（文章来源：证券日报） 证券日报网讯 11月14日晚间，海南海药发布公告称，公司全资子公司海口市制药厂有限公司近日获得 国家药品监督管理局核准签发的化学药品注射用美罗培南的《药品补充申请批准通知书》。审批结论： 经审查，本品通过仿制药质量和疗效一致性评价。 ...

海南海药11月14日公告，公司全资子公司海口市制药厂有限公司近日获得国家药品监督管理局核准签发 的化学药品注射用美罗培南的《药品补充申请批准通知书》。注射用美罗培南主要适用于成人和儿童由 单一或多种对美罗培南敏感的细菌引起的感染：肺炎（包括院内获得性肺炎）、尿路感染、腹腔内感 染、妇科感染（如子宫内膜炎和盆腔炎）、皮肤软组织感染、脑膜炎、败血症。 ...

人民财讯11月14日电，海南海药（000566）11月14日公告，公司全资子公司海口市制药厂有限公司近日 获得国家药监局核准签发的化学药品注射用美罗培南的《药品补充申请批准通知书》，经审查，该药品 通过仿制药质量和疗效一致性评价。注射用美罗培南主要适用于成人和儿童由单一或多种对美罗培南敏 感的细菌引起的感染。 ...

海南海药公告，全资子公司海口市制药厂有限公司近日获得国家药品监督管理局核准签发的化学药品注 射用美罗培南的《药品补充申请批准通知书》。根据国家相关政策，通过一致性评价的药品品种，质量 和疗效等同原研产品，本次注射用美罗培南通过一致性评价，将有利于提升该药品的市场竞争力，对公 司业绩产生积极的影响。 ...

格隆汇11月14日丨海南海药(000566.SZ)公布，全资子公司海口市制药厂有限公司近日获得国家药品监 督管理局核准签发的化学药品注射用美罗培南的《药品补充申请批准通知书》。美罗培南为人工合成的 广谱碳青霉烯类抗生素，通过抑制细菌细胞壁的合成而产生抗菌作用，美罗培南容易穿透大多数革兰阳 性和阴性细菌的细胞壁，而达到其作用靶点青霉素结合蛋白（PBPs）。除金属β-内酰胺酶以外，其对 大多数β-内酰胺酶（包括由革兰阳性菌及革兰阴性菌所产生的青霉素酶和头孢菌素酶）的水解作用具有 较强的稳定性。注射用美罗培南主要适用于成人和儿童由单一或多种对美罗培南敏感的细菌引起的感 染：肺炎(包括院内获得性肺炎)、尿路感染、腹腔内感染、妇科感染(如子宫内膜炎和盆腔炎)、皮肤软 组织感染、脑膜炎、败血症。 ...

格隆汇11月14日丨海南海药(000566.SZ)公布，全资子公司海口市制药厂有限公司近日获得国家药品监 督管理局核准签发的化学药品注射用美罗培南的《药品补充申请批准通知书》。美罗培南为人工合成的 广谱碳青霉烯类抗生素，通过抑制细菌细胞壁的合成而产生抗菌作用，美罗培南容易穿透大多数革兰阳 性和阴性细菌的细胞壁，而达到其作用靶点青霉素结合蛋白（PBPs）。除金属β-内酰胺酶以外，其对 大多数β-内酰胺酶（包括由革兰阳性菌及革兰阴性菌所产生的青霉素酶和头孢菌素酶）的水解作用具有 较强的稳定性。注射用美罗培南主要适用于成人和儿童由单一或多种对美罗培南敏感的细菌引起的感 染：肺炎(包括院内获得性肺炎)、尿路感染、腹腔内感染、妇科感染(如子宫内膜炎和盆腔炎)、皮肤软 组织感染、脑膜炎、败血症。 ...

Core Viewpoint - The recent criminal detention of Xu Xiren, the chairman and president of Peking University Medicine, has led to a decline in the company's stock price and raised concerns about its operational stability and future prospects [1][3][4]. Group 1: Leadership Changes - Xu Xiren was detained for investigation on October 29, 2023, just three months after taking office as president [3][5]. - The company has appointed Chen Yuezhong as acting chairman and Yu Mengchuan as acting president during Xu's absence, ensuring that the board's operations remain normal and control has not changed [3][5]. - Xu Xiren's acquisition of a controlling stake in Peking University Medicine was completed in December 2024, where he paid a symbolic price of 1 yuan for 100% of a subsidiary and assumed significant debt [6][11]. Group 2: Financial Performance - Peking University Medicine's revenue for the third quarter of 2025 was approximately 274 million yuan, a decrease of 47.95% year-on-year, while net profit fell by 18.04% [10][12]. - The company is projected to face a revenue decline of about 600 million yuan and a net profit decrease of approximately 40 million yuan due to the loss of its largest customer, Peking University International Hospital, which accounted for 78.15% of its drug distribution revenue in 2024 [9][10]. Group 3: Brand and Market Position - The company is required to sever ties with the "Peking University" brand within a specified timeframe, which may significantly impact its market reputation and customer trust [11]. - The loss of the Peking University brand and the termination of the contract with its largest client have compounded the challenges faced by the company, which is already undergoing a transformation [4][11]. Group 4: Industry Challenges - The pharmaceutical industry is facing pressure from centralized procurement, which has led to a decline in profit margins for generic drugs, affecting the company's overall profitability [12]. - Peking University Medicine's accounts receivable turnover rate is significantly lower than the industry average, indicating inefficiencies in cash flow management [12].

Core Viewpoint - The report highlights the financial performance and operational strategies of Peking University Health Science Center Co., Ltd. for the first half of 2025, indicating a decline in revenue but an increase in net profit, driven by improved product profitability and cost control measures [1][7]. Company Overview and Financial Indicators - The company reported a revenue of CNY 957.31 million, a decrease of 5.04% compared to the previous year [2][7]. - The net profit attributable to shareholders was CNY 100.29 million, reflecting a growth of 15.51% year-on-year [2][7]. - The basic earnings per share increased to CNY 0.1683, up 15.51% from the previous year [2][7]. - Total assets at the end of the reporting period were CNY 2.32 billion, a 1.32% increase from the end of the previous year [2][7]. - The net assets attributable to shareholders rose by 5.44% to CNY 1.60 billion [2][7]. Industry Context - The pharmaceutical manufacturing industry faced a revenue decline of 1.2% year-on-year, with total profits down 2.8%, indicating pressure on revenue and profitability due to market competition and cost control [6][7]. - The industry is undergoing significant transformation, shifting from scale expansion to quality-driven development, particularly influenced by advancements in technologies such as artificial intelligence and gene editing [6][7]. Business Operations - The company primarily engages in the research, production, and sales of chemical drug formulations, pharmaceutical distribution, and medical services [6][7]. - The main therapeutic areas include anti-infective, analgesic, and psychiatric medications, with a focus on enhancing product reserves and improving product profitability [6][7]. - The company has established a comprehensive marketing network and is exploring innovative cooperation models to expand its market presence [6][8]. Financial Performance Analysis - The company's operating costs decreased by 0.95% to CNY 710.06 million, attributed to changes in product sales structure and pricing strategies [11]. - Research and development expenses increased by 28.26% to CNY 11.83 million, reflecting a commitment to innovation and product development [12]. - The company successfully completed the consistency evaluation for key products, demonstrating its R&D capabilities and commitment to quality improvement [7][8]. Strategic Initiatives - The company aims to deepen its strategic layout by focusing on integrated raw material and formulation development, enhancing brand building, and fostering cultural integration [10][11]. - A strategic partnership with a major retail pharmacy chain in Southwest China was established to explore innovative marketing models and enhance service delivery to retail patients [8][10].

Core Viewpoint - The company faces significant risks due to the termination of its business cooperation with Peking University International Hospital, which has been its primary customer, leading to a potential loss of nearly half of its revenue and profit starting from 2026 [2][3]. Group 1: Business Impact - The termination of cooperation with the International Hospital has resulted in the cessation of the main business of the company's subsidiary, Beijing Beiyi Pharmaceutical, since June 2023 [2][3]. - The company anticipates a revenue decrease of approximately 600 million yuan (about 29.13% of the latest audited revenue) and a net profit reduction of around 40 million yuan (about 28.99% of the latest audited net profit) for the year [3]. - Starting from 2026, the company may face even greater losses, with a projected revenue decline of 1.027 billion yuan and a net profit decrease of approximately 68.69 million yuan, which could account for nearly 50% of the company's latest audited revenue and net profit [3]. Group 2: Business Transition - The company is attempting to shift its resources towards pharmaceutical manufacturing, establishing a new subsidiary focused on production to enhance its capabilities in generic drug manufacturing [2][6]. - The company has undergone changes in its actual controlling shareholder, moving away from Peking University, and is planning to gradually change the names of the company and its subsidiaries to reflect this shift [5][6]. Group 3: Financial Performance - In 2024, the company's pharmaceutical distribution business generated revenue of 1.437 billion yuan, accounting for 69.75% of total revenue, with an operating profit of 194 million yuan, representing 35.05% of the total [4]. - The pharmaceutical manufacturing revenue for 2024 was 623 million yuan, making up about 30% of total revenue, with a gross margin of 57.47%, significantly higher than the 13.48% gross margin of the distribution business [7].

Core Viewpoint - The company faces significant risks due to the termination of its business cooperation with Peking University International Hospital, which is its largest customer, leading to a potential complete halt of its main business operations [1][4]. Group 1: Business Impact - The termination of the partnership with the International Hospital has resulted in a projected revenue decrease of approximately 600 million yuan for the company this year, which accounts for 29.13% of its most recent audited revenue [4]. - The company anticipates a net profit reduction of about 40 million yuan, representing 28.99% of its latest audited net profit [4]. - Starting in 2026, the company could face even more severe losses, with a potential revenue drop of 1.027 billion yuan and a net profit decrease of around 68.69 million yuan, which would account for nearly 50% of its recent audited revenue and net profit [4]. Group 2: Revenue Sources - In 2024, the company's pharmaceutical distribution business generated revenue of 1.437 billion yuan, making up 69.75% of total revenue, with an operating profit of 194 million yuan, accounting for 35.05% [5]. - The International Hospital's actual procurement amount for 2024 was 1.123 billion yuan, which constituted 78.15% of the company's pharmaceutical distribution revenue [6]. Group 3: Strategic Shift - The company is attempting to shift its resources towards pharmaceutical manufacturing, establishing a new subsidiary focused on production to enhance its capabilities in generic drug manufacturing [1][7]. - The company has undergone changes in its actual controlling shareholder, moving away from Peking University, and is planning to gradually change its name to reflect this shift [7]. - In 2024, the company's pharmaceutical manufacturing revenue was 623 million yuan, representing about 30% of total revenue, with a gross margin of 57.47%, significantly higher than the 13.48% gross margin of its pharmaceutical distribution business [7][8].