Core Viewpoint - Zhongyou Securities reports that Lianbang Pharmaceutical (03933) is a leading comprehensive pharmaceutical company with business extending into biopharmaceuticals and animal health, entering a harvest period for its research and development [1] Financial Performance - For the first half of 2025, the company achieved revenue of 7.52 billion yuan (+4.8% year-on-year), EBITDA of 2.75 billion yuan (+23.3%), and net profit attributable to shareholders of 1.89 billion yuan (+27.0%) [1] - Revenue projections for 2025, 2026, and 2027 are 13.42 billion yuan, 12.65 billion yuan, and 13.84 billion yuan, with year-on-year growth rates of -2.5%, -5.7%, and +9.4% respectively [1] Business Segment Performance - The intermediate products segment reported external revenue of 1.01 billion yuan (-23.1%) with a profit margin of 27.5% (-7.2 percentage points) [2] - The active pharmaceutical ingredients segment had external revenue of 2.53 billion yuan (-27.0%) with a profit margin of 27.5% (-4.9 percentage points) [2] - The formulation segment generated external revenue of 2.54 billion yuan (+6.1%) with a profit margin of 6.1% (-4.0 percentage points) [2] - Insulin formulation revenue reached 960 million yuan (+74.5%), driven by significant growth in second-generation insulin products [2] Research and Development Focus - R&D investment for the first half of 2025 was 550 million yuan (+14.9%), with several new drugs in the pipeline [3] - The company has received approval for liraglutide in China and has ongoing clinical trials for various indications, including weight loss and metabolic diseases [3] - Six new products or indications are expected to be approved in 2026 and 2027, with further approvals anticipated in 2030 [3]
中邮证券：首予联邦制药“买入”评级 胰岛素制剂业务表现亮眼