马鞍山市市场监督管理局公布2025"守护消费"铁拳行动第六批典型案例（整治制售假劣肉制品专项行动） 2025年以来，马鞍山市市场监管部门以推进"守护消费"铁拳行动为抓手，聚焦肉制品制假售假、超范围超限量使用添加剂及非法添加非食用物质等民生痛点 突出问题，严厉打击各类违法行为，依法查处了一批违法案件，进一步净化肉制品市场秩序。现将部分典型案例公布如下： 食用农产品中恩诺沙星残留超标，会对人体健康带来较大风险。根据食品相关法律法规的规定，食用农产品销售者必须建立进货查验记录制度，这是保障食 品安全、实现产品可追溯的重要法律义务。市场监管部门将通过日常监管、监督抽查、执法办案等措施，督促引导食用农产品经营者完善进货查验记录制 度，提升其法律意识，共同筑牢食品安全防线。 1、马鞍山市市场监管局查处马鞍山市雨山区荣美熟食店生产经营超范围使用食品添加剂的食品案 2025年8月21日，马鞍山市市场监管局依法查处马鞍山市雨山区荣美熟食店生产经营超范围使用食品添加剂的食品的违法行为，作出没收违法所得并罚款的 行政处罚。 2025年6月23日，马鞍山市市场监管局根据监督抽检不合格案件线索，依法对当事人生产经营超范围使用食品添加剂 ...

Core Viewpoint - The article highlights the growth and transformation of Jingxin Pharmaceutical, emphasizing its focus on central nervous system and cardiovascular drugs, alongside its commitment to innovation and expansion in the medical device sector [3][4][5]. Group 1: Company Overview - Jingxin Pharmaceutical was established in 1990, initially focusing on quinolone antibiotics and cardiovascular drugs, later expanding into the fields of mental health and digestive products [3]. - The company follows a strategy of strengthening its pharmaceutical core business while developing medical devices, having acquired Shenzhen Juyun in 2015 to enter the medical device market [3]. Group 2: Financial Performance - For 2024, Jingxin Pharmaceutical is projected to achieve a revenue of 4.16 billion yuan (approximately $0.62 billion), representing a 4.0% increase, and a net profit of 710 million yuan (approximately $0.1 billion), reflecting a 15.0% growth [3]. - The company's finished drug business, which includes cardiovascular, mental health, and digestive products, has seen a compound annual growth rate (CAGR) of approximately 29.3% from 2010 to 2019, although the growth rate slowed to 6.5% from 2020 to 2024 due to various market pressures [3]. Group 3: Innovation and R&D - Jingxin Pharmaceutical is accelerating its innovation transformation, focusing on the development of innovative drugs in the mental health sector while also considering strong cardiovascular products [4]. - In 2024, the company plans to invest 383 million yuan (approximately $0.057 billion) in R&D, with several key products in various stages of clinical trials, including JX2201 and JX11502MA [4]. Group 4: Business Segments - The raw material drug segment is expected to generate 876 million yuan (approximately $0.13 billion) in 2024, despite a decline of 8.34%, with a focus on expanding overseas [5]. - The medical device segment, led by Shenzhen Juyun, is projected to achieve a revenue of 693 million yuan (approximately $0.1 billion) in 2024, marking a 7.68% increase, supported by a strong domestic and recovering international market [5]. Group 5: Investment Outlook - The company forecasts net profits of 780 million yuan (approximately $0.12 billion), 880 million yuan (approximately $0.13 billion), and 1.01 billion yuan (approximately $0.15 billion) for 2025, 2026, and 2027, respectively, with growth rates of 9.5%, 12.9%, and 15.0% [6]. - Based on a segment valuation, the company is assigned a reasonable valuation of 22.14 billion yuan (approximately $3.2 billion) and is given a "recommended" rating [6].

Core Viewpoint - The veterinary raw material drug market in China is expected to grow significantly, with a projected market size of approximately 185.1 billion yuan in 2024 and around 200 billion yuan in 2025, driven by increased demand and favorable economic conditions [1][8]. Industry Characteristics and Classification - Veterinary raw material drugs are pharmacologically active substances used directly in the manufacture of veterinary drug formulations, characterized by specificity, regulatory requirements, and high technical barriers [2][4]. - They can be classified by chemical properties into synthetic raw materials, biotechnological raw materials, and natural extracts, and by usage into antimicrobial drugs, antiparasitic drugs, antipyretic analgesics, and diagnostic/treatment aids [4][5]. Current Development Status - The veterinary drug industry in China has rapidly developed, becoming a significant part of the global veterinary drug market, with a projected market size of approximately 600 billion yuan in 2024 and 635 billion yuan in 2025 [6][8]. Market Size and Growth - The veterinary raw material drug market is expected to see a growth from 185.1 billion yuan in 2024 to 200 billion yuan in 2025, reflecting a recovery in demand and controlled supply [8][10]. Market Segmentation - Antimicrobial drugs dominate the veterinary raw material drug market, holding an 84% market share, while antiparasitic drugs account for about 11% [10]. Industry Chain - The industry chain includes upstream components such as basic chemical raw materials and intermediates, midstream production of raw materials through chemical synthesis and fermentation, and downstream processing into veterinary drug formulations for livestock and pet healthcare [12]. Competitive Landscape - The veterinary raw material drug industry in China has a low concentration level, with major companies including Haisheng Pharmaceutical, Qihui Pharmaceutical, Guobang Pharmaceutical, and Puluo Pharmaceutical, among others [14][16]. - The industry is experiencing a shift towards larger, more capable firms as regulatory standards improve, leading to a potential increase in market concentration [14]. Key Enterprises - Guobang Pharmaceutical reported a revenue of 1.831 billion yuan from animal health raw materials in 2024, with a gross margin of 18.86% [16]. - Haisheng Pharmaceutical achieved a revenue of 112 million yuan from raw materials in 2024, with a gross margin of 36.28% [18]. Technology Development Trends - The production of raw materials and intermediates requires significant investment in research and development to improve process technology and compete in higher-margin sectors [20].

Core Viewpoint - Guobang Pharmaceutical (605507) reported strong financial performance for the fiscal year 2024, with significant growth in both revenue and net profit, highlighting its robust position in the pharmaceutical and animal health raw materials market [1][2]. Financial Performance - The company achieved a revenue of 5.891 billion yuan, a year-on-year increase of 10.12%, marking a new high since its listing [1]. - The net profit attributable to shareholders reached 782 million yuan, up 27.61% year-on-year [1]. - The net cash flow from operating activities was 706 million yuan, a substantial increase of 36.7% compared to the previous year [1]. - A cash dividend of 6 yuan per 10 shares was proposed, totaling 335 million yuan, with a payout ratio of 42.86%, the highest in three years [1]. Business Segments - Revenue from pharmaceutical raw materials was 2.477 billion yuan, growing by 11.74%, with a gross margin of 28.36%, an increase of 6.68 percentage points [3]. - Revenue from animal health raw materials reached 1.831 billion yuan, up 11.81%, maintaining a high gross margin of 18.86% [3]. - Key pharmaceutical intermediates generated revenue of 1.13 billion yuan, remaining stable year-on-year, with a gross margin of 33.2% [3]. Product Development - The company has over 38 pharmaceutical raw materials and 16 animal health raw materials approved in China, with production and sales of over 70 chemical drug products [2]. - Major products include azithromycin, clarithromycin, and ciprofloxacin, with the company being one of the largest global suppliers of macrolide and quinolone raw materials [2]. - The company has seen significant sales growth in over 20 products, with 21 products generating over 50 million yuan in revenue and 13 products exceeding 100 million yuan [3]. Global Expansion and R&D - Guobang Pharmaceutical operates a global sales network covering 115 countries, with overseas revenue of 2.664 billion yuan, an increase of 8.27% [5]. - The company invested 215 million yuan in R&D, a 12.88% increase year-on-year, with a strong team of 535 R&D personnel [6]. - A strategic partnership with Zhejiang University aims to enhance collaboration in AI, synthetic biology, and active materials [6]. Sustainability and Safety - The company invested 123 million yuan in safety and environmental protection, implementing various monitoring systems and facilities to enhance its environmental performance [7]. - The company has established a comprehensive environmental management system, contributing to its competitive edge in the market [7].