森萱医药 20251121 摘要 森萱医药是国内特色原料药龙头企业，专注于化学原料药和医药中间体， 尤其在抗肿瘤和抗癫痫类药物领域具有显著优势，并积极拓展锂电池和 新型材料中间体业务，实现多元化布局。 2025 年第三季度，森萱医药单季度归母净利润增长约 64%，主要受益 于海外市场放量和新原料药收入贡献。海外收入同比增长 13%，毛利率 提升至 48%以上，利托那韦原料药有望成为新的增长点。 森萱医药长期发展逻辑包括原料药出海与结构优化双轮驱动，通过开拓 欧美高端法规市场和调整产品结构提升毛利率；新产品管线研发，每年 上市一到两个新品种；以及一体化产业链和国资背景支持。 森萱医药的主要收入来源包括原料药（占比超 60%，毛利率约 57%）、医药中间体（占比 15%-20%，毛利率约 27%）和含氧杂环 类化工中间体（占比约 25%，毛利率约 33%）。 森萱医药客户群体广泛，前五大客户销售额占比 27%，客户集中度较低。 公司积极参加国际展会，布局海外产品注册，并通过资产重组整合上下 游产业链。 Q&A 请介绍一下"龙头集结号"系列的背景和目的。 "龙头集结号"系列是开源证券北交所研究中心推出的一个专注于北 ...

成立于2003年的江苏森萱医药股份有限公司（简称"森萱医药"），是国内特色原料药细分领域的领军企 业，也是全国首批在全国中小企业股份转让系统（简称"新三板"）精选层挂牌交易的企业，还是北京证 券交易所（简称"北交所"）首批上市的企业。 "'聚天地精华，制传世良药'是公司一直秉承的理念。"森萱医药董事长吴玉祥在接受新京报贝壳财经记 者采访时表示。 森萱医药董事长吴玉祥向记者介绍企业实验室情况。新京报贝壳财经记者俞金旻 摄 始终维持较高的研发投入强度，研发取得一系列新突破 研发是森萱医药的过去，也是森萱医药的未来。森萱医药的发展源于对医药产业的坚守，公司始终将精 力和心思都扑在新老品种的技术攻关和产能优化上。 当前公司已组建了多个省级研发平台，形成了化学药原料药从实验研发、小试、中试到小批量生产各环 节研发能力，同时一定程度上具备了从事基础性研究能力，还与多所科研机构建立了合作研发关系。多 项产品技术指标已达到国际先进水平，新产品均按照先进的路线进行设计研发。 据了解，今年前三季度研发费用投入近2000万元，持续占营业收入比重约4.85%。在专利方面，公司新 增多项发明专利和实用新型专利，特别是在特色原料药如氟尿 ...

Group 1: Core Insights - Hebei Province has absorbed a total of 265.9 billion yuan in technology contract transactions from Beijing and Tianjin from 2021 to 2024, with an average annual growth rate of 45.5%, reaching 75.53 billion yuan in 2024 [1] - The "14th Five-Year Plan" period focuses on the core positioning of "Beijing-Tianjin R&D, Hebei Transformation," with a steady increase in technology contract transactions [1] - The innovation atmosphere in Xiong'an New Area is highlighted, with local companies leveraging AI to upgrade traditional industries, particularly in the garment sector [3][4] Group 2: Industry Developments - Xiong'an New Area is becoming a testing ground for traditional industry upgrades, with companies developing AI systems that significantly improve efficiency and reduce costs in garment production [3] - The Hebei government is implementing special policies to support high-quality development in key industries, with over 200 companies now established in the Xiong'an Zhongguancun Science Park [5] - The Cangzhou Biopharmaceutical Industrial Park has seen a successful migration of industries from Beijing, with 66 companies now established, including 48 from Beijing and Tianjin, with total project investments exceeding 22.8 billion yuan [5][6] Group 3: Technology Transfer and Innovation - Hebei is actively attracting high-quality technology transfer institutions from Beijing and Tianjin, facilitating the flow of innovative technologies to meet local industrial needs [7] - The establishment of 15 pilot platforms for technology trials aims to bridge the gap between laboratory results and industrial products, successfully incubating 37 technology-based companies [8] - The focus on enhancing the efficiency and proportion of technology transfer within the region is set to drive the next phase of development in the "Beijing-Tianjin R&D, Hebei Transformation" model [8]

Group 1 - The company does not have any drugs that directly treat cancer [2] - The chemical raw material and intermediates, specifically fluorouracil, have antitumor properties [2]

Group 1 - The company does not have any drugs that directly treat cancer [1] - The chemical raw material and intermediates, specifically fluorouracil, have antitumor effects [1]

Core Insights - ST Sairong reported a significant decline in both revenue and net profit for 2024, indicating increased operational pressure due to market competition and policy adjustments in the pharmaceutical industry [1][3][5] Revenue and Profit Performance - The company's total revenue for 2024 was 264 million, a year-on-year decrease of 15.15% from 311 million in 2023 [1][3] - The net profit attributable to shareholders was -33 million, a drastic decline of 447.67% compared to the previous year [1][3] - The net profit after excluding non-recurring gains and losses was -33.5 million, reflecting a staggering drop of 1275.25% [1][3] R&D Investment and Outcomes - Despite increasing R&D investments, the conversion of these efforts into financial improvement has been limited [4] - The company received approval notifications for 12 raw materials, including hydrochloride esmolol and fluorouracil, and completed registrations for several injectable formulations [4] - The low efficiency in converting R&D outcomes into market competitiveness has exacerbated the company's financial burden [4] Market Competition and Sales Strategy - The pharmaceutical industry faced intensified competition in 2024, driven by policy changes and expanded centralized procurement [5] - ST Sairong adjusted its sales strategies to enhance market share and optimize product sales structure, but these efforts yielded limited results due to fierce competition [5] - Although sales and management expenses decreased, this reduction did not significantly improve net profit performance [5]