● 本报记者 黄灵灵 对于信立泰而言，过去五年是极其不平凡的。2019年前后，因仿制药业务受到冲击，公司一度陷入低 谷。面对财务数据骤降和股价下跌的双重压力，公司没有继续走仿制药道路，而是破釜沉舟大力推进创 新药转型。 "越艰难，越要坚定不移投研发、搞创新。"近日，信立泰总经理颜杰在接受记者专访时表示，与外界理 解有所不同，公司并非因仿制药业务受冲击才转型做创新药，而是因此更坚决执行既定的创新药转型战 略，进一步加大研发投入力度。 数载栉风沐雨，终见曙光在前。凭借20余年深耕慢病领域的沉淀，信立泰聚焦心血管疾病，构建起覆盖 心、肾、代谢三大疾病领域的创新产品管线。今年上半年，公司实现营业收入21.31亿元，同比增长 4.32%，其中第二季度同比增长12.3%；实现净利润3.65亿元，同比增长6.1%，其中第二季度同比增长 14.6%。今年以来，公司股价迭创新高，年内已累计上涨超73%。 坚定不移推进转型 信立泰成立于1998年，创立初期，公司就瞄准心血管药物这片蓝海。彼时，抗血栓药物波立维在美国上 市不久，信立泰抓住机遇，率先在国内开展仿制药研发。 2000年前后，信立泰成功推出泰嘉，成为该药品在中国的首仿药 ...

Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]

2025 年 08 月 21 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 年庆功 S0350524060001 nianqg@ghzq.com.cn [Table_Title] 公司上半年利润同比正增长，创新产品有望兑现 ——信立泰（002294）2025 年半年报点评 最近一年走势 事件: 2025 年 8 月 20 日信立泰发布 2025 年半年度报告：2025 年上半年公 司营业收入 21.31 亿元（yoy+4.32%），归母净利润 3.65 亿元 （yoy+6.10%），扣非归母净利润 3.47 亿元（yoy+3.93%)。 投资要点: | 当前价格（元） | 50.24 | | --- | --- | | 52 周价格区间（元） | 27.51-55.48 | | 总市值（百万） | 56,008.38 | | 流通市值（百万） | 55,995.78 | | 总股本（万股） | 111,481.65 | | 流通股本（万股） | 111,456.57 | | 日均成交额（百万） | 436.78 | | 近一月换手（%） | 0.86 | | 相关报告 | | 《信立泰（00229 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 2.131 billion yuan in H1 2025, a year-on-year increase of 4.32%, with a net profit attributable to shareholders of 347 million yuan, up 3.93% year-on-year [1][2] - The sales of patented and new products have significantly increased, contributing to revenue growth, particularly in the sales of new diabetes drug Xinlitin and other therapeutic products [2] - The company has increased its R&D investment to 542 million yuan in H1 2025, a 17.89% increase year-on-year, accounting for 25.43% of revenue [2] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue growth of 12.30% year-on-year and a net profit growth of 14.55% year-on-year [1] - The company’s revenue forecast for 2025 is 4.495 billion yuan, with a projected net profit of 708 million yuan, reflecting a growth rate of 17.67% [4][10] R&D Progress - Key projects in clinical trials include: - S086 for chronic heart failure, currently in follow-up phase after patient enrollment completion - SAL003, a monoclonal antibody, has completed Phase III clinical research and is expected to submit for market approval within the year [2][3] - The company is advancing multiple pipelines, indicating a strong focus on innovation and product development [3] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 81, 70, and 58 respectively, indicating a favorable valuation outlook as the company transitions into a product harvest phase [3][4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has successfully promoted its products through external channels and accelerated its R&D progress [7] - The company has established a differentiated product portfolio in the hypertension field, enhancing its brand influence in chronic disease management [7] - The company is expected to achieve revenue of 44.54 billion, 53.44 billion, and 62.53 billion yuan, and net profit of 6.28 billion, 6.90 billion, and 7.96 billion yuan from 2025 to 2027, with corresponding PE ratios of 89.6, 81.6, and 70.8 [7] Financial Performance - In the first half of 2025, the company achieved revenue of 2.131 billion yuan, a year-on-year increase of 4.32%, and a net profit of 365 million yuan, a year-on-year increase of 6.10% [7] - The company’s R&D investment in the first half of 2025 was 542 million yuan, accounting for 25.43% of revenue [7] - The company’s revenue projections for 2025E, 2026E, and 2027E are 44.54 billion, 53.44 billion, and 62.53 billion yuan respectively, with net profit projections of 6.28 billion, 6.90 billion, and 7.96 billion yuan [6][7] Market Performance - The company’s stock performance over the last 12 months shows a range of fluctuations, with a maximum increase of 101% compared to the benchmark index [4]

Core Viewpoint - The company, Xinlitai (002294), has received approval from the National Medical Products Administration for the registration of Aliskiren Indapamide Sustained-Release Tablets (Fuli'an), which are intended for the treatment of primary hypertension [1] Group 1: Product Details - The new drug contains 240mg of Aliskiren and 1.5mg of Indapamide per tablet [1] - Fuli'an is a domestically developed compound sustained-release formulation combining ARB and diuretics [1] Group 2: Strategic Positioning - The introduction of Fuli'an complements existing products such as Xinlitai, Xinchao, and Fulitai, enhancing the company's competitive edge in the cardiovascular chronic disease treatment sector [1] - The product aims to meet a broader range of clinical needs, thereby strengthening the company's market position [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration for its newly developed drug, Sacubitril/Valsartan Calcium Tablets (Xinchao Tuo), which is indicated for primary hypertension and represents a significant advancement in the ARNI class of medications [1] Group 1: Drug Approval and Characteristics - The drug is the first original research product in China and the second globally approved ARNI medication, with a compound patent protection period extending until 2037 [1] - Phase III clinical trial results indicate significant antihypertensive efficacy with a clear dose-dependent response [1] Group 2: Strategic Positioning - Following the launch of Xinchao Tuo, the company will enhance its competitive position in the cardiovascular chronic disease treatment sector by complementing its existing products, Xintan and Fulitan, to meet a broader range of clinical needs [1]

Group 1: Clinical Development Progress - The company has 103 projects under research, including 71 chemical drugs (45 innovative) and 20 biological drugs (15 innovative) [2] - Key projects in clinical stages include S086 (chronic heart failure), PCSK9 biological lipid-lowering drugs 003 and 0130 in Phase III, and several others in Phase II and I [1][2] - The focus for this year includes submitting IND for 4 products in lipid, obesity, and metabolism fields, with 140 already receiving IND approval for uncontrolled hypertension [2] Group 2: Hypertension Product Strategy - The company employs a differentiated approach to hypertension treatment, targeting various subpopulations based on disease mechanisms [3] - Products include Xintitan for mild to moderate hypertension, and Fuliant for moderate to severe hypertension, addressing specific patient needs [3][4] - There are over 200 million hypertension patients in China, with a treatment rate below 40%, indicating significant market potential [4] Group 3: Innovative Drug Mechanisms - JK07 is a fusion antibody drug targeting NRG-1, showing potential for heart failure treatment by activating specific signaling pathways [5] - The design of JK07 aims to enhance efficacy while minimizing adverse effects, with a longer half-life of approximately 8 hours [5] - YOLT-101, a gene-editing drug, has received IND acceptance and is expected to enter clinical trials, showing promising safety and efficacy data for familial hypercholesterolemia [6][7]