深圳信立泰药业股份有限公司 2025 年半年度报告全文 深圳信立泰药业股份有限公司 深圳信立泰药业股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人叶宇翔、主管会计工作负责人孔芸及会计机构负责人（会计 主管人员）孔芸声明：保证本半年度报告中财务报告的真实、准确、完整。 没有董事、监事、高级管理人员声明对年度报告内容的真实性、准确 性、完整性无法保证或存在异议。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。 本公司请投资者认真阅读本半年度报告全文，并特别注意下列风险因 素：可能存在研发失败、政策变化带来的价格下降、成本上升等风险。有关 风险因素及应对措施已在本报告"管理层讨论与分析"部分予以描述，敬请 投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 深圳信立泰药业股份 ...

Group 1 - The overall industry sentiment shows an upward trend in sectors such as machinery, electronics, textiles, real estate, and retail, while coal, oil and petrochemicals, power equipment, food and beverage, pharmaceuticals, home appliances, automotive, banking, public utilities, and environmental protection are on a downward trend [2][21] - The report predicts strong performance in specific sub-industries over the next four weeks, highlighting sectors like general equipment, semiconductors, medical devices, medical services, glass and fiberglass, packaging and printing, cement, decoration, personal care products, real estate services, refining and trading, textile manufacturing, and electricity [2][22] - The investment strategy focuses on three main directions: breakthroughs in technology AI+, valuation recovery in consumer stocks, and the rise of undervalued dividend assets [2][24] Group 2 - The construction materials sector is expected to benefit from urban renewal policies, with support for underground pipeline and facility construction projects, favoring leading companies like Weixing New Materials [3][38] - Cement production is facing a rise in kiln shutdown rates, particularly in northern provinces, with price increases observed in Hubei despite a general downward trend [3][38] - The report recommends a focus on companies such as China National Materials, Weixing New Materials, and others in the construction materials sector [3][39] Group 3 - The report indicates that the relaxation of fiscal discipline in the U.S. and reduced tariffs between China and the U.S. have led to a recovery in global risk appetite, with U.S. stock indices showing gains [4][21] - The report emphasizes the importance of AI in driving growth, with major tech companies shifting focus from model capabilities to product experiences and development tools [6][21] - Investment opportunities in AI-related companies are highlighted, including Xiaomi, Alibaba, Tencent, Kuaishou, and Meituan [6][21] Group 4 - The pharmaceutical company Xinlitai is projected to achieve revenue of 4.012 billion yuan in 2024, a year-on-year increase of 19.22%, with a net profit of 602 million yuan, reflecting steady growth [9][34] - The company is focusing on optimizing its revenue structure through innovative products, with significant growth in its proprietary product sales [9][35] - The report anticipates revenue growth for Xinlitai from 4.538 billion yuan in 2025 to 6.246 billion yuan in 2027, maintaining a "buy" rating despite competitive pressures [9][37] Group 5 - Miniso's Q1 2025 revenue reached 4.43 billion yuan, a year-on-year increase of 19%, with a focus on expanding its store network and enhancing its product offerings [14][30] - The company is implementing a channel upgrade strategy to improve store performance and is actively expanding its overseas presence [14][31] - The report projects adjusted net profits for Miniso to be 2.9 billion yuan in 2025 and 3.6 billion yuan in 2026, maintaining a "buy" rating [14][32]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][17]. Core Insights - The company achieved a revenue of 4.01 billion yuan in 2024, representing a year-on-year growth of 19.22%, while the net profit attributable to shareholders was 601.57 million yuan, up 3.71% year-on-year [1]. - In Q1 2025, the company reported a revenue of 1.06 billion yuan, a slight decline of 2.64% year-on-year, with a net profit of 200 million yuan, showing a marginal increase of 0.03% [1]. - The sales expense ratio increased to 36.71% in 2024, primarily due to higher promotional costs for newly launched products [2]. - The company is focusing on optimizing its revenue structure, with a notable increase in the proportion of patented and new products, which are expected to drive future growth [3]. Financial Performance - The company’s revenue for 2025 is projected to be 4.54 billion yuan, with a growth rate of 13.10%, and net profit is expected to be 661.81 million yuan, reflecting a growth rate of 10.01% [5][11]. - The R&D investment for 2024 was 1.02 billion yuan, accounting for 25.35% of revenue, indicating a strong commitment to innovation [4]. - The company’s EBITDA for 2024 is estimated at 1.73 billion yuan, with a net profit margin of 14.99% [11][12]. Product and Pipeline Development - The company has four projects in the NDA stage and three in Phase III clinical trials, showcasing a robust pipeline for future growth [4]. - New products such as复立坦 and 信立汀他 have entered the national medical insurance catalog, laying a foundation for future sales growth [3]. Market Position and Strategy - The company is increasing its market presence through enhanced sales efforts and product promotion, particularly in the competitive hypertension medication market [3][4]. - The revenue from formulations reached 3.19 billion yuan in 2024, up 20.43%, while raw materials and intermediates saw a slight decline [3].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a revenue of 4.012 billion yuan in 2024, representing a year-on-year growth of 19.22%, while the net profit attributable to the parent company was 601.57 million yuan, up 3.71% year-on-year [1]. - In Q1 2025, the company reported a revenue of 1.062 billion yuan, a slight decline of 2.64% year-on-year, with a net profit of 200 million yuan, showing a marginal increase of 0.03% [1]. - The sales expense ratio increased to 36.71% in 2024, primarily due to higher promotional costs for newly launched products [2]. - The revenue structure is shifting towards patented and new products, with a notable increase in the revenue scale of these segments [3]. - The company invested 1.017 billion yuan in R&D in 2024, accounting for 25.35% of its revenue, indicating a strong commitment to innovation [4]. Financial Performance - The projected revenues for 2025, 2026, and 2027 are 4.538 billion, 5.423 billion, and 6.246 billion yuan, respectively, with net profits adjusted to 662 million and 783 million yuan for 2025 and 2026 [5]. - The company’s EBITDA for 2024 is estimated at 1.727 billion yuan, with a net profit margin of 14.99% [6][11]. - The company’s total assets are projected to reach 10.168 billion yuan by 2025, with a debt-to-asset ratio of 17.35% [11][12]. Product and Market Development - The company is focusing on expanding its product pipeline, with several projects in various clinical stages, including four in the NDA phase and three in Phase III clinical trials [4]. - New products like复立坦 and 信立汀他 have entered the national medical insurance catalog, laying a foundation for future growth [3]. - The company’s flagship product, 信立坦, continues to gain market share in the competitive hypertension drug market, particularly in grassroots markets [3].