Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company's Q2 performance exceeded market expectations, driven by new product launches that significantly boosted revenue and profit [1][11] - In H1 2025, the company achieved revenue of 427 million yuan, a year-on-year increase of 11.88%, while net profit attributable to shareholders was 58 million yuan, a year-on-year decrease of 15.91% [4][5] - Q2 2025 saw revenue of 241 million yuan, a year-on-year increase of 36.98%, and net profit of 38 million yuan, a year-on-year increase of 45.08% [4][5] Financial Performance - The gross margin for Q2 2025 was 34.46%, up 2.45 percentage points year-on-year and 6.88 percentage points quarter-on-quarter [4] - The net profit margin for Q2 2025 was 15.68%, an increase of 0.88 percentage points year-on-year and 4.56 percentage points quarter-on-quarter [4] - The company's raw materials and intermediates business generated revenue of 395 million yuan in H1 2025, a year-on-year increase of 15.48% [5] Production Capacity - The first phase of the company's second plant has been operational since 2024, with a potential full production value of 500 million yuan [6] - The company raised 800 million yuan in a private placement to fund the second phase of the second plant, which is expected to have a full production value of 1.9 billion yuan [6] Future Projections - The company anticipates rapid growth in new products in the regulatory market over the next three years, forecasting revenues of 850 million yuan, 980 million yuan, and 1.17 billion yuan for 2025, 2026, and 2027 respectively [7][10] - The projected net profit for 2025, 2026, and 2027 is 131 million yuan, 159 million yuan, and 199 million yuan respectively [10]

同和药业（300636）公告，近日收到韩国食品药品安全部(MFDS)颁发的阿戈美拉汀、奥吡卡朋药品注 册证书。其中，阿戈美拉汀适用于治疗成人抑郁症，奥吡卡朋是一种COMT抑制剂，临床主要用于治疗 帕金森病和帕金森综合征。公司阿戈美拉汀、奥吡卡朋原料药获得了韩国市场的准入资格，将对公司进 一步扩大国际市场业务起到积极作用。 ...