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Core Viewpoint - Haizheng Pharmaceutical is strategically investing in the complex injection drug sector through a joint venture with Shengzhao Pharmaceutical, aiming to enhance its competitive position in high-end generics and international markets [3][10]. Investment and Joint Venture - Haizheng Pharmaceutical and Shengzhao Pharmaceutical have signed a cooperation agreement to establish a joint venture named Zhejiang Haizheng Shengzhao Pharmaceutical Co., Ltd., focusing on complex injection drugs [3][4]. - The joint venture will involve a total investment of 2.3 billion yuan, with Haizheng contributing 495 million yuan for a 45% stake and Shengzhao contributing 605 million yuan for a 55% stake [5][8]. - The joint venture will develop, produce, and commercialize 11 complex injection products, including generics and improved new drugs [5][7]. Financial Commitment - Haizheng Pharmaceutical plans to invest an additional 200 million yuan in a directed issuance of Shengzhao Pharmaceutical's shares, potentially acquiring up to 10% of the latter's post-issue total share capital [3][4]. - The capital contributions from both companies will be made in cash over a period of five years [5]. Product Focus and Development - The joint venture will focus on 11 products, with 9 being generics and 2 being improved innovative drugs targeting areas such as schizophrenia and hormone regulation [7][8]. - Shengzhao Pharmaceutical has established a technology platform for complex injection drugs, including microspheres and liposomes, and aims to participate in international competition [8][9]. Financial Performance - In the first three quarters of 2025, Haizheng Pharmaceutical reported revenues of 7.923 billion yuan, a year-on-year increase of 0.61%, and a net profit of 461 million yuan [10]. - The company aims to enhance its competitiveness in the domestic generic drug market while also focusing on raw materials and diversifying into animal health and aesthetic health sectors [10][11]. Internationalization Strategy - Haizheng Pharmaceutical plans to significantly push for internationalization starting next year, leveraging its strong overseas channels and registration capabilities [11]. - The company aims to explore international markets for complex injection drugs, particularly in the U.S. and Europe [8][11].