北京大学第三医院主任医师 李水清：要根据不同的病因使用相应的止痛药物，像肌肉关节来源的疼 痛，可以使用非甾体抗炎药，如塞来昔布。对于带状疱疹引起的神经痛，可以用普瑞巴林等这类治疗神 经痛的药物。 （央视财经《第一时间》）生活中，很多人在头痛、关节痛时，选择吃片止痛药来缓解。对此，专家发 出提醒：止痛药不能随意吃、长期吃。 专家介绍，常见止痛药的作用是控制疼痛症状，没办法消除引发疼痛的病因。如果长期乱吃止痛药，可 能会把身体的真实病情掩盖住，错过最佳的治疗时机。不过，针对癌痛患者，长期规范地使用止痛药， 是可以有效缓解疼痛、提升生活质量的。 北京大学第三医院主任医师 李水清：像突然出现的剧烈头痛，或者头痛的时候伴随发烧、恶心、呕 吐、意识不清、手脚麻木等这些情况，需要及时就医。另外，如果头痛的性质、部位和规律发生改变， 也一定要及时到医院就医，避免延误病情。 转载请注明央视财经 编辑：孙艺璇 很多人担心吃止痛药会上瘾，专家也对此进行了澄清：止痛药的成瘾性主要和阿片类止痛药的长期使用 有关，比如吗啡、羟考酮，这类药物国家有严格的管理规定，必须在医生指导下规范使用。而平时头 疼、关节痛常用的对乙酰氨基酚、布洛芬、塞 ...

（原标题：止痛药上瘾？国家卫健委答21：不能长期任意吃，以下药合理使用） 北京大学第三医院主任医师李水清回应，止痛药不能长期任意吃。原因有以下几条：因为有一些止痛药 主要是控制症状，并不能消除病因，长期止痛药的使用，可能在某种程度上会掩盖病情，耽误治疗。当 然，对于一些癌痛的患者来讲，长期规范的药物使用可以缓解疼痛，提高他们的生活质量。另外，针对 不同的疼痛来讲，要根据不同的病因来使用相应止痛药物，像肌肉关节的疼痛，可以使用非甾体抗炎 药，像塞来昔布、双氯酚酸钠等。对于带状疱疹引起的神经痛，可以用普瑞巴林、克利加巴林等这类治 疗神经痛的药物。 另外，止痛药长期使用会不会上瘾。这主要是指一些阿片类的止痛药，像吗啡、羟考酮，长期使用可能 会有上瘾的问题。但是我们国家针对这一类型的药物有非常严格的管理制度，另外在医院里面，如果按 照医生的指导来规范使用的话，成瘾性就会大大降低。像日常用到的布洛芬、塞来昔布、对乙酰氨基酚 等这些非甾体抗炎药，一般没有成瘾的问题，但是剂量加大的话，疗效不会增加，副作用会增加，这方 面要引起重视。 关于头痛的问题，李水清举例说，像有些偏头痛如果反复发作，诱因比较明确的话，比如一些患者睡眠 ...

止痛药长期使用会不会上瘾？李水清说，这主要是指一些阿片类的止痛药，像吗啡、羟考酮，长期 使用可能会有上瘾的问题。我国针对这一类型的药物有非常严格的管理制度，在医院，如果按照医生的 指导来规范使用的话，成瘾性就会大大降低。日常用到的布洛芬、塞来昔布、对乙酰氨基酚等这些非甾 体抗炎药，一般没有成瘾的问题，但是剂量加大的话，疗效不会增加，副作用会增加，这方面要引起重 视。 关于头痛的问题，李水清说，像有些偏头痛如果反复发作，诱因比较明确的话，比如一些患者睡眠 不足、睡眠过度，或者吃了一些特殊食物以后会诱发，找到并避开这些诱因可以减少偏头痛的发作。但 是有一些头痛不仅让人感到非常痛苦，而且它是身体发出的求救的信号，像突然出现的剧烈头痛，或者 头痛的时候伴随发烧、恶心、呕吐、意识不清、手脚麻木等等这些情况，就需要及时就医。另外，如果 头痛的性质、部位和频率发生改变，也一定要及时到医院来就医，避免延误病情。 人民网北京12月19日电 （记者乔业琼）生活中，不少人遇到过疼痛的困扰。有的人一头痛、关节 痛就吃止痛药。而有的人认为"头痛扛一扛就过去"，也有人认为"经常吃止痛药会上瘾"。在国家卫生健 康委今日召开的新闻发布会上， ...

Investment Rating - The report assigns an "Accumulate" rating for the company [1] Core Views - The company is a leading player in the sulfonamide raw material drug industry, with a comprehensive product chain and competitive advantages. It has achieved significant revenue and net profit growth in the first three quarters of 2025, with revenue reaching 164 million yuan, a year-on-year increase of 40.89%, and net profit attributable to shareholders of 49.05 million yuan, up 47.16% year-on-year [3][49] - The company has established strong barriers to entry in the market through its technical capabilities and stable customer relationships, allowing it to expand into high-value human pharmaceutical raw materials [4][30] - The regulatory environment is improving, which is expected to enhance the competitive landscape, with the company being less affected by the "antibiotic ban" and "reduction" policies [5] Summary by Sections Company Overview - The company focuses on the research, production, and sales of veterinary and pharmaceutical raw materials and intermediates, recognized as one of the most competitive enterprises in the sulfonamide raw material drug sector [3][14] - It has been designated as a national high-tech enterprise since 2016, maintaining its status through continuous innovation and quality control [3][23] Financial Performance - In the first three quarters of 2025, the company reported a revenue of 164 million yuan, a 40.89% increase year-on-year, and a net profit of 49.05 million yuan, reflecting a 47.16% growth [49] - The projected net profits for 2025-2027 are estimated at 66 million, 76 million, and 87 million yuan, respectively, with corresponding EPS of 0.66, 0.76, and 0.87 yuan per share [3] Market Position and Competitive Advantage - The company has a deep customer resource barrier, with long-term stable relationships with major clients, which enhances its pricing power and profit margins [30] - It has received multiple certifications for its products, including approvals from the National Medical Products Administration and the European Medicines Agency, which facilitate entry into high-end markets [4][34] Industry Trends - The raw material drug market in China reached 426.5 billion yuan in 2021, with a growth rate of 10.98% from 2018 [5] - The veterinary raw material drug market is showing signs of recovery, with improved supply-demand dynamics and rising prices for key products [39][41]

Core Insights - Haisheng Pharmaceutical reported a revenue of 101 million yuan in the first half of 2025, representing a year-on-year growth of 42.14% and a net profit of 30.33 million yuan, up 29.33% year-on-year [1] - The company is a key supplier in the veterinary and pharmaceutical raw materials sector, capitalizing on the recovery of the aquaculture industry and expanding its revenue sources through new product launches and successful fundraising projects [1][3] Industry Trends - The global aging population is projected to reach nearly 1.6 billion by 2050, with 16% of the population aged 65 and older, driving demand for chronic disease management and elderly care medications [2] - The Chinese elderly population is expected to reach 310 million by the end of 2024, accounting for 22% of the total population, further increasing the demand for pharmaceuticals [2] - The global veterinary drug market is expected to exceed 60 billion USD by 2025, with a compound annual growth rate (CAGR) of 7.5% from 2022 to 2025 [2] Company Performance - In the first half of 2025, Haisheng Pharmaceutical's raw materials and intermediates business generated revenues of 77.94 million yuan and 22.71 million yuan, respectively, with year-on-year growth rates of 58.14% and 5.46% [3] - The gross profit margins for raw materials and intermediates were 43.81% and 42.25%, indicating strong product competitiveness and market expansion effectiveness [3] R&D and Innovation - Haisheng Pharmaceutical maintains a high level of R&D investment, with expenditures of 5.17% of revenue in the first half of 2025, reflecting a year-on-year increase of 28.68% [4] - The company has developed core patented technologies that effectively reduce production costs and ensure product quality consistency, supporting profitability and market competitiveness [4] Market Strategy - The company achieved domestic revenue of 78.44 million yuan and international revenue of 22.41 million yuan in the first half of 2025, with gross margins of 39.70% and 56.34%, respectively [5][6] - Haisheng Pharmaceutical is expanding its global market presence while optimizing internal operations and technical capabilities, which is expected to drive revenue growth [5][6] Client Relationships - The company has established partnerships with notable domestic and international clients, ensuring stable sales growth and continuous operational optimization [7] - Haisheng Pharmaceutical is well-positioned to capture opportunities arising from the recovery of the aquaculture industry and the expansion of its product offerings [7]

Group 1 - The core viewpoint of the news is the successful launch of Shandong Daohua Pharmaceutical Co., Ltd.'s project to produce 1,400 tons of specialty raw materials, enhancing the quality and efficiency of active pharmaceutical ingredients like Celecoxib and Rivaroxaban [1] - The project faced initial funding challenges, which were resolved by Lijin Rural Commercial Bank providing a specialized credit solution, disbursing 10 million yuan within five days to support production expansion and supply chain upgrades [4] - Since its establishment in 2017, Shandong Daohua Pharmaceutical has relied on timely financial support from Lijin Rural Commercial Bank, which has played a crucial role in the company's growth journey [4] Group 2 - Lijin Rural Commercial Bank has focused on strategic emerging industries, continuously innovating financial products to enhance service capabilities and support the entire lifecycle of technology-based enterprises [5] - The bank has implemented a "relay" financial product supply system to stimulate new vitality in technology-based enterprises, contributing to the development of new productive forces [5] - As of the end of June, Lijin Rural Commercial Bank has provided nearly 700 million yuan in loans to 35 technology innovation enterprises in the county [5]

Group 1: Sales and Revenue Projections - The projected revenue for the new pharmaceutical raw materials market in 2024 is 180 million, with expectations for 2025 being similarly optimistic [1] - The total sales revenue for the company in 2025 is estimated to be around 850 million, with a growth rate of approximately 10% expected due to new capacity being released [3] - The revenue from old products may see a slight decline in 2025, but overall income is expected to grow in 2026 after the expansion of Celecoxib [2] Group 2: Production Capacity and Utilization - The production capacity for Celecoxib is set to increase from 170 tons to 500-600 tons by the end of this year [1] - The utilization rate for the first phase of the second plant is expected to be around 60-70% in 2025, with one workshop having completed expansion in May [2] - Two workshops in the second phase of the second plant are expected to begin trial production in the second half of this year, with full capacity release anticipated in 2026 [2] Group 3: Market and Competitive Landscape - The company faces competition from Indian firms, with varying cost advantages across different products; however, the company excels in synthesis process maturity and R&D speed [3] - The company anticipates strong sales performance for new products such as Rivaroxaban, Apixaban, and others in the future [3] Group 4: Research and Development - The company plans to maintain a high level of R&D investment, projected to be over 7% of revenue in 2025 and beyond [2] - The new R&D building is expected to be operational this year, leading to an increase in personnel and corresponding R&D expenditure [2]

Core Viewpoint - Lu Kang Pharmaceutical has received approval from the National Medical Products Administration for the market entry of Celecoxib, marking a significant milestone after substantial R&D investment [1][5]. Group 1: Product Approval and Market Potential - Celecoxib, developed by Pfizer, is the first selective COX-2 inhibitor approved globally, used for treating conditions like osteoarthritis, rheumatoid arthritis, acute pain, and ankylosing spondylitis [5]. - In 2023, sales of Celecoxib capsules in China's major markets exceeded 800 million yuan, ranking among the top 8 products in the category of oral anti-inflammatory and anti-rheumatic drugs, with a projected growth of 5.05% in the first half of 2024 [5]. - The demand for Celecoxib raw materials in China has been increasing, with usage rising from 91.62 tons in 2022 to 109.7 tons in 2023, reflecting a year-on-year growth rate of 19.7% [5]. Group 2: Competitive Landscape and Company Strategy - There are currently 53 registered raw material drug numbers for Celecoxib in China, with 38 passing the review process, indicating a competitive market [5]. - Companies like Hengrui Medicine and CSPC Pharmaceutical have already secured bids in the third batch of national centralized procurement for Celecoxib capsules [5]. - Lu Kang Pharmaceutical has invested a total of 14.899 million yuan in the R&D of Celecoxib raw materials, positioning itself for future product quality control and cost management advantages [5][7]. Group 3: Company Performance and Market Response - Lu Kang Pharmaceutical has shown steady revenue growth, with projected revenue of 6.233 billion yuan in 2024, a year-on-year increase of 1.41%, and a net profit of 408 million yuan, up 59.02% [7]. - The company's stock price has increased by 8.16% year-to-date, closing at 10.33 yuan per share on May 8, 2023, despite a slight daily decline [7].

Investment Rating - The report indicates a positive outlook for the pharmaceutical raw materials sector, highlighting a significant profit growth in Q1 and an expected improvement in industry supply and demand dynamics [3][4]. Core Insights - The pharmaceutical raw materials sector experienced a revenue of CNY 1176.77 billion in 2024, a year-on-year increase of 6.74%, with a net profit of CNY 150.46 billion, reflecting a growth of 27.89% [3][4][21]. - In Q1 2025, the sector's revenue was CNY 295.46 billion, a slight decline of 0.48% year-on-year, but net profit increased by 20.87% to CNY 45.62 billion [3][4][21]. - The report emphasizes that the rapid profit growth is attributed to several factors, including a low base in H2 2023, the end of inventory destocking by global downstream manufacturers, and improved product pricing stability [3][4][21][23]. Summary by Sections Q1 Performance - The raw materials sector's revenue was stable year-on-year, with a slight decline in Q1 2025 compared to the previous year, while profits showed significant growth [3][4][21]. - The sector's gross margin improved to 38.14% in Q1 2025, up 1.76 percentage points year-on-year, and the net margin reached 15.41%, an increase of 2.63 percentage points [4][25]. Industry Concentration - The top 10 companies in the raw materials sector contributed over 73% of total revenue in 2024, with significant contributions from companies like New and Cheng and Pro Pharmaceutical [31][33]. - In Q1 2025, the top 10 companies accounted for 73.19% of total revenue, indicating a slight decrease in concentration compared to the previous year [33][34]. Valuation and Construction Projects - The report notes that the valuation of the raw materials sector remains at historical lows, with a PE ratio of 30.26x at the end of 2024 and 33.97x at the end of Q1 2025 [5][42]. - The total construction projects in the sector decreased to CNY 163.57 billion by Q1 2025, reflecting a decline of 4.31% year-on-year, indicating a slowdown in capacity expansion [9][44]. Investment Recommendations - The report suggests focusing on companies with strong performance certainty in the formulation and CDMO sectors, such as Aorite and Pro Pharmaceutical, as well as those with significant new product contributions [10][38]. - It highlights the potential for increased demand for raw materials due to the expiration of patents for top-selling small molecule drugs in the coming years [6][42].

Core Viewpoint - The approval of Celecoxib by the National Medical Products Administration enhances the company's market competitiveness and is expected to positively impact its operating performance [1] Company Summary - The company has received the approval notice for the marketing application of Celecoxib from the National Medical Products Administration [1] - Cumulative investment in the research and development of this drug amounts to approximately RMB 14.899 million [1] - The approval of Celecoxib is seen as a significant boost for the company's market position [1]