据证券之星公开数据整理，近期常山药业(300255)发布2025年中报。截至本报告期末，公司营业总收入 4.92亿元，同比下降13.42%，归母净利润-2908.9万元，同比上升37.98%。按单季度数据看，第二季度营 业总收入2.33亿元，同比下降14.83%，第二季度归母净利润-3287.16万元，同比下降322.67%。本报告期 常山药业短期债务压力上升，流动比率达0.79。 本次财报公布的各项数据指标表现一般。其中，毛利率14.54%，同比减8.28%，净利率-7.37%，同比增 10.82%，销售费用、管理费用、财务费用总计1.04亿元，三费占营收比21.19%，同比减12.23%，每股净 资产1.67元，同比减13.14%，每股经营性现金流0.19元，同比减13.95%，每股收益-0.03元，同比增 40.0% 财务报表中对有大幅变动的财务项目的原因说明如下：应收款项变动幅度为30.92%,原因:本报告期应收 账款增加。存货变动幅度为-9.12%,原因:本期销售领用。短期借款变动幅度为26.21%,原因:本期贷款增 加。长期借款变动幅度为-33.91%,原因:一年内到期的非流动负债增加。营业收入变 ...

肝素原料药是一种抗凝血剂（血液稀释剂），能有效防止血栓形成。该原料药主要用于治疗和预防静脉、动脉或肺部血栓，在外科手术前也 常用于降低血栓风险。目前市场上肝素原料药主要以两种形式存在：肝素钠原料药和肝素钙原料药。 全球肝素原料药市场规模预计 2025 年将达到 14.7 亿美元，到 2031 年有望增长至 23 亿美元， 2025-2031 年期间的复合年增长率（ CAGR ） 为 7.77% 。 根据 QYResearch 头部企业研究中心调研，全球范围内肝素原料药生产商主要包括东诚药业、海普瑞药业、 Pfizer 、健友生化制药、 Bioibérica 等。 2024 年，全球前五大厂商占有大约 55.0% 的市场份额 。 就产品类型而言，目前 肝素钠是最主要的细分产品 ，占据大约 96.63% 的份额。 2024 年，欧洲以 36.86% 的市场营收占比成为全球最大的肝素原料药消费市场。 欧洲肝素原料药市场预计从 2025 年的 5.38 亿美元增长至 2031 年的 8.02 亿美元 ， 2025-2031 年复合年增长率为 6.88% 。 市场增长的主要驱动因素包括：肾功能不全、冠状动脉疾病和静脉血 ...

Core Viewpoint - Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. maintains a stable credit rating of AA for both the company and its convertible bonds, reflecting its strong market position in heparin production and sales, despite facing challenges in raw material pricing and market fluctuations [1][3][4]. Company Overview - The company specializes in the research, production, and sales of a full range of heparin products, including heparin sodium raw materials and low molecular weight heparin preparations, along with anti-tumor preparations and other sterile injectables [7][12]. - As of the end of 2024, the company reported total assets of 95.10 billion yuan and total equity of 64.88 billion yuan, with an operating income of 39.24 billion yuan and a profit of 9.92 billion yuan [7][12]. Financial Performance - In 2024, the company achieved a total profit of 9.92 billion yuan, recovering from a loss in the previous year, with a gross profit margin of 43.28%, although this was a decline from 48.45% in 2023 [5][14]. - The company’s total debt decreased by 20.68% to 20.79 billion yuan by the end of 2024, with a cash-to-short-term debt ratio of 1.67, indicating strong liquidity [5][14]. Market Position and Industry Analysis - The global heparin market is projected to grow at a compound annual growth rate (CAGR) of 5% to 7%, driven by an aging population and increasing prevalence of cardiovascular diseases [11][12]. - The company holds a competitive advantage in research and development, with 49 ongoing projects and a research investment of 532 million yuan, accounting for 13.57% of total revenue in 2024 [4][5]. Risks and Challenges - The company faces risks related to raw material supply, currency fluctuations, and trade tensions, particularly with a significant portion of its revenue (76.75% in 2024) coming from overseas sales [4][6]. - The price of standard heparin raw materials has been on a downward trend, impacting the company's revenue from this segment, which decreased by 21.05% to 7.87 billion yuan in 2024 [14][19]. Future Outlook - The company is expected to enhance its competitive edge as it expands its formulation business and continues to launch new pharmaceutical products [3][11]. - The stable cash reserves and reduced debt burden suggest that the company’s ability to service its convertible bonds will remain strong, with potential for credit rating upgrades if overseas market expansion and capital strength improve significantly [3][4].

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Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5][7]. Core Views - The company is positioned as a leading player in the heparin raw material market, with a strong potential for growth in its API business due to improving market conditions [3][4]. - The company is focusing on its sterile injection formulations, which are experiencing rapid growth in overseas markets, supported by a robust product matrix and strategic acquisitions [4][61]. - The global biosimilar market is expected to expand significantly, and the company is well-positioned to capitalize on this trend through both self-developed products and strategic partnerships [5][67]. Summary by Sections 1. Company Overview - The company has transitioned from a traditional heparin raw material supplier to a high-end injection formulation and biosimilar provider, covering multiple therapeutic areas [13][16]. 2. Heparin API Market Improvement - The heparin raw material market is showing signs of recovery, with expectations for price stabilization and potential revenue growth for the company [3][31]. - The company has a strong production and sales level in its heparin API business, which is crucial for funding its injection formulation expansion [36][37]. 3. Focus on Sterile Injection Formulations - The company's injection business has seen significant revenue growth, with a 12.8% increase in 2023 and a compound annual growth rate (CAGR) of 47.4% from 2018 to 2023 [41][46]. - The company has a diverse product line in the injection segment, including low molecular weight heparin and anti-tumor agents, with a strong competitive position in the domestic market [47][55]. 4. Biosimilar Drug Development - The global biosimilar market is projected to grow rapidly, with the company actively developing multiple biosimilar products and securing market entry through strategic acquisitions [67][72]. - The company has made significant progress in obtaining FDA approvals for its biosimilar products, positioning itself as a key player in the U.S. market [72][73]. 5. Financial Projections - The company is expected to achieve substantial profit growth, with projected net profits of 9.0 billion, 11.9 billion, and 15.4 billion yuan for 2024, 2025, and 2026, respectively [5][6].