Core Insights - The report maintains a positive outlook on the pharmaceutical and biotechnology sector, with a focus on raw material prices as of July 2025 [1][3] Hormonal Drug Price Situation - In July 2025, prices for hormonal drugs such as progesterone, medroxyprogesterone acetate, saponin, dexamethasone sodium phosphate, hydrocortisone, and acetate hydrocortisone remained stable month-on-month. Year-on-year, progesterone prices remained unchanged, while medroxyprogesterone acetate, saponin, dexamethasone sodium phosphate, hydrocortisone, acetate hydrocortisone, and saponin saw declines of 1.85%, 3.23%, 84.22%, 14.04%, 12.15%, and 5.66% respectively [6][10] Antibiotic Intermediate Price Situation - In July 2025, prices for antibiotic intermediates such as 4-AA remained stable month-on-month, while 7-ADCA, 7-ACA, 6-APA, and penicillin industrial salt saw decreases of 1.92%, 2.08%, 8.33%, and 7.89% respectively. Year-on-year, 7-ADCA, 7-ACA, 6-APA, 4-AA, and penicillin industrial salt prices fell by 1.92%, 4.08%, 45.00%, 13.92%, and 41.67% respectively [10][11] β-Lactam Antibiotic Price Situation - In July 2025, prices for β-lactam antibiotics such as cephalexin, ampicillin, cefotaxime sodium, and cefaclor remained stable month-on-month. However, ceftriaxone sodium, cefixime, and amoxicillin saw declines of 1.55%, 1.37%, and 11.36% respectively. Year-on-year, cephalexin, ampicillin, ceftriaxone sodium, cefotaxime sodium, cefixime, and amoxicillin prices decreased by 1.82%, 2.22%, 9.29%, 3.40%, 12.20%, and 35.00% respectively, while cefaclor saw an increase of 6.12% [15][17] Cardiovascular Drug Price Situation - In July 2025, prices for cardiovascular raw materials such as valsartan, irbesartan, telmisartan, lisinopril, enalapril maleate, and atorvastatin calcium remained stable month-on-month. Year-on-year, valsartan prices decreased by 1.54%, while the other drugs remained unchanged [19][20]

Core Insights - The company reported a net loss of approximately 101 million yuan for the fiscal year 2024, with total revenue of 1.198 billion yuan, reflecting a slight year-on-year decline [1] - The primary reason for the loss was asset impairment due to inventory write-downs and contract performance cost reductions, leading to a one-time asset impairment provision of 145 million yuan [1] - Despite poor financial performance, the company is advancing its capacity construction and R&D efforts, which are expected to enhance its core competitiveness in the long run [1][4] Financial Performance - The company’s revenue for 2024 was 1.198 billion yuan, a slight decrease compared to the previous year [1] - The first quarter of 2025 also showed continued losses, indicating ongoing financial challenges [1] - R&D investment reached a record high of 139 million yuan, accounting for 11.59% of total revenue, marking a 69.14% increase year-on-year [4] Product and Market Development - Key products maintained growth, with sales of the core product, Cefaclor, increasing by 28.24% for raw materials and 15.56% for intermediates in 2024 [2] - The company achieved a 11.55% increase in overseas revenue, totaling 209 million yuan, which supports its resilience against domestic healthcare cost controls [2] - The company received several international certifications for its raw materials, including WHO PQ certification for Levofloxacin, enhancing its global market competitiveness [3] Strategic Initiatives - The company is focused on a strategy of "forward extension and backward extension," emphasizing raw materials and expanding its product pipeline [4][5] - The completion of a convertible bond issuance raised nearly 700 million yuan, which is being used to expand production capacity and enhance product offerings [5] - The company is making significant progress in its formulation business, with multiple product registration applications submitted, indicating a robust pipeline for future growth [6]