Core Viewpoint - The semi-annual report performance meets expectations, with domestic business showing recovery growth and overseas business continuing rapid growth. Profit growth outpaces revenue growth primarily due to internal cost reduction and efficiency improvement, leading to a steady enhancement in profitability [1] Financial Performance - In the first half of the year, the company achieved revenue of 488 million yuan, a year-on-year increase of 28.27%, and a net profit attributable to the parent company of 114 million yuan, a year-on-year increase of 44.85%. The net profit after deducting non-recurring items was 106 million yuan, a year-on-year increase of 61.09% [2] - The basic earnings per share were 0.30 yuan per share [3] Quarterly Analysis - In Q2, the company achieved revenue of 258 million yuan, a year-on-year increase of 62.85% and a quarter-on-quarter increase of 12.14%. The net profit attributable to the parent company was 56 million yuan, a year-on-year increase of 136.70% [4] - The profit growth rate exceeded the revenue growth rate due to internal cost reduction and efficiency improvements. The company recorded credit impairment losses and asset impairment losses of 39.33 million yuan in the first half, compared to 11.02 million yuan in the same period last year [4] Outlook for the Second Half - The domestic business is expected to continue its recovery growth, while overseas business is anticipated to maintain rapid growth. The impact of joint procurement price reductions is expected to be cleared, and the company is likely to sustain high growth trends in Q3 and Q4 due to low performance baselines from the previous year [5] Profitability and Cost Management - The gross profit margin decreased to 67.09%, down 4.43 percentage points, mainly due to price reductions from joint procurement. The sales expense ratio decreased significantly to 19.74%, down 9.59 percentage points, attributed to reduced market development costs [6] - The net cash flow from operating activities was 141 million yuan, compared to a negative 69 million yuan in the same period last year, mainly due to increased customer payments. The accounts receivable turnover days decreased to 88.8 days, down 90.1 days year-on-year, indicating improved collection efficiency [6] Long-term Growth Potential - In the short term, the company is expected to reach a performance inflection point, with overseas business likely to continue expanding. The company has strong R&D and production capabilities, with new products in sports medicine, robotics, and dentistry expected to contribute to future growth [7] - Revenue projections for 2025-2027 are 1.111 billion yuan, 1.302 billion yuan, and 1.529 billion yuan, representing year-on-year growth of 37.9%, 17.2%, and 17.4% respectively. Net profit attributable to the parent company is projected to be 238 million yuan, 280 million yuan, and 331 million yuan, with year-on-year growth of 90.8%, 17.4%, and 18.2% respectively [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Insights - The company's revenue for the first half of 2025 remained stable at 6.644 billion, with a year-on-year decline in net profit attributable to shareholders of 9.0% [1][7]. - The medical device segment showed stable pricing, while the pharmaceutical packaging segment saw a significant increase in overseas sales, with the "ship-to-ship" sales ratio rising to 35%, an increase of nearly 10 percentage points year-on-year [2][10]. - The company has established a multi-dimensional barrier with brand image, quality control, scale effect, and cost advantages, indicating strong growth potential and industry leadership [20]. Revenue and Profitability - The company's revenue for the first half of 2025 was 66.44 billion (+0.1%), while the net profit attributable to shareholders was 10.08 billion (-9.0%), with a 12.7% decline after excluding one-time impacts [1][7]. - The gross profit margin decreased to 49.7% (down 1.2 percentage points year-on-year), reflecting pricing pressures on products [3][14]. - The net profit margin fell to 15.9% (down 1.5 percentage points year-on-year) [3][14]. Segment Performance - The medical device business generated approximately 33.0 billion in revenue, remaining stable year-on-year, but the segment profit decreased by 17.1% due to price declines and foreign exchange losses [2][10]. - The orthopedic business revenue was 7.3 billion (-1.6%), primarily due to a change in sales model for joint products, leading to lower factory prices [11]. - The interventional business revenue was 9.9 billion (-2%), with growth in the U.S., Europe, Middle East, and Africa regions [11]. Financial Forecasts - The revenue forecasts for 2025-2027 are adjusted to 137.6 billion, 148.5 billion, and 159.6 billion, with year-on-year growth rates of 5.1%, 8.0%, and 7.4% respectively [20]. - The net profit forecasts for the same period are 21.2 billion, 24.0 billion, and 26.8 billion, with year-on-year growth rates of 2.3%, 13.4%, and 11.6% respectively [20]. Cash Flow and Dividends - The operating cash flow for the first half of 2025 was 8.82 billion, with a cash content of net profit reaching 87%, indicating a healthy cash flow position [18]. - The board proposed a dividend of 4.42 billion for the first half of the year, maintaining a 50% payout ratio based on operating net profit [1][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.68 CNY, based on a 46 times PE valuation for 2025 [4][7]. Core Views - The company is expected to experience a turning point in performance as the impact of centralized procurement diminishes, with a projected revenue increase of 33.9% in 2025 [12]. - The company achieved a revenue of 4.9 billion CNY in the first half of 2025, representing a year-on-year growth of 28.3%, and a net profit of 1.1 billion CNY, up 44.9% year-on-year [12]. - The company is actively expanding its international market presence, with significant progress in obtaining CE and FDA approvals for its products, indicating strong international competitiveness [12]. Financial Summary - Revenue projections for 2025-2027 are 1,079 million CNY, 1,306 million CNY, and 1,578 million CNY, respectively, with corresponding growth rates of 33.9%, 21.0%, and 20.9% [6]. - The company's net profit for 2025 is forecasted at 224 million CNY, with a year-on-year growth of 79.4% [6]. - The gross margin is expected to stabilize around 67.5% in 2025, with a net margin of 20.8% [6].

Domestic Market Overview - The domestic market experienced a contraction with a continued pullback, as the Shanghai Composite Index closed at 3820.09 points, down 0.3%, and the Shenzhen Component Index closed at 13070.86 points, down 0.04% [1][5][9] - Among the 30 CITIC first-level industries, 14 saw an increase, with consumer services, coal, and non-ferrous metals leading the gains, while comprehensive finance, automotive, and pharmaceuticals faced significant declines [1][5][9] - The total trading volume for the entire A-share market was 23,494 billion, showing a decrease compared to the previous day [1][5][9] Overseas Market Overview - The three major U.S. stock indices all closed at new highs, with the Dow Jones Industrial Average rising by 0.37%, the S&P 500 increasing by 0.49%, and the Nasdaq gaining 0.72% [2][5] - Notable stock performances included Amgen and Apple, both rising over 3%, leading the Dow [2][5] - The Wande American Technology Seven Giants Index rose by 1.22%, with Tesla increasing by over 2% and Microsoft nearly 2% [2][5] News Highlights - A phone call took place between President Xi Jinping and U.S. President Trump, discussing the current state of U.S.-China relations and strategic guidance for future development [10][12][13] - The 11th batch of national organized drug procurement documents was released, with 46,359 medical institutions participating in the reporting process [14][15][16] - The 2025 World Manufacturing Conference opened in Hefei, emphasizing cooperation in key areas such as manufacturing and technology [19][20]

Fund Market - In September, the issuance scale of newly established equity funds reached nearly 66 billion yuan, with a total of 141 fund products established, totaling 118.27 billion yuan, making it the second highest monthly issuance this year [1] - The ETF market saw new members join the 10 billion yuan club, indicating a continuous influx of incremental funds into popular ETFs, driven by a strengthening equity market [1] - Over 78% of private equity firms reported their average positions at the highest level of the year, with many firms increasing their investments in technology and innovative pharmaceutical sectors [1] Quantitative Private Equity - As of September 12, less than 20% of quantitative private equity products achieved positive excess returns in August, indicating a significant underperformance compared to subjective private equity [2] - The management scale of quantitative private equity has nearly halved due to two major drawdowns this year, prompting firms to reduce leverage and limit style exposure [2] Floating Rate Bonds - The issuance of floating rate bonds has significantly rebounded, with 97 bonds issued and a total scale of 275.57 billion yuan, marking a year-on-year increase of 123.5% [2] - Policy bank bonds account for over 80% of the issuance, with expectations for the floating rate bond market to normalize and extend towards medium to long-term maturities [2] Banking Sector - A wave of redemptions for "perpetual bonds" is occurring, with banks like China Construction Bank and CITIC Bank announcing full redemptions of bonds issued in 2020, totaling 729.28 billion yuan this year [3] - This redemption trend is part of banks' strategies to optimize capital structures and reduce financing costs amid a declining interest rate environment [3] Aviation Industry - In August, China's civil aviation transportation volume reached a historical high, with a total turnover of 15.18 billion ton-kilometers and passenger transport volume of 75.36 million, reflecting a year-on-year growth of 8%, 3.3%, and 13.3% respectively [4] Pharmaceutical Industry - The 11th batch of national drug centralized procurement will open for bidding on October 21, covering 55 varieties and 162 specifications, with a focus on key areas such as antiviral drugs and innovative treatments for kidney diseases [4] - The new procurement scheme aims to ensure fair pricing and prevent excessively low bids that could disrupt the market [4] Corporate Developments - The chairman of Bosera Fund, Jiang Xiangyang, has stepped down, with Zhang Dong expected to take over, indicating a significant organizational change within the company [5] - The company Xuan Zhong Ecological is planning a change in control, leading to a temporary suspension of its stock trading [6] - Xiangrikui plans to acquire 100% of the high-end semiconductor materials company Xipu Materials, indicating a strategic move to enhance its product offerings [8] US Stock Market - The three major US stock indices closed higher, with the S&P 500 up 0.49% and the Nasdaq up 0.72%, reflecting a strong performance in the technology sector [9] - The trading volume surged on "Triple Witching Day," marking the third-highest record, as small-cap stocks fell from record highs [9] - The ten-year US Treasury yield rose for three consecutive days, reaching a two-week high, while the dollar index also increased [9]

本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 曾经凭借生长激素独占市场多年的长春高新，如今正面临核心产品集采降价、新业务青黄不接的艰难局 面，2025年中报显示净利润暴跌42.85%，这家老牌白马股或已跌落神坛。 2021年5月是公司股价巅峰时期，长春高新市值曾超过2100亿元，被投资者誉为"东北药茅"。而如今， 其市值仅500亿元，已缩水超过1600亿元。 中期业绩延续颓势 2025年8月30日，公司交出的中报业绩显示：营业收入66.03亿元，同比下滑0.54%；归属于上市公司股 东净利润9.83亿元，同比下降42.85%。延续了去年年报中出现的营收和净利润双双下滑的局面，这也是 公司近20年来首次出现这一情况。 净利润创近五年中报最大降幅的同时，单季度数据进一步反映出公司"增收不增利"特征：公司2025年 Q2营收36.05亿元，同比微增4.16%，但净利润4.63亿元，同比仍下滑48.83%，这一现象主要源于销售费 用与研发投入的双高增长，对利润形成严重侵蚀。 回顾近5年公司中报数据，2021—2025年1—6月，长春高新营收分别为49.63亿元、58.31亿元、61.68亿 元 ...

Core Insights - The article highlights the increasing prevalence of depression in China, with approximately 95 million individuals affected, leading to a booming market for antidepressant medications [5][12][18] - The demand for antidepressants has surged, with sales in public medical institutions exceeding 9.1 billion yuan in the previous year, marking a 6% year-on-year increase [5][7] - The market for antidepressants is becoming increasingly competitive, with numerous domestic pharmaceutical companies entering the space, particularly in the production of generic drugs [13][20] Market Dynamics - The rise in depression cases has created a vibrant pharmaceutical market, with companies like Hansoh Pharmaceutical and Jingwei Pharmaceutical achieving significant sales figures [7][12] - The sales of antidepressants in public hospitals have seen a drastic shift, with domestic companies gaining market share due to price reductions and increased competition [22][24] - The introduction of centralized procurement has led to a significant drop in drug prices, making antidepressants more accessible to patients [19][20][22] Industry Challenges - Despite the growing market, the high cost of psychological therapy remains a barrier for many patients, leading to a preference for medication over therapy [26][27] - The perception of antidepressants as a long-term necessity poses challenges for patient management, with many experiencing withdrawal symptoms when discontinuing medication [26][27] - The industry faces scrutiny over the quality of psychological counseling services, which can vary significantly, impacting patient experiences and outcomes [26][27]

Core Insights - The article highlights the increasing prevalence of depression in China, with approximately 95 million individuals affected, leading to a booming market for antidepressant medications [4][6]. - The demand for antidepressants has surged, with sales in public medical institutions exceeding 9.1 billion yuan in the previous year, marking a 6% year-on-year increase [4][6]. - The article discusses the shift in societal attitudes towards mental health, with more individuals seeking treatment and awareness growing, particularly among younger generations [10][12]. Market Dynamics - The pharmaceutical companies, such as Hansoh Pharmaceutical and Jingwei Pharmaceutical, have seen significant sales growth, with Jingwei's escitalopram generating 700 million yuan in revenue [6]. - The competitive landscape for antidepressants is intensifying, with over 40 generic antidepressants approved for sale in China this year alone, and at least 32 new antidepressant drugs in various stages of clinical approval [13][12]. - The article notes a shift in market dynamics due to price reductions from collective procurement, which has led to a decrease in sales revenue despite an increase in the volume of antidepressant prescriptions [20][22]. Patient Experience and Treatment - The article emphasizes the long-term nature of depression treatment, with many patients requiring ongoing medication, which can lead to withdrawal symptoms if abruptly stopped [29][31]. - The high cost of psychological therapy remains a barrier for many patients, leading to a preference for medication over therapy despite the need for a comprehensive treatment approach [31][32]. - The narrative includes personal accounts of individuals struggling with depression, illustrating the emotional and financial burdens associated with treatment [25][32]. Industry Challenges - The article points out the challenges faced by the industry, including the high barriers to developing new CNS drugs and the slow pace of innovation in antidepressant options [17][19]. - It also highlights the potential pitfalls of a saturated market, where the influx of generic drugs may not necessarily translate to profitability for all companies involved [14][23]. Societal Impact - The article discusses the broader societal implications of rising depression rates, suggesting that as society becomes more affluent, mental health issues are more likely to be recognized and addressed [11][12]. - It notes the importance of community mental health initiatives and public awareness campaigns in changing perceptions and encouraging individuals to seek help [10][11].

9月16日，上海昊海生物科技股份有限公司（简称"昊海生科"）发布公告称，公司控股股东、实际控制 人之一蒋伟于2025年5月收到中国证监会出具的《立案告知书》，因其涉嫌内幕交易，中国证监会决定 对其立案。近日，公司收到蒋伟通知，获悉其收到中国证监会出具的《行政处罚事先告知书》。尽管昊 海生科多次强调该事件为个人行为与公司无关，但实控人被罚风波仍引发了投资者对公司发展的担忧。 公司回应实控人被罚：与公司无关 关于此次实控人被罚事件，昊海生科在公告中表示，该《行政处罚事先告知书》所涉主体为蒋伟个人， 涉及的事项与公司无关。蒋伟不参与公司日常经营管理，该事项不会对公司日常经营、业务及财务造成 重大影响。 其实，今年5月7日，昊海生科就曾发布公告称，公司收到控股股东、实际控制人之一蒋伟通知，其收到 中国证监会出具的《立案告知书》，因涉嫌内幕交易，根据《中华人民共和国证券法》《中华人民共和 国行政处罚法》等法律法规，决定对其立案。 作为昊海生科的创始人之一，2007年，蒋伟创立了昊海生科的前身昊海有限，成立之初，昊海有限并未 开展实际生产经营活动，后续，凭借一系列精准的并购等资本运作手段切入医美赛道，并逐步在行业内 站稳 ...

Core Viewpoint - The article discusses the rising prevalence of depression in China, the increasing demand for antidepressant medications, and the evolving pharmaceutical market dynamics surrounding these drugs. Group 1: Market Dynamics - The total number of individuals with depression in China has reached 95 million, with approximately 38 million registered patients as of 2023, leading to a booming pharmaceutical market for antidepressants [5]. - Sales of antidepressant medications in public medical institutions exceeded 9.1 billion yuan last year, marking a 6% year-on-year increase [5]. - The demand for antidepressants has led to significant sales growth for companies like Hansoh Pharmaceutical, which ranks among the top three in the antidepressant market, and others like Jingwei Pharmaceutical and Green Leaf Pharmaceutical, which have seen substantial sales increases [7]. Group 2: Changing Perceptions and Treatment - There is a noticeable shift in societal attitudes towards mental health, with more individuals, especially the younger generation, actively seeking treatment for depression [11]. - The article highlights the importance of early detection and intervention in mental health issues, emphasizing that many individuals delay seeking help due to societal stigma [11]. - The development of community mental health services and educational initiatives has contributed to a gradual change in public awareness regarding mental health [13]. Group 3: Pharmaceutical Competition - The market for antidepressants is becoming increasingly competitive, with over 40 generic antidepressants approved for sale in China this year alone, and at least 32 new antidepressant drugs in various stages of clinical approval [16]. - The entry of numerous generic manufacturers has intensified competition, particularly for drugs like Vortioxetine, which has seen a surge in the number of companies producing it [15]. - The article notes that the pricing of antidepressants has significantly decreased due to collective procurement policies, which have allowed generic drugs to capture a larger market share [26][29]. Group 4: Patient Experience and Treatment Challenges - Many patients face financial burdens due to the high costs of antidepressant medications, which can consume a significant portion of their income [20]. - The article discusses the challenges patients encounter when discontinuing medication, often misinterpreted as addiction, but more accurately described as withdrawal reactions [36]. - Psychological therapy remains a critical component of treatment, yet the high costs and variable quality of services deter many patients from pursuing this option [39].