [3] - The current stock price corresponds to PE ratios of 27X, 22X, and 17X for the respective years, reflecting a stable growth outlook due to the continued release of new narcotic products [3]