上 市 公 司 医药生物 2025 年 08 月 25 日 无锡晶海 (836547) ——业绩略超预期，底部回暖逻辑明确，全年费用端负担 出清 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 27.41 | | 一年内最高/最低（元） | 31.00/11.70 | | 市净率 | 3.1 | | 股息率%（分红/股价） | 0.73 | | 流通 A 股市值（百万元） | 976 | | 上证指数/深证成指 | 3,825.76/12,166.06 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 8.81 | | 资产负债率% | 18.49 | | 总股本/流通 A 股（百万） | 78/36 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 150% 08-22 09-22 10-22 11-22 12-22 01-22 02- ...

Core Viewpoint - Hendy Pharmaceutical (301211) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 235 million yuan, a decrease of 2.93% year-on-year [1]. - Net profit attributable to shareholders was 18.55 million yuan, down 72.92% year-on-year [1]. - Gross margin fell to 21.9%, a decline of 39.16% compared to the previous year [1]. - Net margin decreased to 7.9%, down 72.1% year-on-year [1]. - The total of selling, administrative, and financial expenses reached 26.98 million yuan, accounting for 11.49% of total revenue, an increase of 334.54% year-on-year [1]. Cash Flow and Expenses - Operating cash flow per share was 0.03 yuan, a decrease of 73.71% year-on-year [1]. - The company experienced a significant increase in financial expenses, which rose by 85.51% due to reduced interest income [3]. - The net cash flow from operating activities decreased by 73.71%, attributed to lower interest income [3]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 1.92%, indicating weak capital returns [4]. - Historical data shows a median ROIC of 10.31% since the company went public, suggesting better investment returns in previous years [4]. Company Strategy and Future Plans - The company currently has no plans for share buybacks, but will disclose any future plans in accordance with regulations [5][6].

Core Points - Jiangxi Fushine Pharmaceutical Co., Ltd. aims to maximize shareholder value while providing safe and effective pharmaceutical products globally [3][4] - The company was established on August 29, 2012, and registered with a capital of RMB 538,648,934 [3][4] - The company operates as a public limited company and is governed by its articles of association, which are legally binding [2][3] Company Structure - The company is a permanent public limited company, with the chairman acting as the legal representative [2][3] - Shareholders are liable only to the extent of their subscribed shares, while the company is responsible for its debts with its total assets [2][3] - The articles of association provide a framework for the rights and obligations of shareholders, directors, and senior management [2][3] Business Objectives and Scope - The company's business objective is to maximize shareholder interests and innovate in the pharmaceutical sector [3][4] - The business scope includes the production and import/export of pharmaceuticals and hazardous chemicals, among other activities [3][4] Share Issuance and Management - The company issues shares in the form of stocks, adhering to principles of openness, fairness, and justice [4][5] - The total number of shares issued is 538,648,934, all of which are ordinary shares [4][5] - The company cannot provide financial assistance for others to acquire its shares, except under specific conditions [5][6] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company governance [9][10] - Shareholders must comply with laws and the articles of association, and they cannot withdraw their capital except as legally permitted [14][15] - The articles outline the responsibilities of controlling shareholders and actual controllers to protect the interests of the company and other shareholders [14][15] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with specific procedures for calling and conducting these meetings [47][48] - Shareholder proposals must be submitted in advance, and the company must provide adequate notice of meetings [57][58] - The articles specify the voting procedures and requirements for decision-making during shareholder meetings [63][64]