在医药行业转型升级的关键期，华润双鹤正以清晰的战略布局书写高质量发展答卷。华润双鹤董事长陆文超日前在接受中国证券报记者专访时表示，华润 双鹤的发展始终与国家战略、民众需求同频共振，通过深耕集采锤炼全价值链硬实力，以"处方药龙头打造+合成生物突破"双轮驱动构建核心竞争力，更 依托国际化布局拓宽发展边界，为企业长远发展注入强劲动能。 华润双鹤总部大楼 华润双鹤供图 构建全价值链硬实力 "华润双鹤的发展轨迹，始终与国家战略部署、民众健康需求紧密相连。"陆文超表示，从地方药企到全国性集团，从规模扩张到高质量发展，公司每一次 转型都紧扣时代脉搏，在顺应变革中实现可持续发展。"如今华润双鹤已构建起覆盖抗感染、慢病、专科等多个领域的产品体系，既在市场变化中保持稳 健活力，也为守护国民健康持续发力。" 国家药品集中带量采购政策的落地，成为华润双鹤锤炼核心能力的重要契机。陆文超表示，政策推出以来，公司便确立了积极拥抱的战略方向，旨在通过 深度参与集采获取政策红利。截至目前，公司累计有近60个产品在国家集采中中标，超过70%的产品在省级及联盟集采中中选。 "参与集采，是我们构建全价值链低成本能力的'牛鼻子'和核心纽带。"陆文超说 ...

Core Viewpoint - China Resources Double Crane is strategically positioning itself for high-quality development in the pharmaceutical industry by aligning with national strategies and public health needs, focusing on a dual approach of prescription drug leadership and breakthroughs in synthetic biology [1][3]. Group 1: Strategic Development - The company has established a comprehensive product system covering multiple fields such as anti-infection, chronic diseases, and specialized areas, maintaining robust vitality amid market changes [1]. - The implementation of the national drug centralized procurement policy has provided an opportunity for the company to enhance its core capabilities, with nearly 60 products winning bids in national procurement and over 70% in provincial and alliance procurements [1][2]. Group 2: Cost Control and Marketing Strategy - Participation in centralized procurement is seen as a key to building low-cost capabilities across the entire value chain, necessitating industry-leading cost control and large-scale production advantages [2]. - The company has optimized its marketing strategy by developing differentiated promotion tactics for different product types, focusing on broad coverage for key products and specialized promotion for non-procurement products [2]. Group 3: R&D and Innovation - The company has increased its R&D investment intensity from 3.7% to nearly 8%, while maintaining sustainable revenue and profit growth through a strategy of cost control, precise R&D, and model innovation [3][5]. - The company has adopted a "precise project initiation + risk control" approach to enhance R&D efficiency and has established overseas authorization evaluation standards to validate R&D quality [2][5]. Group 4: Growth Strategy - The company aims to establish itself as the "number one brand in prescription drugs" and to create a second growth curve through synthetic biology technology, with external mergers and acquisitions being a key strategy [3][4]. - Recent acquisitions, such as that of Henan Zhongshuai, exemplify the company's strategy to enhance its product pipeline and profitability while addressing unmet clinical needs [3][4]. Group 5: Internationalization - The company has developed an international network covering over 50 countries, focusing on raw material drug exports, and aims to extend its reach into formulation exports during the "14th Five-Year Plan" [6][7]. - The internationalization strategy includes establishing production bases for complex injectables and leveraging tax incentives in Hainan to create an international production base in the health sector [6][7].

Core Viewpoint - The management of Zhongguancun has demonstrated strong confidence in the company's future development and long-term investment value through consistent stock purchases since 2015, with no sell-offs over the past decade [1][2]. Group 1: Management Shareholding - The management team, including the chairman and president, has increased their shareholding multiple times since 2015, with the latest increase planned for February 2024, reflecting their commitment to the company [1]. - As of the mid-2025 report, key management members hold significant shares: 190,000 shares by the chairman, 100,000 by the CFO, and smaller amounts by other executives, all without any reductions in their holdings over ten years [1]. Group 2: Business Strategy and Performance - Since 2015, the company has focused on the "pharmaceutical and health industry" as its core strategy, leading to a steady increase in revenue from its pharmaceutical business [2]. - In 2021, the company further concentrated on its pharmaceutical main business, aiming to build an "innovative pharmaceutical industry group," and in July 2024, it refined its strategy to become a leading service provider in the health industry [2]. Group 3: Product Development and Market Position - The company is actively enhancing its product matrix in the controlled substance sector, with recent approval of a generic drug, which is the first of its kind in the domestic market, expected to improve its competitive edge [3]. - The introduction of new products, such as the hydromorphone injection and the development of methylphenidate, alongside the expansion of its light-asset model in the elderly care sector, positions the company for sustainable growth and value creation for investors [3].