Group 1 - The company achieved a revenue of 732 million yuan and a net profit attributable to shareholders of 343 million yuan in H1 2025, representing a year-on-year increase of 235.04% [1] - The significant growth in net profit is primarily due to cash dividends received from Tian Shili Bio, in which the company's wholly-owned subsidiary, Central Pharmaceutical, holds a 12.15% stake, amounting to 303.75 million yuan [1] - The company maintains a gross margin of 59.16% and a net profit margin of 14.25% in H1 2025, reflecting improvements of 3 percentage points and 0.93 percentage points year-on-year, respectively [1] Group 2 - The company has identified over 300 quality projects and is preparing to establish an industrial merger and acquisition fund [2] - In H1 2025, the company invested 60.51 million yuan in R&D, with an investment rate exceeding 8%, resulting in multiple breakthroughs and the approval of three core products [2] - The company has enhanced its marketing and production capabilities, with significant sales growth in various products, including a 14% increase in sales revenue for urokinase injection and a 48% surge in external sales of heparin sodium injection [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant profit growth, with a 235.04% year-on-year increase in net profit attributable to shareholders, reaching 343 million yuan in H1 2025 [4] - The substantial profit increase is primarily due to cash dividends received from a subsidiary, Central Pharmaceutical, amounting to 303.75 million yuan [4] - The company is focusing on deep integration of innovation and industrial resources to drive high-quality development [4] - The projected net profits for 2025-2027 are estimated at 466 million yuan, 291 million yuan, and 331 million yuan respectively, with corresponding EPS of 1.81, 1.13, and 1.28 yuan per share [4] Financial Performance - In H1 2025, the company reported revenues of 732 million yuan and a gross margin of 59.16%, which is an increase of 3 percentage points year-on-year [4] - The net profit margin for H1 2025 was 14.25%, up by 0.93 percentage points year-on-year [4] - The company’s total market capitalization is 6.592 billion yuan, with a circulating market capitalization of 6.403 billion yuan [1] Research and Development - The company has identified over 300 quality projects and invested 60.51 million yuan in R&D in H1 2025, representing an investment rate of over 8% [5] - The company applied for 9 patents and received approval for 3 core products [5] Market Strategy - The company is enhancing its distribution network and product value chain, particularly focusing on its core product, Indapamide [5] - The company is also establishing a 1 billion yuan equity investment fund to strengthen its operational capabilities [4][5]