Core Viewpoint - China National Pharmaceutical Group (中生制药) reported a decline of over 5% in stock price despite exceeding earnings expectations for the first half of the year, driven by strong growth in innovative product sales and increased dividend payouts [1] Financial Performance - The company achieved a revenue of 17.575 billion RMB, representing a year-on-year growth of 10.7% [1] - Net profit reached 3.389 billion RMB, with a year-on-year increase of 12.3% [1] - Earnings per share were reported at 0.1882 RMB, and an interim dividend of 0.05 HKD was declared, up from 0.03 HKD in the same period last year [1] Innovative Products - Sales from innovative products grew by 27% year-on-year to 7.8 billion RMB [1] - Management anticipates a 25% annual growth in innovative product sales for the fiscal year 2025 [1] - The company expects to have over 19 new products approved in the next three years, many of which have sales potential exceeding 2 billion RMB [1] Market Outlook - Management expressed confidence in the out-licensing potential of innovative candidates, including TQC3721 (PDE3/4) [1]

Core Viewpoint - China National Pharmaceutical Group (中生制药) reported a decline of over 5% in stock price following the release of its interim results, despite showing strong revenue and profit growth [1] Financial Performance - The company achieved a revenue of 17.575 billion RMB, representing a year-on-year increase of 10.7% [1] - Net profit reached 3.389 billion RMB, up 12.3% year-on-year [1] - Earnings per share were reported at 0.1882 RMB [1] - A mid-term dividend of 0.05 HKD was declared, compared to 0.03 HKD in the same period last year [1] Market Expectations - CICC noted that the company's performance exceeded expectations, driven by higher-than-expected revenue from innovative products and dividend income [1] - Citigroup's report highlighted that both profit and revenue surpassed forecasts, with innovative product sales increasing by 27% to 7.8 billion RMB [1] - Management anticipates a 25% year-on-year growth in innovative product sales for the fiscal year 2025, maintaining a double-digit growth target for revenue and net profit [1] Product Pipeline - The management expects over 19 new products to be approved in the next three years, many of which have sales potential exceeding 2 billion RMB [1] - There is strong confidence in the out-licensing potential of innovative candidates, including TQC3721 (PDE3/4) [1]