转自：新华财经 11月21日晚，辽宁成大（600739.SH）发布公告，经公司董事会审议，同意新疆宝明矿业有限公司（以 下简称"新疆宝明"）长期停产。公司不再向新疆宝明追加大额现金投入，将继续努力推动新疆宝明引入 战略投资者解决其自身的资金和发展问题。未来，公司将以稳健的金融资产为基础，主要聚焦生物医药 等核心产业；同时，结合国家产业政策，积极探索新质生产力相关产业投资机会，实现新的高质量发 展。 据市场相关人士分析，新疆宝明此次长期停产属于"止血"动作，是公司换届后新管理层实施战略转向的 重要信号。2025年，在新管理团队经营下，公司各业务板块获得了明显的边际改善，朝着提质向新的目 标不断迈进。 优化融资：合理运用多种融资工具，推动资产负债结构更趋稳健 今年2月，辽宁成大完成新一届董事会选举及新一届高管团队聘任。新任董事长徐飚先生自2020年开始 便担任公司董事，来自广东民营投资股份有限公司（以下简称"粤民投"），具有丰富的产业与资本资 源；新任总裁张善伟先生自2021年开始任职公司董事，具备多年产业投资和企业经营管理经验。 新管理团队自上任以来，积极优化辽宁成大融资结构，控制资金成本，强化融资能力与融资韧 ...

Core Insights - The company is focused on human vaccines as its main business and has identified innovative drugs and therapies as a strategic direction for its second growth curve [1] - The company maintains a strong financial position with low debt ratios and ample cash flow, supporting its strategic expansion [1] - The company has made significant progress in its international business, with a notable increase in sales of human rabies vaccines and expansion into new markets [1] Group 1: Strategic Focus - The company is committed to tracking biopharmaceutical technology innovations and exploring industry consolidation and external acquisitions [1] - The company plans to leverage capital market tools to increase investment in innovative businesses, accelerating the implementation of its second growth curve [1] Group 2: Innovation and Development - The company achieved several breakthroughs in the first half of 2025, with multiple products at critical development stages, including the completion of clinical trial inspections for the human diploid rabies vaccine [1] - The company has established an "AI + Vaccine R&D Joint Laboratory" in collaboration with Zhongke Zhidong Taichu to explore deep applications of AI technology [1] Group 3: International Expansion - The company’s international business has shown strong performance, with significant growth in sales revenue from human rabies vaccines, covering over 30 countries [1] - The company has gained market access in Indonesia and is actively expanding into larger markets such as Brazil, reinforcing its "vaccine export" strategy [1] Group 4: Sales Team Configuration - The company has a domestic sales team of over 400 professionals covering all provinces in China, excluding Hong Kong, Macau, and Taiwan [2] - The international sales team is experienced and utilizes localized partnerships to expand market reach, ensuring effective product market coverage [2]

Core Viewpoint - Liaoning Chengda Co., Ltd. reported strong financial performance in the first half of 2025, with significant revenue and profit growth driven by its biopharmaceutical, financial investment, and trade sectors [1][2][3]. Financial Performance - In H1 2025, the company achieved operating revenue of 5.348 billion yuan and a net profit of 718 million yuan, marking a year-on-year increase of 56.18% [1]. - The financial investment segment, primarily from Guangfa Securities and China Insurance, generated investment income of 1.076 billion yuan and 86.3 million yuan, with year-on-year growth of 53.19% and 143.94%, respectively [7][8]. Biopharmaceutical Development - Chengda Biopharmaceutical achieved operating revenue of 707 million yuan and a net profit of 122 million yuan in H1 2025, with a 100% pass rate for vaccine product approvals [3]. - The company signed a cooperation agreement with a leading AI technology firm to establish an "AI + Vaccine R&D Joint Laboratory," enhancing its research capabilities [2]. Trade Sector Performance - The domestic and international trade segment reported operating revenue of 4.634 billion yuan, a year-on-year increase of 3.20%, and a net profit of 22.38 million yuan, up 40.52% [4]. - The company is focusing on strengthening team building, resource integration, and market opportunity capture in its trade operations [5]. Financial Strategy and Resource Optimization - The new management team has been actively optimizing the company's debt structure and financing capabilities, issuing short-term financing bonds at competitive rates [8]. - The company aims to enhance its core competitiveness and financial resilience through strategic resource allocation and financial tool utilization [8].