Overall Pharmaceutical Industry - In H1 2025, the pharmaceutical sector's comparable company revenue decreased by 1.9% year-on-year, while net profit attributable to shareholders fell by 2.0%, and net profit excluding non-recurring items dropped by 7.5% [16] - In Q2 2025, the sector's revenue increased by 0.2% year-on-year, net profit attributable to shareholders rose by 4.4%, and net profit excluding non-recurring items grew by 0.8% [16] - The "Innovation Chain" segment recorded the fastest revenue growth in the pharmaceutical industry, with H1 and Q2 2025 revenue increasing by 9.3% and 10.1% respectively [16] - The "Medical Devices" segment experienced the most significant revenue decline, primarily due to inventory clearance and multiple medical insurance cost control measures [16] Pharmaceutical Industry Financial Performance - The pharmaceutical industry revenue in H1 2025 was 1258.73 billion, with a net profit of 100.77 billion and a net profit excluding non-recurring items of 86.53 billion [12] - The revenue growth rates for various segments in H1 2025 included: - Pharmaceutical Industry: -3.0% - Traditional Chinese Medicine: -5.6% - Medical Devices: -6.5% - Innovation Chain: 9.3% - Medical Services: -1.4% - Retail and Distribution: 0.1% [12] Innovative Drug Companies - In H1 2025, the revenue for the innovative drug sector was 1034.3 billion, reflecting a 13.8% increase year-on-year, with net profit attributable to shareholders at 51.0 billion and net profit excluding non-recurring items at 60.5 billion [14][17] - Several innovative drug companies turned profitable for the first time in 2024, including Baiji Shenzhou, Lepu Biopharma, and Aidi Pharmaceutical [13] - The number of INDs, NDAs, and approvals for domestic innovative drugs has been increasing, with significant international licensing transactions occurring [13] Drug Formulation Sector - In H1 2025, the formulation sector's revenue was 1409.6 billion, down 5.1% year-on-year, with net profit attributable to shareholders at 143.1 billion, a decrease of 6.8% [24] - The decline in performance was attributed to price reductions from centralized procurement and insufficient demand, particularly affecting the large-volume infusion segment [24] Raw Material Drug Sector - The raw material drug sector reported revenue of 738.5 billion in H1 2025, a decrease of 3.6% year-on-year, while net profit attributable to shareholders increased by 4.7% to 97.6 billion [29]