调研速递|华邦健康接受众多投资者调研 透露业务布局与业绩要点

Core Viewpoint - Huabang Life Health Co., Ltd. held an online investor meeting on September 25, 2025, to discuss its business layout and financial status, engaging with numerous investors [1][2]. Business Layout and Development Strategy - The company focuses on the pharmaceutical and healthcare industry, with independent operations in agriculture, new materials, and tourism through three listed subsidiaries. It aims to enhance its full industry chain development model, integrating raw materials, formulations, functional skincare products, and medical services while maintaining the independent operation of its subsidiaries [3]. - In the pharmaceutical sector, the company received A certification for raw materials such as mometasone furoate and crizotinib in the first half of 2025, with six formulation products obtaining market approval. Notably, the betamethasone dipropionate and calcipotriol ointment is the first generic product approved in China. The company is expanding its prescription market and exploring both domestic and overseas raw material markets [3]. - Beijing Huasheng Rehabilitation Hospital increased its bed capacity from 300 to 457 in early 2025, generating over 130 million yuan in revenue in the first half of 2025, a 20% increase year-on-year, with a bed occupancy rate exceeding 90% [3]. - The tourism segment is centered around Lijiang Co. and Qinling Tourism, with resources distributed across five 5A scenic spots, covering various business formats [3]. Agricultural Chemical Sector - The agricultural chemical sector is gradually recovering its profitability despite the overall imbalance in supply and demand in the domestic pesticide industry. Factors such as the spring farming season and increased overseas replenishment demand have led to significant price increases for certain niche products. However, the industry is expected to remain in a phase of structural overcapacity, limiting the potential for widespread price hikes [4]. Financial Insights - The company has a high level of cash and loans due to regulatory restrictions on fund transfers within its four public companies, necessitating normal financial planning for daily operations. Future improvements will focus on adjusting the debt structure [5]. - The company invested 2 billion yuan in financial products to generate stable returns from temporarily idle funds. A share buyback was completed in 2024, with future buyback plans to be disclosed as necessary. The transfer of equity in Kaisheng New Materials will not affect this year's consolidated profits but will be included in the consolidated balance sheet's capital reserve [5]. Market Value Management Plan - The company emphasizes market value management, implementing a management system and a valuation enhancement plan for 2025. Strategies include focusing on the healthcare core business, considering mergers and acquisitions, and improving information disclosure quality to enhance operational and developmental quality, ultimately aiming to create long-term value for shareholders [6].