Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown significant growth in its main business, with a notable increase in revenue and net profit in the first half of 2025, indicating a turning point in its operations [5] - The company is expected to achieve substantial revenue growth in the coming years, driven by its innovative business layout and expansion in various segments [5] Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved revenue of 677 million yuan, a year-on-year increase of 11.42%, and a net profit attributable to shareholders of 49 million yuan, up 158.97% [5] - The second quarter of 2025 saw revenue of 401 million yuan, a year-on-year growth of 16.15%, and a net profit of 28 million yuan, reflecting a significant increase of 468.03% [5] - The gross margin for the first half of 2025 was 32.45%, an increase of 2.94 percentage points, while the net margin was 7.84%, up 4.34 percentage points [5] Business Segments - The formulation segment reported revenue of 262 million yuan in the first half of 2025, a year-on-year increase of 111.03%, driven by the successful commercialization of its projects [5] - The active pharmaceutical ingredient (API) business is stabilizing, with new product registrations ongoing, and the company has established solid supply relationships with major pharmaceutical firms [5] - The CDMO (Contract Development and Manufacturing Organization) segment is expanding, with ongoing collaborations with major clients and new project developments [5] Future Outlook - Revenue projections for 2025-2027 are 1.603 billion, 1.982 billion, and 2.389 billion yuan, with year-on-year growth rates of 16.77%, 23.69%, and 20.49% respectively [5] - The net profit attributable to shareholders is expected to reach 129 million, 164 million, and 208 million yuan for the same period, with growth rates of 92.98%, 27.16%, and 27.04% respectively [5] - The company's stock is currently trading at a price-to-earnings ratio (P/E) of 23, 18, and 14 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation given the expected growth [5]

2025 年 08 月 29 日 合作引进，加码创新药研发 买入(首次) 事件 分析师：胡博新 S1050522120002 hubx@cfsc.com.cn | 基本数据 | 2025-08-28 | | --- | --- | | 当前股价（元） | 49.5 | | 总市值（亿元） | 100 | | 总股本（百万股） | 202 | | 流通股本（百万股） | 185 | | 52 周价格范围（元） | 12.26-64.7 | | 日均成交额（百万元） | 234.23 | 市场表现 资料来源：Wind，华鑫证券研究 -100 0 100 200 300 400 500 (%) 昂利康 沪深300 相关研究 —昂利康（002940.SZ）公司事件点评报告 昂利康发布公告：2025 年上半年，公司实现营业总收入 72435.50 万元，同比下降 14.52%；归属于上市公司股东的净 利润 6592.51 万元，同比下降 3.19%。 投资要点 ▌ 把握集采中选品种机遇 公司复方α-酮酸片和合作产品艾地骨化醇软胶囊于 2024 年 中选第十批国家集采，目前已进入进院采购阶段，快速上 量。除参与国采之外， ...

Financial Performance - In the first half of 2025, the company achieved a total revenue of 72,435.50 million RMB and a net profit attributable to shareholders of 6,592.51 million RMB, with a non-recurring net profit of 4,369.69 million RMB [3] - The company experienced growth due to increased sales from products entering centralized procurement, stabilizing the previously declining formulation business [3] Business Segments API and Specialty Intermediates - The API business faced fluctuations primarily due to a sluggish antibiotic market and reduced demand from downstream formulations [3] - The specialty intermediates segment saw a decline in revenue, particularly in the 25-hydroxyvitamin D3 series, influenced by customer demand fluctuations and global policy changes [3] Innovative and Improved Drugs - The company is focusing on innovative drugs, with ALK-N001/QHL-1618 currently in Phase I clinical trials, and plans to explore various solid tumor types [4][11] - The company aims to increase investment in innovative drug development, with a projected total investment of around 300 million RMB for 2024, covering two innovative drug pipelines [6] R&D and Team Development - The R&D team is being optimized to support innovative drug development, with plans to recruit clinical and medical teams [6] - The company is currently prioritizing the introduction of external innovative drug pipelines while maintaining an open collaboration approach [6] Capital Expenditure and Future Projects - The largest anticipated capital expenditure is for the construction of an 8,000-ton amoxicillin and 2,000-ton ampicillin production project, with a total investment of approximately 336 million RMB [7] - The company plans to gradually advance existing projects while considering new R&D pipeline introductions based on operational conditions [7] Market Outlook - The orders for 25-hydroxyvitamin D3 are expected to be lower than initial projections due to demand fluctuations and global policy impacts [8] - The sales of formulation products like benazepril and ketone acid tablets are showing stabilization, with significant growth from selected products due to centralized procurement [8] Future Strategies - The company is committed to enhancing its innovative drug pipeline and commercializing products based on clinical research outcomes [13] - The pet medicine sector is progressing as planned, with multiple new veterinary drug products being registered, although overall sales remain modest [13]

本报讯 （记者吴文婧）8月27日晚，浙江昂利康制药股份有限公司（以下简称"昂利康"）披露了2025年半年报。上半年实 现营业收入7.24亿元，归属于上市公司股东的净利润6592.51万元。同时，公司拟中期分红，每10股派发现金红利1元，拟合计 派发1961.08万元。 此前，昂利康已与亲合力就QHL-1618分子签署授权许可协议，该项目目前处于临床l期试验。本次合作显示双方在研发合 作上的延续性和互信，昂利康也将丰富在肿瘤免疫治疗领域的产品管线，增强公司创新药研发厚度和市场影响力。 此外，上半年，昂利康积极应对医药政策和市场环境变化，推动营销体系转型升级。制剂业务方面，通过新产品放量、头 部连锁直营模式及渠道优化，实现收入止跌回升，并积极参与国家和地方集采，加快重点品种上量。公司同时推进沙库巴曲缬 沙坦钠片、利丙双卡因乳膏等新品推广，带动整体销量增长。 在原料药和特色中间体业务方面，公司正加快海外注册，多个头孢类和α-酮酸品种在亚洲及欧盟市场推进注册。同时，加 速胆固醇在原辅料应用开发及骨化醇系列研发，力争拓展新增长点。 （编辑 张明富） 8月27日晚，昂利康同时公告，与亚飞（上海）生物医药科技有限公司及亲合 ...

Core Insights - Xinhua Pharmaceutical has received approval for the production and marketing of Sacubitril/Valsartan tablets and Minoxidil topical solution, along with its subsidiary Xinda Pharmaceutical's Clarithromycin suspension [1][2] Group 1: Product Approvals - Sacubitril/Valsartan tablets, developed by Novartis, were first approved in the U.S. in 2015 and entered the Chinese market in 2017, recommended as a first-line treatment for heart failure and hypertension [1] - Minoxidil is a peripheral vasodilator that stimulates hair growth in male pattern baldness and alopecia, with a specific formulation limited to male use [2] - Clarithromycin is indicated for infections caused by pathogens sensitive to it, with significant sales expected in the Chinese market [2] Group 2: Market Potential - The projected sales for Sacubitril/Valsartan tablets in Chinese public medical institutions for 2024 is approximately 4.9 billion yuan, while global sales are estimated at about 8.545 billion USD [1] - The expected sales for Minoxidil in China for 2024 is around 2.36 billion yuan [2] - Clarithromycin is anticipated to generate sales of approximately 1.123 billion yuan in Chinese public medical institutions in 2024 [2] Group 3: Company Strategy and Achievements - The company has increased R&D investment and implemented an integrated strategy of "raw materials + formulations," aiming to strengthen its position in analgesics and anti-infectives while expanding into new therapeutic areas [2] - Xinhua Pharmaceutical has received 31 product approvals this year, including 25 formulation approvals, 3 raw material approvals, and 3 consistency evaluation approvals, ranking high in the industry [2] - The company has been recognized with multiple awards, including the Shandong Province Science and Technology Progress Award and has been designated as a national manufacturing single champion and a national intellectual property advantage enterprise [2]

Core Insights - Zijin Mining (02899.HK) reported a record high in key economic indicators for the first half of 2025, achieving revenue of 167.71 billion yuan, a year-on-year increase of 11.50% [1] - The company’s total profit reached 34.5 billion yuan, up 60% year-on-year, with net profit of 28.6 billion yuan, reflecting a 55% increase [1] - The company’s cash flow from operating activities was robust, amounting to 28.8 billion yuan, a 41% increase year-on-year, indicating stable cash flow [1] Financial Performance - Zijin Mining's net profit attributable to shareholders was 23.3 billion yuan, a 54% increase year-on-year, while the non-recurring net profit was 21.6 billion yuan, up 40% [1] - The company’s total assets at the end of the period were 439.7 billion yuan, with net assets attributable to shareholders at 142.1 billion yuan, representing growth of 11% and 2% respectively [1] - The overall gross profit margin for mineral products increased by 3 percentage points to 60.23% due to rising prices and cost optimization [1] Production Data - The production of copper reached 570,000 tons, a 9% increase year-on-year, while gold production was 41 tons, up 16% [1] - Silver production was 224 tons, reflecting a 6% increase, and zinc (lead) production was 200,000 tons, with lithium carbonate equivalent production at 7,315 tons [1] Major Events - Guofu Quantum (00290.HK) and Jinyong Investment are exploring potential cooperation in the capital markets [1] - Fosun Pharma (02196.HK) has reached a licensing agreement with Sitala [1] - China National Offshore Oil Corporation (CNOOC) reported a net profit of 2.077 billion yuan for the first half of the year, a 21.5% increase [1]

Company Overview - Xinhua Pharmaceutical (SZ 000756) announced the approval of Sacubitril/Valsartan Sodium Tablets by the National Medical Products Administration [1] - As of the announcement, Xinhua Pharmaceutical has a market capitalization of 11.4 billion yuan [1] Revenue Composition - For the year 2024, the revenue composition of Xinhua Pharmaceutical is as follows: - Chemical drug formulation manufacturing accounts for 48.1% - Chemical raw material manufacturing accounts for 32.32% - Pharmaceutical intermediates and others account for 19.59% [1]

Core Viewpoint - Recently, Xinhua Pharmaceutical (000756) announced the approval of several drug registration certificates by the National Medical Products Administration, indicating a positive development for the company's product portfolio [1] Group 1 - Xinhua Pharmaceutical received the drug registration certificate for Sacubitril/Valsartan Sodium Tablets and Minoxidil Lotion [1] - The wholly-owned subsidiary, Xinda Pharmaceutical, received the drug registration certificate for Clarithromycin Dry Suspension [1]

山东新华制药（000756）股份(00719)发布公告，近日，山东新华制药股份有限公司(以下简称"新华制 药"或"本公司")收到国家药品监督管理局核准签发的沙库巴曲缬沙坦钠片(以下简称"该产品")《药品注 册证书》。 沙库巴曲缬沙坦钠片用于射血分数降低的慢性心力衰竭(NYHAⅡ-Ⅳ级，LVEF≤40%)成人患者，降低心 血管死亡和心力衰竭住院的风险。沙库巴曲缬沙坦钠片可代替血管紧张素转化酶抑制剂(ACEI)或血管紧 张素Ⅱ受体拮抗剂(ARB)，与其他心力衰竭治疗药物合用。沙库巴曲缬沙坦钠片也可用于治疗原发性高 血压。 本品作为血管紧张素II拮抗剂的复方药物，属于《国家基本医疗保险、工伤保险和生育保险药品目录 (2025年)》乙类品种。根据相关统计数据，2024年中国公立医疗机构沙库巴曲缬沙坦钠片销售额约为人 民币49亿元。 新华制药的沙库巴曲缬沙坦钠片于2025年8月取得药品注册证书，有利于丰富本公司心血管疾病治疗药 物，提升公司综合竞争优势。 ...

格隆汇8月26日丨山东新华制药股份(00719.HK)发布公告，近日，公司收到国家药品监督管理局核准签 发的沙库巴曲缬沙坦钠片《药品注册证书》。沙库巴曲缬沙坦钠片用于射血分数降低的慢性心力衰竭 (NYHA Ⅱ-Ⅳ级，LVEF≤40%)成人患者，降低心血管死亡和心力衰竭住院的风险。沙库巴曲缬沙坦钠片 可代替血管紧张素转化酶抑制剂(ACEI)或血管紧张素Ⅱ受体拮抗剂(ARB)，与其他心力衰竭治疗药物合 用。沙库巴曲缬沙坦钠片也可用于治疗原发性高血压。 ...