上海谊众药业股份有限公司关于 握政策机遇窗口期，高效执行"加速终端准入"与"深化渠道渗透"双轨策略。截 至报告期末，产品已高效完成全国超 200 家重点医院药事会审批，入院覆盖取得 突破性进展，显著提升了药品可及性与患者可支付性，医保红利正加速转化为市场 优势。 半年度评估报告 为深入贯彻"以投资者为本"的核心理念，持续提升经营发展质量与核心竞争 力，切实维护投资价值并保护全体投资者（特别是中小投资者）的合法权益，上海 谊众药业股份有限公司（以下简称"公司"）于 2025 年 6 月 7 日披露了《2025 年 度"提质增效重回报"行动方案》 万元，较去年同期增长 10.13%；归属于上市公司股东扣除非经常性损益的净利润 （以下简称"方案"）。2025 年上半年，公司严格 遵循方案部署，围绕"提质、增效、重回报"三大核心目标，在优化经营管理、强 化成本控制、加大研发创新、提升运营效率、完善公司治理、强化投资者沟通等方 面积极开展并落实相关工作。现将 2025 年上半年的相关经营情况报告如下： 基于产品在疗效、安全性和临床便利性上的显著优势，公司将其确立为营销战 略的核心驱动力。经半年度评估，公司认为当前以持续 ...

Core Investment Logic - The impact of the national procurement of Lefuyin is gradually diminishing, and with the launch and promotion of new products, the company's performance is expected to return to a growth trajectory [1][2] - The company is firmly advancing its innovation transformation, introducing the ALK-N001 (DXd) which opens up new possibilities. ALK-N001 is a tumor-responsive prodrug designed based on the TMEA platform, which has shown significant efficacy and safety trends compared to existing first-line chemotherapy regimens in phase 3 trials of its first drug, Legu Bixin [1][3] Business Overview - Established in 2001, the company has over 20 years of experience in the pharmaceutical field, transitioning from generic to innovative drugs. It primarily engages in the R&D, production, and sales of chemical raw materials, chemical preparations, pharmaceutical excipients, and specialty intermediates [1] - The company has a significant advantage in cardiovascular preparations, oral cephalosporin raw materials, alpha-keto acid raw materials, inhalation anesthetics, anti-androgen intermediates, and plant-derived cholesterol products [1] Financial Performance and Forecast - The company expects a revenue of 1.54 billion in 2024, a year-on-year decrease of 5%. The decline in performance is mainly due to the impact of the Lefuyin product, particularly from the eighth batch of national procurement [2] - The company anticipates a rebound in performance driven by the approval and promotion of new products, including the "light-foot" compound alpha-keto acid tablets and the cooperative product Ediguanol soft capsules [2] - Profit forecasts for 2025-2027 are projected at 132 million, 170 million, and 216 million respectively, with year-on-year growth rates of 64%, 29%, and 27% [4] New Growth Areas - The company is expanding into new fields such as plant cholesterol and animal health, aiming to create new growth drivers. The acquisition of Keri Bio in 2023 is expected to provide stable cash flow, with a projected net profit margin of 40% in 2024 [2] - The company's animal health business focuses on pet medications, with a target to double the sales of isoflurane by 2025, and numerous ongoing projects in pet medications that could become new growth points [2] Drug Development and Innovation - ALK-N001 is a tumor-responsive prodrug designed to achieve targeted delivery in the tumor microenvironment, aiming for high efficacy and low toxicity. The TMEA-SMDC platform has been validated through positive phase 3 trial results of Legu Bixin [3] - The company has reached an agreement with Affinity for the authorization of ALK-N001/QHL-1618, obtaining all rights in Greater China. ALK-N001 is expected to be a strong candidate for tumor treatment due to its enhanced cytotoxicity [3]