本报讯 （记者吴奕萱）8月26日晚间，浙江诚意药业股份有限公司（以下简称"诚意药业"）发布2025年 半年度报告，公司实现营业收入4.17亿元，较上年同期增长17.11%；归属于上市公司股东的净利润1.12 亿元，较上年同期增长47.03%；归属于上市公司股东的扣除非经常性损益的净利润1.11亿元，较上年同 期增长54.21%。 今年来，诚意药业坚持响应国家大力发展海洋经济特别是海洋生物医药的号召，坚持药品与大健康产 品"双轮驱动"，齐头并进。 在药品领域，诚意药业始终坚守"以全产业链品种为核心"的立业之本，持续加大研发投入，巩固和提升 在骨关节、心脑血管、抗感染、神经系统等临床治疗领域的竞争优势。 今年上半年，诚意药业以优势重点盈利品种优先为原则，有重点、有计划地推进一致性评价和新产品研 发工作，其中胞磷胆碱钠注射液（两个规格）成功通过一致性评价；新产品巯嘌呤片成功获批，盐酸多 巴酚丁胺原料药成功备案。截至中报披露日，帕拉米韦注射液已获药品注册批件。 在大健康产品领域，诚意药业战略聚焦海洋生物医药与银发经济双赛道，紧抓消费升级与健康意识提升 的机遇，努力将其打造为公司未来发展的核心增长引擎。 （文章来源：证 ...

Summary of Chengyi Pharmaceutical Conference Call Company Overview - **Company**: Chengyi Pharmaceutical - **Industry**: Pharmaceutical, focusing on health supplements and raw materials Key Points and Arguments 1. **Strong Performance in H1 2025**: Chengyi Pharmaceutical reported a robust performance in the first half of 2025, with hospital sales increasing by over 100% year-on-year, attributed to the transition from national procurement to provincial-level procurement, expanding coverage from 9 to over 30 provinces [2][3][4] 2. **Growth Drivers**: The primary growth driver is the glucosamine product line, which saw a growth rate of 36% in H1 2025, with expectations to maintain around 30% growth for the full year [2][4] 3. **Profitability Improvement**: The company is optimizing its asset structure by closing loss-making subsidiaries and focusing on profitable ones like Fujian Huakang, which is expected to achieve a net profit of between 10 million to 20 million yuan [2][4][18] 4. **Market Strategy**: Chengyi Pharmaceutical is implementing a strategy of changing product specifications to drive growth in mature markets, such as replacing 30-count packages with 60 and then 120-count packages, which increases prescription volume and market size [7][8] 5. **OTC Market Growth**: The OTC segment is projected to reach 140 million yuan in sales for 2025, a 27% increase, primarily due to improved profit margins after eliminating the general agent [9][10] 6. **Fish Oil Product Launch**: The company plans to launch its fish oil products in Q3 2025, aiming for reasonable domestic pricing and potential collaboration with large pharmaceutical companies [12][13] 7. **High-Purity EPA Raw Material**: The company is facing challenges with DMF (Drug Master File) submissions for high-purity EPA raw materials, with completion expected by mid-2026 [15] 8. **Employee Stock Ownership Plan**: Chengyi Pharmaceutical has introduced an employee stock ownership plan with performance targets set for a 35% profit growth in 2025 [19][21] 9. **Future Revenue Goals**: The company aims for a 30% revenue growth in 2025, with a projected overall growth of 65% by 2027, relying heavily on glucosamine and future fish oil products [20][24] Additional Important Insights 1. **Stable Pricing Strategy**: The pricing for glucosamine has remained stable for five years due to limited competition, with only three companies producing it, allowing Chengyi to maintain the lowest price in the market [6] 2. **Market Positioning**: The company holds a significant market share in the glucosamine sector, accounting for 30% of the total revenue, while the remaining 70% comes from health supplements [22][23] 3. **Long-term Outlook**: Chengyi Pharmaceutical is optimistic about its future growth, particularly in the health supplement market, and is focused on expanding its product line to include more marine-based products [24]

Group 1 - The A-share market saw active performance in marine biopharmaceutical concept stocks, with companies like Chengyi Pharmaceutical, Haiwang Biological, and Dongfang Ocean hitting the daily limit up [1] - The Central Financial Committee emphasized the promotion of a unified national market and the high-quality development of the marine economy [1] - Chengyi Pharmaceutical, as the first listed company in Zhejiang focusing on marine biopharmaceuticals, has a revenue share of nearly 70% from this sector [1] Group 2 - Chengyi Pharmaceutical is leveraging its core businesses of glucosamine and fish oil to establish a strong presence in the marine biopharmaceutical field [1] - The company's key product, hydrochloride glucosamine, is derived from chitin sourced from crab and shrimp shells, offering unique advantages such as being all-natural and additive-free [1] - Chengyi Pharmaceutical has developed a full-chain integration advantage in glucosamine products, from raw material extraction to production [1] Group 3 - Dongfang Ocean is also gaining market attention, focusing on marine seed breeding, aquatic product processing, and biotechnology [2] - The company has established a leading position in sea cucumber farming and fish seed breeding, collaborating with institutions like the Chinese Academy of Sciences and Ocean University of China [2] - Dongfang Ocean is advancing its health industry development by establishing platforms for immune technology, mass spectrometry, molecular technology, and third-party medical testing laboratories [2]

Group 1: Company Performance - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025, attended by key executives and independent directors [1] - The sales of joint-related drugs reached 500 million yuan, a year-on-year increase of 23.41%, accounting for over 70% of the company's total revenue [2] - The core product, glucosamine capsules, has maintained a steady growth trend, supported by national procurement agreements across 30 provinces [2][3] Group 2: Growth Drivers - Key growth drivers include the expansion of national procurement policies, increasing demand due to an aging population, and the optimization of medical insurance reimbursement [2] - The company is positioned as a major integrated manufacturer of glucosamine, benefiting from advantages in product positioning, market status, pricing, and geographical location [2][3] Group 3: Product Development and Market Strategy - The company is developing a high-purity EPA (eicosapentaenoic acid) product line, responding to rising global demand for cardiovascular disease prevention and treatment [3][4] - The company is preparing for dual submissions for EPA-related products in the U.S. and China, with minimal impact from U.S. tariffs due to low overseas revenue [4] - The company aims to integrate its supply chain from raw materials to health products, enhancing market competitiveness and expanding its scale [3][4] Group 4: Market Position and Competitive Advantage - The company has established a strong market position by holding both raw material and formulation production licenses, participating in national standard formulation, and ensuring product quality [2][3] - The company is focused on maintaining cost and price advantages through self-production of raw materials and developing various dosage forms [5] - The company has a history of high dividend payouts and share buybacks, indicating a commitment to shareholder returns despite market pressures [5][6]

Core Insights - The company, Fongshi Technology, has been awarded the title of "Global Sales Leader in Krill Oil" for two consecutive years at the Vitafoods Europe exhibition, solidifying its leading position in the industry [1][4] - Fongshi Technology's VIK brand has also been recognized as the "Top Domestic Brand in Krill Oil Sales" in China at the NHNE International Health Nutrition Expo [3] - The company has achieved a product repurchase rate of 40% and has expanded its market presence to 21 countries and regions globally [4] Research and Development - Fongshi Technology employs a "three-thirds" research strategy, focusing on independent research, collaborative innovation, and overseas acquisitions to create a robust innovation "moat" [4] - The company has participated in the formulation of 3 national standards and 9 group standards, holding 45 intellectual property rights, including 16 invention patents [4] Product Innovation - The company has launched the world's first small molecule cellular anti-aging PQQ krill peptide in collaboration with Norwegian giant Aker, enhancing its product offerings [1][7] - The new product features low molecular weight Antarctic krill oligopeptides for better absorption and PQQ for cellular health, promoting muscle synthesis and bone health [9] Market Strategy - Fongshi Technology is expanding its product lines by integrating various marine bioactive components and exploring new markets in Southeast Asia and the Middle East [10] - The company is also collaborating with academic institutions to develop pharmaceutical excipients from krill phospholipids and explore applications in neurodegenerative disease prevention and treatment [10] Industry Position - Fongshi Technology has established itself as a "double champion" in the Antarctic krill oil industry, leading in both quality and sales for two consecutive years [5][7] - The company aims to transition from a "blue grain warehouse" to a "blue medicine repository," enhancing its competitiveness in the global market [11]