以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：华润双鹤获证监会批复，同意其向专业投资者公开发行面值总额不超过30亿元的 公司债券。 公司公告汇总：全资子公司复方醋酸钠林格注射液获药品注册证书，视同通过一致性评价。 华润双鹤关于向专业投资者公开发行公司债券获得中国证监会批复的公告 华润双鹤药业股份有限公司于近日收到中国证券监督管理委员会出具的《关于同意华润双鹤药业股份有 限公司向专业投资者公开发行公司债券注册的批复》（证监许可[2026]118号）。中国证监会同意公司 向专业投资者公开发行面值总额不超过30亿元的公司债券。该批复自同意注册之日起24个月内有效，公 司可在注册有效期内分期发行公司债券。公司将按有关法律法规、批复要求及公司股东会授权办理本次 公司债券发行的相关事宜，并及时履行信息披露义务。 华润双鹤关于全资子公司西安京西双鹤药业有限公司复方醋酸钠林格注射液获得药品注册证书的公告 华润双鹤全资子公司西安京西双鹤药业有限公司收到国家药监局颁发的复方醋酸钠林格注射液《药品注 册证书》，规格为250ml、500ml ...

证券日报网讯 1月28日，华润双鹤发布公告称，近日，公司全资子公司西安京西双鹤药业有限公司收到 了国家药品监督管理局颁发的复方醋酸钠林格注射液《药品注册证书》。 （文章来源：证券日报） ...

格隆汇1月28日丨华润双鹤(600062.SH)公布，公司全资子公司西安京西双鹤药业有限公司(称"京西双 鹤")收到了国家药品监督管理局颁发的复方醋酸钠林格注射液(称"该药品")《药品注册证书》。复方醋 酸钠林格注射液适用于循环血量及组织间液减少时的细胞外液的补充，代谢性酸中毒的纠正。 ...

格隆汇1月28日丨华润双鹤(600062.SH)公布，公司全资子公司西安京西双鹤药业有限公司(称"京西双 鹤")收到了国家药品监督管理局颁发的复方醋酸钠林格注射液(称"该药品")《药品注册证书》。复方醋 酸钠林格注射液适用于循环血量及组织间液减少时的细胞外液的补充，代谢性酸中毒的纠正。 ...

南财智讯1月28日电，华润双鹤公告，公司全资子公司西安京西双鹤药业有限公司收到国家药品监督管 理局签发的复方醋酸钠林格注射液《药品注册证书》。该产品用于治疗循环血量及组织间液减少时的细 胞外液补充及代谢性酸中毒的纠正。 ...

华润双鹤公告称，其全资子公司京西双鹤收到国家药监局颁发的复方醋酸钠林格注射液《药品注册证 书》，视同通过一致性评价。该药品适用于补充细胞外液、纠正代谢性酸中毒，京西双鹤2022年10月启 动研发，2026年1月20日获批上市。公司针对该药品累计研发投入383.53万元。2024年国内相关药品销 售总额11.49亿元，前三企业为江苏正大丰海、南京正大天晴、四川科伦药业。获批将丰富产品线，但 销售有不确定性。 ...

Core Insights - The latest round of national centralized drug procurement in China has successfully awarded contracts for 55 drugs, with 453 products from 272 companies qualifying for selection, expanding the total number of covered drugs to 490 [1] Group 1: Company Participation - Kelun Pharmaceutical and Yuandong Biological, two listed pharmaceutical companies from Chengdu, announced a total of 14 products that are likely to be selected in the recent procurement round [1] - Kelun Pharmaceutical reported that it and its subsidiaries participated in the 11th national drug procurement, with 12 products likely to be selected across various treatment areas including liver disease, oncology, and mental health [3][4] Group 2: Product Details - The 12 products from Kelun Pharmaceutical cover a range of diseases, including chronic liver disease, ovarian cancer, depression, and chronic obstructive pulmonary disease, showcasing the company's diverse product portfolio [3] - The proposed winning prices for Kelun's products vary significantly, from 2.11 yuan per bag for a specific injection to 195.37 yuan per box for an oncology drug, indicating a wide range of medication price points [3] Group 3: Financial Impact - For the 12 products proposed for selection by Kelun, most had zero sales revenue prior to this procurement, with only a few products generating minimal revenue in 2023 or 2024 [3] - Yuandong Biological announced that its selected products, including a specific injection and a tablet, contributed to a small percentage of the company's total revenue for the first nine months of 2025 [4] Group 4: R&D Investment - Yuandong Biological has maintained an average R&D investment of over 20% of its revenue in the past three years, leading to a high conversion efficiency with at least 10 new formulations approved for market each year [4]

Core Viewpoint - The company and its subsidiaries participated in the 11th national centralized procurement organized by the National Organization for Drug Procurement, with several products expected to win bids [1] Group 1: Products and Sales Revenue - The products expected to win bids include Malate Avacopan Tablets, Acalabrutinib Ethanolamine Tablets, Compound Sodium Acetate Ringer's Injection, and Agomelatine Tablets [1] - The projected sales revenue for Acalabrutinib Ethanolamine Tablets in 2024 is 19.94 million yuan [1] - The sales revenue for Compound Sodium Acetate Ringer's Injection is 17.73 million yuan for 2023 and 7.93 million yuan for 2024 [1]

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [5][19]. Core Views - The company's profitability has significantly increased year-on-year, with a notable rise in net profit driven by the life nutrition products segment [2][11]. - The vitamin industry is expected to continue its upward trend, benefiting from increased market demand and price fluctuations [4][11]. - The company is implementing cost reduction and efficiency improvement measures across its two main segments to enhance competitiveness and support future growth [10][11]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 4.323 billion, a decrease of 1.87% year-on-year, while net profit increased by 113.52% to 673 million [1][2]. - The overall gross margin for the first half of 2025 was 39.82%, an increase of 4.43 percentage points compared to the same period in 2024 [2]. - The life nutrition products segment generated a revenue of 2.034 billion, a slight increase of 0.58% year-on-year, with a gross margin of 54.95%, up 15.41 percentage points [4][10]. Cash Flow and Financial Ratios - The net cash flow from operating activities for the first half of 2025 was 798 million, a significant increase of 281.20% year-on-year [3]. - The company’s cash and cash equivalents at the end of the period stood at 2.709 billion, an increase of 84.43% year-on-year [3]. - The projected earnings per share (EPS) for 2025 is 1.16, with corresponding P/E ratios of 13.5, 9.9, and 9.2 for the years 2025, 2026, and 2027 respectively [11].

Market Review - The CITIC Pharmaceutical Index increased by 3.91%, outperforming the CSI 300 Index by 2.82 percentage points, ranking second among CITIC's 30 primary industries [5] - The top ten stocks by increase included: Borui Pharmaceutical (42.35%), Lifespring Pharmaceutical (41.68%), and Nanjing New Pharmaceutical (34.95%) [4][5] - The bottom ten stocks by decrease included: *ST Suwu, *ST Weiming, and Haobo Pharmaceutical, with declines ranging from -16.82% to -31% [4][5] Sector Insights and Investment Strategy - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) having low allocations to this sector. The outlook for the pharmaceutical industry in 2025 remains optimistic due to macroeconomic factors and the growth potential of major products [9] - In the innovative drug sector, there is a shift from quantity to quality, emphasizing differentiated products and internationalization. Companies that can deliver profitable products are expected to perform well [9] - The medical device market is seeing a recovery in bidding volumes, particularly in imaging equipment, and there are ongoing updates in home medical devices supported by subsidy policies [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas financing and a bottoming out in domestic financing, indicating a potential for high profit elasticity in the long term [9] Industry and Company Events - The 11th batch of national procurement products was officially released, including 55 varieties, with a total hospital sales amount of 32.772 billion yuan for 2024, averaging 5.96 million yuan per product [16][15] - The procurement list has seen a reduction of 7 products compared to the previous batch, with a total of 492 products included in the first eleven batches [15][16] - The impact of the procurement on domestic companies is limited, as the sales contribution of affected products to total revenue is relatively small [18] - The procurement process has clarified selection criteria, which may reduce disputes over certain products and improve company valuations over time [24][25]