Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but net profit showed a modest increase, indicating resilience amid market challenges [1][2]. Financial Performance - Revenue for the first half of 2025 was 7.898 billion yuan, a year-on-year decrease of 4.08% - Net profit attributable to shareholders was 785 million yuan, a year-on-year increase of 1.10% - Non-recurring net profit was 770 million yuan, a year-on-year increase of 1.04% - Basic EPS was 0.43 yuan, in line with market expectations [1][2]. Business Segment Analysis - Chemical preparations revenue was 3.768 billion yuan, down 7.51% year-on-year - Chemical raw materials and intermediates revenue was 2.525 billion yuan, down 4.48% year-on-year - Traditional Chinese medicine preparations revenue was 812 million yuan, up 4.29% year-on-year - Diagnostic reagents and equipment revenue was 374 million yuan, down 5.13% year-on-year - Health food revenue was 244 million yuan, up 35.24% year-on-year, driven by brand digital marketing - Bioproducts revenue was 95 million yuan, up 8.31% year-on-year [2]. Cost Management - Gross margin for the pharmaceutical manufacturing sector was 62.53%, a decrease of 1.09 percentage points year-on-year - Selling expense ratio was 25.54%, an increase of 0.07 percentage points year-on-year - Management expense ratio was 5.34%, a decrease of 0.06 percentage points year-on-year - R&D expense ratio was 7.74%, a decrease of 0.94 percentage points year-on-year [2]. Innovation and Pipeline Development - The company is deepening its layout in the respiratory field, with core products performing well despite short-term pressures from procurement policies - Sales of tobramycin inhalation solution increased by 112% year-on-year - The company is advancing its innovation transformation with a rich pipeline, including: - Antiviral drug TG-1000 expected to be approved in the second half of 2025 - Complex formulations such as salmeterol/fluticasone inhalation powder and fluticasone propionate nebulized suspension received registration - TSLP monoclonal antibody and IL-4R monoclonal antibody are in Phase II clinical trials - The company is also diversifying into innovative fields, with Nav1.8 targeting peripheral nerve pain signaling [3]. Profit Forecast and Valuation - The company is in a transitional phase due to procurement factors, but innovation transformation is progressing steadily - Net profit forecasts for 2025-2027 are 1.32 billion, 1.51 billion, and 1.67 billion yuan, respectively - Corresponding P/E ratios are 18, 16, and 14 times - The company maintains a leading position in inhalation formulations, with core products expected to grow significantly [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Views - The company is undergoing a transitional phase in its traditional business due to factors such as centralized procurement, while its innovative transformation is progressing in an orderly manner [4]. - The company reported a revenue of 7.898 billion yuan for the first half of 2025, a year-on-year decrease of 4.08%, but the net profit attributable to shareholders increased by 1.10% to 785 million yuan, aligning with market expectations [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the revenue from the chemical preparation segment was 3.768 billion yuan (down 7.51% year-on-year), while the revenue from chemical raw materials and intermediates was 2.525 billion yuan (down 4.48% year-on-year). The traditional Chinese medicine segment saw a revenue increase of 4.29% to 812 million yuan, and health food revenue surged by 35.24% to 244 million yuan [2]. - The gross margin for the pharmaceutical manufacturing sector was 62.53%, a decrease of 1.09 percentage points year-on-year [2]. Business Development - The company is deepening its layout in the respiratory field, with core products performing well despite short-term pressures from centralized procurement policies. Sales of the core product, Tobramycin inhalation solution, increased by 112% year-on-year [3]. - The company is advancing its innovative transformation with a rich pipeline, including an anti-influenza drug expected to be approved in the second half of 2025 and several complex formulations that have received registration [3]. Profit Forecast and Valuation - The profit forecast for the company is set at 1.32 billion yuan for 2025, with projected earnings per share (EPS) of 0.72 yuan. The price-to-earnings (P/E) ratio is expected to be 18 for 2025, decreasing to 14 by 2027 [4][5]. - The report anticipates a gradual recovery in revenue growth, with a projected increase of 0.90% in 2025, followed by higher growth rates in subsequent years [5].

点击注册小程序 查看完整报告 保健品和OTC产品快速发展，驱动板块收入快速增长 24年健康元（不含丽珠集团、丽珠单抗）保健食品及OTC板块实现营业收入6.97亿元，同比增长约 53.91%。保健食品与OTC板块利用小红书、抖音、微信等新媒体内容渠道，通过达人推荐、健康科普、达 人直播带货等方式创作优质的内容触达用户，传递品牌理念，驱动品牌全渠道的销售增长。我们预计 25~26年板块发展势头良好，收入有望维持较快增速。 研发有序投入，创新转型可期 在创新药领域，公司正逐步推进"机制创新+多适应症覆盖"战略，向"抗感染+呼吸+镇痛"等多元协同方向 发展。其中：1）抗流感新药TG-1000已报产，预计2025年下半年获批上市，该新药具有较长的有效治疗 期；2）在高壁垒复杂制剂方面，沙美特罗替卡松吸入粉雾剂、丙酸氟替卡松雾化吸入用混悬液获得注册 批件，均实现国内首仿。3）在前沿靶点布局方面，TSLP单抗与IL-4R单抗均已进入Ⅱ期临床研究阶段。 在创新药加速向机制升级、适应症精准拓展演进的趋势下，公司在其呼吸系统疾病治疗主线之外，开始布 局多元化创新领域，Nav1.8作为外周神经系统疼痛信号传导的重要钠通道，具有机制 ...