Core Viewpoint - Zhejiang Haizheng Pharmaceutical plans to invest in Zhejiang Shengzhao Pharmaceutical Technology Co., establishing a joint venture to enter the complex injection market, marking the official start of their collaboration [2][4]. Company Overview - The new joint venture is tentatively named Zhejiang Haizheng Shengzhao Pharmaceutical Co., with a registered capital of 100 million yuan. The total investment is expected to reach 2.3 billion yuan, with Haizheng contributing 495 million yuan for a 45% stake and Shengzhao contributing 605 million yuan for a 55% stake [4]. - The joint venture will focus on the research, production, and commercialization of 11 complex injection products, including generics and modified new drugs. Haizheng will have priority cooperation rights for future related products from Shengzhao [4]. Industry Context - The complex injection field is characterized by high barriers to entry, requiring precise process control and long-term stability validation. It has higher regulatory approval requirements than standard injections, with only a few companies globally capable of large-scale industrial production [5]. - Complex injections, such as long-acting formulations and targeted therapies, are becoming mainstream in drug development, indicating a significant market opportunity [5]. Market Potential - The global complex injection market is rapidly growing, with unmet clinical treatment needs. The Chinese pharmaceutical industry is transitioning towards "independent innovation," expanding the application of complex injections into new areas like aesthetic medicine and diabetes management [6]. - According to Frost & Sullivan, China's complex injection market is on the rise, projected to reach 40.8 billion yuan by 2025, with a compound annual growth rate (CAGR) of 13.0%, and 77.9 billion yuan by 2030, with a CAGR of 13.8% [6]. Strategic Importance - The collaboration between Haizheng and Shengzhao is seen as a strategic move to enhance Haizheng's international development, aligning with its focus on high-quality, innovative growth in the complex injection sector [8]. - Haizheng's latest strategy emphasizes innovation, international expansion, and business restructuring, aiming to regain a leading position in the domestic pharmaceutical market [8]. Financial Performance - Haizheng Pharmaceutical reported strong financial results, with a revenue of 7.923 billion yuan and a net profit of 461 million yuan for the first three quarters of 2025. The third quarter alone saw a revenue of 2.672 billion yuan and a net profit of 162 million yuan, marking a year-on-year increase of 102.14% [9].