转自：山东财经报道 文|经济导报 贾义航 8月20日晚间，力诺药包（301188.SZ）发布半年报在内的多份公告。公司围绕药用包装玻璃、耐热玻璃 双主业积极布局，一方面推进药用玻璃产能扩张，另一方面加速耐热玻璃业务模式转型与品牌推广；同 时披露的多项对外投资计划，为公司的长远发展奠定基础。 药用包装玻璃、耐热玻璃双主业并行 耐热玻璃方面，力诺药包于今年2月在杭州设立了电商公司，从事自主品牌"LEBOLEBO"（国内品牌） 及"brohouse"（国外品牌）的推广。此外，公司持续加强内部设计能力的提升，不断推出更加符合年轻 人需求的时尚玻璃产品，推动公司从OEM模式向ODM模式转型。 力诺药包方面表示："公司将继续加强在产品设计、渠道搭建方面的投入，进一步提升公司的经营业 绩。" 披露多项投资计划 值得注意的是，为了进一步提升公司的经营业绩，自2024年起，力诺药包开始着眼全球化布局，对沙 特、巴西、东南亚等多个地区进行了考察，2025年3月份，公司与SANTISA LABORATóRIO FARMACêUTICO S/A签订了《合作投资协议》。 而在披露半年报的同一天，力诺药包披露了多项投资计划，拟建设"科创 ...

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Shandong Linuo Pharmaceutical Packaging Co., Ltd. in the first half of 2025, indicating a decline in revenue and net profit compared to the same period in 2024, while emphasizing the company's strategic focus on expanding its market share in the pharmaceutical packaging industry [1][10][20]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 498.73 million yuan, representing a decrease of 11.07% compared to 560.80 million yuan in the same period last year [6][23]. - The net profit attributable to shareholders was approximately 28.94 million yuan, down 37.31% from 46.16 million yuan year-on-year [6][23]. - The net cash flow from operating activities was negative at -9.61 million yuan, a significant decline from 24.06 million yuan in the previous year, indicating increased costs and reduced cash generation [6][23]. Industry Context - The pharmaceutical glass market in China is projected to grow from 350 billion yuan in 2023 to 442 billion yuan by 2026, with a compound annual growth rate (CAGR) of 7.5% [9]. - The demand for pharmaceutical packaging materials is increasing due to stricter drug quality regulations and heightened public awareness of drug safety [9][10]. - The company is positioned as a leading player in the pharmaceutical glass sector, benefiting from the growing relationship between pharmaceutical companies and packaging material suppliers [8][10]. Operational Strategy - The company is focusing on expanding its production capacity for borosilicate glass products, which are essential for pharmaceutical packaging, to meet the rising demand from clients [11][20]. - The company has initiated a transformation towards building its own brands and enhancing its design capabilities, moving from an OEM model to an ODM model [11][20]. - The company is also pursuing international expansion, having signed a cooperation investment agreement with a Brazilian pharmaceutical laboratory to enhance its global footprint [12][20]. Competitive Advantage - The company has established a nationwide sales network and long-term partnerships with major pharmaceutical manufacturers, which provides a competitive edge in the market [20][21]. - The company holds numerous patents and has a strong focus on research and development, which supports its innovation and product quality [21][22]. - The company adheres to strict quality management systems and has received various international certifications, ensuring high product safety and stability [21][22].