● 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 ...

信立泰主营业务为化学制药，专注于心血管、降血糖、抗肿瘤等治疗领域。公司总部位于深圳，是深成 500指数成分股之一。 截至2025年8月20日收盘，信立泰股价报50.24元，较前一交易日下跌0.57%。当日成交量为88055手，成 交金额达4.37亿元。 资金流向方面，8月20日主力资金净流出5236.49万元，近五日主力资金净流入3339.81万元。机构持股数 据显示，截至8月19日共有86家机构投资者持有公司股份，合计持股比例达74.71%。 风险提示：股市有风险，投资需谨慎。 公司最新披露的2025年半年度报告显示，上半年实现营业收入21.31亿元，同比增长4.32%；归属于上市 公司股东的净利润为3.65亿元，同比增长6.10%。报告期内研发投入达5.42亿元，占营收比重为 25.43%。新产品信超妥和复立安相继获批上市，在高血压治疗领域形成差异化产品组合。 ...

Core Viewpoint - The article discusses the emergence of leading players in the healthcare sector as the hype subsides and the market stabilizes, particularly focusing on the growth of innovative drugs and AI healthcare in China [1][2][3]. Group 1: Market Trends - In the first half of the year, Chinese A/H share innovative drug companies saw stock prices rise by 78%, while some AI healthcare stocks experienced gains exceeding 100% [3]. - The healthcare sector is experiencing a resurgence, reminiscent of the internet healthcare boom over a decade ago, but with a more serious and sustainable approach [4][5]. Group 2: Company Performance - JD Health reported a revenue of 35.29 billion yuan for the first half of the year, marking a 24.5% year-on-year increase, with active user numbers surpassing 200 million [6][7]. - The company achieved a gross profit of 8.89 billion yuan, reflecting a 32.7% increase, and operating profit surged by 105.5% to 2.13 billion yuan [7]. Group 3: Industry Dynamics - The healthcare industry is expected to undergo a cooling period, with predictions of a more stable growth trajectory following a previous surge in 2019-2020 [9][10]. - In 2025, healthcare is positioned as a key focus area in policy frameworks, with initiatives aimed at promoting the integration of medical services and innovative healthcare models [11]. Group 4: Competitive Advantages - JD Health's competitive edge lies in its robust supply chain and comprehensive service offerings, including a one-stop solution for medication, diagnostics, and treatment [15][24]. - The company has established itself as a leader in the innovative drug market, launching over 30 new drugs in the first half of 2025, and has expanded its online pharmacy network significantly [22][23]. Group 5: AI Integration - JD Health is at the forefront of AI healthcare, having launched its AI triage and prescription review solutions as early as 2019, and has since developed a comprehensive AI product matrix [29][30]. - The introduction of AI-driven digital twins of doctors has significantly improved consultation efficiency, serving over 50 million users by mid-2025 [31].

Investment Rating - The report maintains a "Buy" rating for JD Health (06618) [2] Core Insights - JD Health's H1 2025 financial results exceeded expectations, with revenue reaching 35.3 billion RMB, a year-on-year increase of 25%, and adjusted net profit of 3.6 billion RMB, up 35% year-on-year [7] - The growth was driven by increased sales in pharmaceuticals and digital marketing, along with an improvement in gross margin [7] - The company has strengthened its ecosystem in healthcare services and upgraded its AI products for both consumer and business segments [7] - Revenue forecasts for 2025-2027 have been revised upward due to strong performance in pharmaceutical and health product sales, with projected revenues of 70.1 billion, 81.3 billion, and 91.0 billion RMB respectively [7] Financial Data and Profit Forecast - Revenue projections for JD Health are as follows: - 2023: 53.53 billion RMB - 2024: 58.16 billion RMB - 2025E: 70.09 billion RMB - 2026E: 81.35 billion RMB - 2027E: 91.02 billion RMB - The expected growth rates for these years are 15%, 9%, 21%, 16%, and 12% respectively [6][8] - Adjusted net profit forecasts are as follows: - 2025E: 4.23 billion RMB - 2026E: 5.09 billion RMB - 2027E: 5.93 billion RMB [6][8]

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]