浙江亚太药业股份有限公司(股票代码：002370.SZ)控制权变更最终落定。根据公告，公司实际控制人 将变更为邱中勋先生。 亚太药业成立于1989年，前身为浙江亚太制药厂，2010年在深交所挂牌上市。公司控股股东宁波富邦集 团及一致行动人于2021年通过司法竞拍获得公司控制权。近年来，在医改和市场竞争的双重压力下，医 药行业的竞争格局正在发生深刻变化，仿制药企业面临着巨大的转型压力。面对外部环境，亚太药业始 终围绕"一创一转两化"的战略思想，坚持改革创新，积极拓展营销渠道，加速产品更新迭代，不断提升 系统管理的精细化水平，严格把控质量关卡，优化经营生产流程，强化团队协作机制，深入挖掘内部潜 力，扎实开展各项工作，确保公司稳定发展。 溢价收购控制权看好公司长期发展 新实控人将赋能公司创新药业务发展 从亚太药业的发展看，公司的创新药布局却呈现一线生机。公司的差异化竞争策略正聚焦"慢病管理 +精准医疗"双轮驱动。公司在研管线包括CX3002(口服降糖新药)已完成Ⅰ期临床，右旋酮洛芬缓释贴 片已完成II期a临床试验。这些创新药项目代表了亚太药业向高附加值领域转型的努力。右旋酮洛芬缓 释贴片作为二类新药，用于缓解疼痛， ...

Core Viewpoint - The stock price of Asia-Pacific Pharmaceutical has significantly increased due to the rise in the innovative drug sector, with a year-to-date increase of 135% as of July 30, closing at 7.17 yuan per share [2][5]. Company Performance - Asia-Pacific Pharmaceutical expects to achieve a net profit attributable to shareholders of 100 million to 110 million yuan in the first half of 2025, representing a year-on-year growth of 1726.42% to 1909.06% [2][4]. - The company has faced financial challenges in recent years, with revenues of 515 million yuan in 2020, 315 million yuan in 2021, 373 million yuan in 2022, and 421 million yuan in 2023, alongside net profits of 27.27 million yuan, -228 million yuan, -133 million yuan, and -11.87 million yuan respectively [3]. - In 2024, the company reported revenues of 405 million yuan, a decrease of 3.68% year-on-year, but turned a profit with a net profit of 34.24 million yuan, primarily due to non-recurring gains [3][4]. Business Operations - Asia-Pacific Pharmaceutical specializes in the research, production, and sales of chemical preparations, with a portfolio of 111 approved formulations and five raw material drug approvals [3]. - The company has been actively restructuring, including the sale of its subsidiary, which contributed approximately 149 million yuan to its profit total for the first half of 2025 [4]. Industry Context - The innovative drug index has surged nearly 50% since the beginning of 2025, reflecting a broader trend in the industry driven by policy benefits, technological breakthroughs, and increased capital inflow [7]. - The Chinese innovative drug sector is transitioning from "generic" to "global innovation," with a significant increase in licensing transactions and contributions to international conferences [8].

Core Insights - The management of the company acknowledges significant changes in the pharmaceutical industry's operating environment and continues to work on improving the company's performance despite ongoing losses in its main business [1] - The company has completed Phase IIa clinical trials for its new drug, R- Ketorolac sustained-release patch, but there is uncertainty regarding the need for Phase IIb trials [1] - The company’s subsidiary, Xingya Pharmaceutical, has been sold for 175 million yuan, with the first payment of 30 million yuan already received, and the final payment expected by June 25 [1] - The company reported a decline in revenue for Q1 2025 due to weak market demand, intensified industry competition, and compressed pricing for generic drugs [1] Company Strategy - To improve operational conditions, the management plans to actively adjust the business structure, enhance promotion of high-margin products, and focus on building a strong VIP customer base [2] - The company aims to explore new uses for existing drugs to address the lack of new products in its pipeline [2] - The company is committed to launching CMO/CDMO projects, expanding into international markets, and seeking opportunities for industry consolidation to strengthen its core competitiveness [2]

Group 1: Financial Performance - The company's revenue in Q1 2025 decreased significantly due to weak market demand and intensified industry competition, particularly in the generic drug sector, which was impacted by national centralized procurement policies that compressed drug price margins [4][5][6]. - As of Q1 2025, the company's net assets were approximately 998 million, with a debt-to-asset ratio of 30.75%, indicating an overall optimization of the asset-liability structure [8]. Group 2: Innovation and R&D - The company is evaluating the need for further clinical phases for its new drug, the dexketoprofen patch, after completing Phase I clinical trials, with subsequent R&D remaining uncertain [2]. - The management is exploring the integration of artificial intelligence in pharmaceutical product innovation but has not yet established partnerships with AI companies in the industry [7]. Group 3: Shareholder and Dividend Information - Due to negative retained earnings in the consolidated and parent company financial statements for 2024, the company does not meet the conditions for cash dividends, as detailed in the special announcement on April 25, 2025 [3]. - The company has received the first installment of 30 million from the sale of its subsidiary, with the remaining payment expected by June 25, 2025 [2].