Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company has shown continuous improvement in operational efficiency and has good growth potential in its CSO (Contract Sales Organization) business [4] - Key products have maintained stable growth, with significant sales increases in certain categories due to marketing reforms and favorable policy changes [6] - The company has a strong foundation in its CSO business, with ongoing collaborations expected to contribute to revenue growth [6] - Earnings forecasts indicate a slight decline in revenue for 2025, followed by a recovery and growth in subsequent years, with net profit expected to grow steadily [5][6] Financial Summary - The latest closing price is 3.39 CNY, with a one-year high of 4.08 CNY and a low of 1.80 CNY [3] - The current P/E ratio is 31.43, and the P/B ratio is 3.72 [3] - Total shares outstanding are 2.246 billion, with a total market capitalization of 7.613 billion CNY [3] - Revenue for 2024 is projected at 24.41 billion CNY, with a slight decline in 2025 to 24.37 billion CNY, followed by growth to 27.51 billion CNY in 2026 and 30.80 billion CNY in 2027 [5] - Net profit for 2024 is estimated at 2.33 billion CNY, increasing to 2.56 billion CNY in 2025, 2.91 billion CNY in 2026, and 3.28 billion CNY in 2027 [5] - The company’s sales expense ratio has decreased by 8.30 percentage points year-on-year, and management expenses have decreased by 21.58% [6]

Core Viewpoint - The company has received approval for its self-developed potassium chloride sustained-release tablets, which are expected to enhance its product portfolio and market share in the pharmaceutical industry [1][3]. Group 1: Product Approval and Characteristics - The potassium chloride sustained-release tablets have been approved by the National Medical Products Administration, with specifications of 0.5g and 0.6g [1]. - This product is classified as a Category 3 generic drug under new chemical drug registration, which is considered equivalent to passing the consistency evaluation [1]. - The sustained-release technology offers advantages such as improved medication adherence, stable blood drug concentration, reduced peak-trough fluctuations, and minimized side effects [1]. Group 2: Research and Development Achievements - The company has developed unique large-scale production technology for the potassium chloride sustained-release tablets, ensuring stable production and high efficiency [2]. - The research institute has successfully demonstrated bioequivalence between the new product and the original formulation, achieving consistent therapeutic effects [2]. - The company has also secured a patent for the preparation method of the potassium chloride sustained-release tablets, marking a breakthrough in core technology [2]. Group 3: Market Potential - The potassium chloride sustained-release tablets are included in the 2024 National Medical Insurance Directory, indicating significant market potential [2]. - Sales figures for the potassium chloride sustained-release tablets are projected to grow from 350 million yuan in 2022 to 400 million yuan in 2024 [2]. Group 4: Strategic Direction - The potassium chloride sustained-release tablets represent an upgrade to the company's existing product line, aimed at capturing a larger market share and generating greater benefits [3]. - The company plans to continue enhancing research and industrial collaboration to provide accessible quality medications for patients while creating long-term value for investors [3].

Financial Performance - In the first half of 2025, the company's operating revenue was 11.00 billion CNY, a year-on-year decrease of 9.97% [2] - Net profit attributable to shareholders was 1.34 billion CNY, an increase of 7.56% year-on-year [2] - The net profit after deducting non-recurring gains and losses increased by 13.28% [2] - Operating cash flow was 1.55 billion CNY, with a weighted average return on equity of 6.78% [2] Sales Growth Drivers - Sales of the main product, An Nao Wan/Pian, increased by over 30% year-on-year [3] - Revenue from potassium chloride sustained-release tablets also grew by over 30% [3] - The sales of the drug Siglitin Metformin sustained-release tablets have expanded to over 600 terminals, with expected continued growth [3] Cost Management - Sales expenses decreased by 31.28% to 294 million CNY [3] - Management expenses fell by 21.58% to 56.75 million CNY [3] - Financial expenses reduced from 60.13 million CNY to 48.03 million CNY [3] Future Strategies - Focus on existing product growth, particularly for Luguapeptide injection and multi-vitamin injections [3] - Accelerate the sales channel expansion for Siglitin Metformin sustained-release tablets and explore new markets for Meloxicam tablets [3] - New product Pema Bet tablets expected to launch in September, with high market expectations [3] - The company aims to maintain low levels of financial, management, and sales expenses [3] Market Expectations - Pema Bet tablets projected to enter the national catalog in Q4 2025, with significant market potential [4] - Siglitin Metformin sustained-release tablets expected to achieve sales of approximately 100 million CNY by year-end [4] - An Nao Wan/Pian expected to exceed 10 million boxes in sales, with a target of over 1 billion CNY in the next five years [6] International Expansion - The company has accumulated experience in international cooperation over the past decade and plans to continue exploring new opportunities [7] - Sodium creatine phosphate sales in Central Asia generated 2.46 million CNY in revenue in the first half of 2025 [7] Cost Efficiency - Sales expense ratio has decreased to 26.76% due to refined management and drug procurement policies [8] - Management expense ratio is among the lowest in the industry, with potential for further reduction [8] E-commerce Development - The company has established a professional e-commerce team, expecting online sales to contribute approximately 20% of product revenue [8]

Core Viewpoint - The company, Lisheng Pharmaceutical, has received drug registration certificates from the National Medical Products Administration for its potassium chloride sustained-release tablets in two specifications: 0.5g and 0.6g [1]. Group 1 - The company announced the receipt of the drug registration certificate for potassium chloride sustained-release tablets 0.5g (Batch No: 2025S02514) [1] - The company also received the drug registration certificate for potassium chloride sustained-release tablets 0.6g (Batch No: 2025S02515) [1] - Both products have successfully passed the drug marketing license application [1]

Overview - Tianjin Lisheng Pharmaceutical Co., Ltd. has received drug registration certificates for potassium chloride sustained-release tablets in 0.5g and 0.6g specifications from the National Medical Products Administration [1][2] Drug Information - The potassium chloride sustained-release tablets are classified as chemical drugs and are intended for the treatment and prevention of hypokalemia associated or not associated with metabolic alkalosis [1] - The drug registration numbers are 2025S02514 for 0.5g and 2025S02515 for 0.6g [1] Impact on the Company - The approval of this drug will enhance the company's product line for treating digestive system diseases and improve its market competitiveness [2] - The potassium chloride sustained-release tablets are approved under Category 3 of chemical drugs, which is beneficial for expanding market sales and positively impacting future operating performance [2]

Core Viewpoint - The company, Lifesun Pharmaceutical, has received drug registration certificates from the National Medical Products Administration for its potassium chloride sustained-release tablets in 0.5g and 0.6g specifications, indicating successful approval for market entry [1]. Group 1 - The potassium chloride sustained-release tablets are indicated for the treatment and prevention of hypokalemia with or without metabolic alkalosis [1]. - These tablets are particularly useful for patients who do not respond well to dietary management with potassium-rich foods or reduced diuretic dosage [1].

Core Viewpoint - The company, Lifesun Pharmaceutical, has received drug registration certificates for its potassium chloride sustained-release tablets in two specifications, indicating successful approval for market entry [1] Group 1: Company Developments - Lifesun Pharmaceutical announced the receipt of drug registration certificates from the National Medical Products Administration for potassium chloride sustained-release tablets in 0.5g and 0.6g specifications [1] - The potassium chloride sustained-release tablets are indicated for the treatment and prevention of hypokalemia associated or not associated with metabolic alkalosis, particularly when dietary management or reduced diuretic dosage is ineffective [1]

力生制药公告，近日，公司收到国家药品监督管理局颁发的关于氯化钾缓释片0.5g规格的《药品注册证 书》；氯化钾缓释片0.6g规格的《药品注册证书》，上述药品通过药品上市许可申请。 ...

Group 1: Company Overview and Financial Performance - The company reported a revenue of 50 million yuan from self-paid products, with the exception of Lugu Peptide Injection, which is not covered by medical insurance [2] - The impact of the centralized procurement policy on the company's main products has stabilized, with a projected 40% increase in sales for Injection of Multiple Vitamins (12) in 2024 [3] - The company expects a slight decline or flat revenue compared to last year due to the effects of drug procurement policies [4] Group 2: Product Development and Market Strategy - The company plans to expand its product offerings in key areas such as vitamins, cardiovascular, and orthopedic fields [3] - New product launches and market expansions are anticipated, including the sales channels for Sitagliptin Metformin Sustained-Release Tablets and the introduction of Meloxicam Tablets [4] - The company aims to enhance its product pipeline through partnerships, acquisitions, and the introduction of differentiated products [5] Group 3: Research and Development Investment - The company's R&D investment is projected to be 3.97% of revenue in 2024, with plans to increase this ratio to align with industry standards [5] - Future acquisitions will focus on innovative and differentiated products, particularly in traditional Chinese medicine and generic drugs [6] Group 4: Financial Management and Cost Control - The company is committed to reducing costs and improving efficiency, aiming to keep sales, management, and financial expenses at a low level [4] - Cash received from investments at the end of Q1 2025 amounted to 261 million yuan, primarily from the redemption of financial products [6]

Group 1: Company Performance and Financials - The company's revenue has significantly declined compared to 2018 and 2019, primarily due to the sale of Auno (China) Pharmaceutical Co., Ltd. in late 2019, which is no longer included in the consolidated financial statements [2] - In Q1 2025, the company's revenue decreased by 7.06% year-on-year, while net profit attributable to shareholders increased by 15.24% [6] - The company expects stable or slightly declining revenue for 2025, with continued growth in operating performance [6] Group 2: Product and Market Insights - Major products have been subjected to centralized procurement, with significant sales growth expected for the injection of multi-vitamins (over 40% in 2024) [3] - The company has a diverse product portfolio, including traditional Chinese medicine and various injectable products, with a focus on maintaining stable growth in existing products [6][10] - The company is primarily engaged in generic drug business, with plans to explore differentiated generics and high-barrier generics in the short term [10] Group 3: Corporate Structure and Shareholder Information - The company has undergone multiple acquisitions, with goodwill amounting to 369 million yuan as of the end of 2024, with no impairment risks identified [5] - Major shareholders include Shen Zhenyu and others, holding over 20% of total shares, with Shen Zhenyu's stake at approximately 10% as of Q1 2025 [13] - The company completed a share repurchase plan in March 2025, utilizing approximately 80 million yuan to buy back 32.31 million shares, representing 1.42% of the total share capital [11]