海正动保总经理冀伟在接受证券时报记者采访时表示，做人用药起家的药企及跨界企业入局，使宠物药 行业竞争加剧、活力提升。与人用药相比，宠物药在研发投入、难度、用药特点和剂型设计上差异较 大。"人类创新药单个研发费用常达数亿元，宠物创新药一般2000万—3000万元；宠物无法主动配合服 药，用药需考虑适口性和便捷性，多做成牛肉味、鸡肉味。" 当宠物已经成为"家人"，它们的生老病死，催热了宠物医疗市场，一批人用药上市公司看准商机，纷纷 入局。 近日，多家从事宠物医药业务的企业在接受证券时报记者采访时表示，在需求驱动之下，当前宠物药行 业正在从"小众赛道"转向"必争之地"，众多人用药企业跃跃欲试。不过市场升温的另一面，是行业仍需 跨越的挑战，打破进口药品和疫苗垄断格局、加速国产替代，成为行业重点突破方向。 上市药企入局宠物药市场 中国宠物医疗行业目前仍处于成长期。《2025年中国宠物医疗行业白皮书》公布的数据显示，2024年宠 物医疗市场占我国城镇宠物总消费约28%，市场规模约为800亿元。 宠物医疗行业被视为一片蓝海市场，其中宠物医药细分领域就吸引了众多上市公司与大型药企入局。据 不完全统计，海正药业（600267） ...

8月26日，海正药业（600267）披露2025年半年报。作为一家在医药行业深耕近70年的综合性药企，报 告期内公司聚焦业务增长与效率提升，推动经营业绩稳步提升，实现营业收入52.5亿元，归母净利润 2.99亿元，扣非净利润同比增加23.92%，达到3.21亿元。现金流表现同样稳健，上半年公司经营活动产 生的现金流净额为12.11亿元，同比增加54.98%。 海正药业表示，上半年公司采取了结构优化、体系升级、业务拓展、产研突破、管理革新、品牌提升等 系列改革措施，使经营发展稳中求进、业务持续向好。 从业务板块看，2025年上半年，海正药业制剂销售业务保持稳步增长，赛斯美、喜美欣、纽再乐等产品 上半年销售收入增幅均超过30%，有效拉动制剂板块整体营收规模提升，贡献利润增长。其中，赛斯美 (海博麦布片)作为我国降脂领域首个自主研发的1.1类创新药，是首个国产原研的胆固醇吸收抑制剂，具 备"更优效、更安全、更早获益"三大核心优势，被《中国血脂管理指南(2023版)》及《中国血脂管理指 南(2024基层版)》列为A级强推荐药物。海正药业从患者实际治疗需求出发，搭建"三高共管"慢病管理 模式，聚焦心血管与代谢疾病的合并 ...

以价值竞争代替价格内卷 目前，中国动保市场仍以畜禽业务为主导、宠物业务占比尚低，与欧美等发达市场（伴侣动物业务占比 普遍超60%）形成显著差异。不过，国内企业已开始迎头赶上，海正动保便是典型代表，预计2025年宠 物业务占比将超过50%，未来将依靠宠物药这一增量市场拉动整体营收。 而谈及当前宠物药市场，"内卷"与"分散"是绕不开的一组关键词。 新华财经上海8月26日电 （谷青竹） 得益于养宠人群与宠物数量的持续扩容，科学养宠的社会观念正逐 步深入人心，宠物药市场也随之迈入发展的"当打之年"，更迎来深刻的结构性变革。在2025年亚洲宠物 展览会（以下简称"亚宠展"）现场，深耕动物保健行业（以下简称"动保"）32年的资深企业海正动保， 便向新华财经系统阐述了其在行业转型浪潮中寻找增长突破口的核心逻辑。 以海正动保的驱虫药"海乐妙"为例，这款中国宠物药市场上唯一销售额突破亿元、能与国际巨头同类产 品抗衡的国产单品，其原料米尔贝肟的生产技术就源自母公司海正药业的人药工艺。虽为兽药研发提供 了源头级数据支撑，但研发过程中需要攻克的"适口性"等宠物药特有的技术难题，仍是完全不同的考 量。 "近年来许多人药巨头轰轰烈烈入场 ...

Core Insights - The company reported a revenue of 5.25 billion yuan and a net profit attributable to shareholders of 299 million yuan for the first half of 2025, with a year-on-year growth of 23.92% in net profit [1] - The company implemented a series of reforms including structural optimization and brand enhancement, leading to steady business growth and improved operational performance [1] Financial Performance - The operating cash flow net amount reached 1.211 billion yuan, reflecting a significant year-on-year increase of 54.98% [1] - The sales of core products such as "Saismei" and "Meiman" contributed positively to the revenue growth of the formulation segment [1] Business Segments - The pet medicine business experienced remarkable growth, exceeding 60%, with e-commerce sales surpassing 100 million yuan [1] - The company celebrated the 10th anniversary of its domestic deworming drug "Hailiemiao," which has sold over 45 million tablets [1] R&D and Innovation - The company adopted a combination of self-research and collaboration for innovative drug development, with its self-developed small molecule innovative drug HS387 entering clinical development [2] - Strategic partnerships with AI pharmaceutical companies aim to enhance drug development capabilities, focusing on cutting-edge technology platforms [2] Future Outlook - The company plans to continue leveraging synthetic biology and AI-driven drug development to enhance innovation and global strategy [2] - The establishment of a subsidiary focused on synthetic biology marks a significant step into the high-end synthetic biology industry [2]

从年报来看，上半年，海正药业研发创新与产业升级继续协同，其以"自研+引进"双轮驱动研发体系升 级，聚焦心血管、代谢性疾病等核心领域布局全球专利管线，自主研发的1类小分子创新药HS387进入 临床开发阶段，加快引进临床阶段管线。在生产端，海正药业通过工艺优化与节能降耗实现降本增效， 订单交付率超99%，质量体系合规审计通过率100%，通过EDQM/德国联合检查等国际认证，EHS三年 整治计划持续推进。 海正药业始创于1956年，2000年在A股上市，属于国有控股上市公司。经过60多年的发展，海正药业已 成为一家集研产销全价值链、原料药与制剂垂直一体化的综合性制药企业集团，主要从事化学药、生物 药、动物药、中药及商业流通等多产业发展。 在7月的投资者调研过程中，海正药业表示，合成生物学是公司重点战略布局方向，现已成立澐生合成 公司，预计今年三季度会有首个产品落地。产品主要涉及医美、骨科、食品添加剂等领域。宠物药方 面，去年动物药亏损主要是动物疫苗业务影响，猫三联获批后，希望能实现动物疫苗板块的盈亏平衡； 海正动保每年会推出3—5个新品种，在研管线丰富，同时计划布局宠物保健品等新的赛道。 海正药业还介绍道，该公司近 ...

Group 1: Market Overview - The "It Economy" is driving the growth of the pet market in China, with urban pet cats expected to reach 71.53 million and dogs 52.58 million by 2024, leading to a market size exceeding 300 billion yuan, projected to approach 400 billion yuan by 2027 [1] - The pet ownership demographic is becoming younger and more educated, shifting consumer perspectives to view pets as family members, which is pushing the market towards high-value sectors like veterinary medicine [1] Group 2: Competitive Landscape - The global animal health industry is increasingly dominated by companion animal businesses, with companies like Boehringer Ingelheim reporting that 67% of their animal health business comes from companion animals, contrasting with China's market where livestock remains dominant [2] - The Chinese pet pharmaceutical market is entering a phase of intense competition, with local companies rapidly developing products, such as the domestic cat trivalent vaccine, which has seen a surge in approvals [3] Group 3: Industry Challenges - Intense competition has led to significant product homogeneity, resulting in a "war of attrition" with few standout domestic brands, as only one local product has surpassed 100 million yuan in sales [4] - The complexity of sales channels, which include both online and offline platforms, complicates market operations, and the rise of low-quality competition is compressing overall industry value [4] Group 4: Emerging Opportunities - There is a growing market for high-end medications targeting aging pets, with consumer willingness to spend on chronic diseases and cancer treatments reflecting a trend towards more sophisticated pet health management [5] - Companies are leveraging human pharmaceutical technologies to enhance pet medication development, with examples like Boehringer Ingelheim's oral liquid for feline diabetes showcasing successful cross-field collaboration [6] Group 5: International Expansion - Domestic companies are increasingly looking to international markets for growth, with Hanwei Pet Health already achieving certifications in seven countries and aiming for a balanced revenue structure between domestic and international sales [7] - The initial focus for international expansion is on Southeast Asia due to differing regulatory environments, as Chinese pet medications face barriers in entering Western markets [8]

8月20日—24日，第27届亚洲宠物展览会在上海举行。海正药业（600267）子公司海正动保携驱虫、疫 苗及保健护理等全线产品亮相，重点展出海乐妙、海乐旺、莫爱佳、喜倍安、赛乐滴等多款明星产品， 主要布局驱虫药与疫苗领域。 海正动保是知名药企海正药业全资子公司，成立于2009年8月。海正药业动物药业务起源于1992年，原 聚焦于经济动物领域，后转向宠物药主导，并主要通过旗下子公司海正动保进行重点布局。 其中，"海乐妙"为海正动保旗下拳头产品，也是国产首款猫用复方驱虫片剂。今年正值"海乐妙"上市10 周年，十年间，海乐妙成为首个销售额突破1亿元的国产驱虫药，累计销量超过4500万片。据海正动保 总经理冀伟介绍，从海乐妙一枝独秀，到如今"驱虫口服药+滴剂+疫苗"的大预防产品矩阵，海正动保 已构建覆盖宠物全生命周期健康管理的完整产品线。 目前，海正动保以多品牌构建驱虫药产品矩阵，已实现6种进口宠物驱虫药的国产替代，其中国产首款 犬猫体内外同驱滴剂赛乐滴等产品，彰显了品牌创新实力。同时，海正动保积极布局宠物疫苗领域，今 年与华中农业大学农业微生物资源发掘与利用全国重点实验室联合研发的首款猫三联疫苗"海妙哆"正式 推出 ...

Company Overview - Zhejiang Hai Zheng Pharmaceutical Co., Ltd. has received approval for its new veterinary drug, non-rocoxib chewable tablets, which are designed to alleviate pain and inflammation in dogs [1] - The approval of this drug marks a significant milestone in the company's strategic positioning within the veterinary medicine sector, enhancing its market competitiveness [1] Business Development - Hai Zheng Pharmaceutical has been focusing on the pet medicine sector, transitioning from its original emphasis on economic animals since 1992, and has made notable progress in recent years [2] - As of the end of 2024, the company operates two production bases with 25 production lines and has over 40 products with 71 approved registration numbers [2] - The company's e-commerce performance has surpassed 100 million yuan in 2024, with a cumulative growth of 11 times over five years, indicating a strong expansion in its pet medicine business [2] Financial Performance - In 2024, the revenue from anti-parasitic and veterinary products reached 713 million yuan, reflecting a year-on-year decline of 14.07%, although the gross profit margin increased by 1.55 percentage points due to improved cost control [2] - Despite not yet achieving profitability, the subsidiary Hai Zheng Animal Health reported a revenue increase of 3.21% to 410 million yuan [2][3] Industry Trends - The pet medical industry in China is experiencing rapid growth, with the market size reaching 94 billion yuan in 2024, a year-on-year increase of 14.49% [4] - The approval of 52 new pet drugs by the Ministry of Agriculture and Rural Affairs in 2024, with 31 being domestically produced, indicates a significant enhancement in domestic drug development capabilities [4] - The integration of AI technology in the pet medical field, exemplified by the launch of the Vet1 AI model, represents a breakthrough in the industry [4] Future Outlook - The pet medical market is expected to continue expanding as pet owners increasingly prioritize their pets' health, driven by technological advancements and new medical models [5] - Companies are encouraged to leverage opportunities through innovation, service upgrades, and strategic partnerships to enhance competitiveness and promote sustainable industry growth [6]

Core Viewpoint - The core strategy of Haizheng Pharmaceutical is to return to the top tier of the domestic market by focusing on human medicine while developing animal medicine and health products as complementary wings [1] Group 1: Business Strategy and Development - Haizheng Pharmaceutical aims to establish a diversified development pattern with a focus on human medicine and two wings: animal medicine and health products [1] - The company has transformed its original raw material plant into a biopharmaceutical industrial park covering over 1,500 acres, encompassing high-end biopharmaceuticals, injectable and oral formulations, and export raw materials [1][3] - The company has been exporting raw materials to over 70 countries and regions since 1992, with more than 400 overseas clients, including major global pharmaceutical companies [3] Group 2: Production and Quality Control - Haizheng Pharmaceutical emphasizes the importance of high-quality raw materials, with production bases in Taizhou, Fuyang, and Nantong, featuring a complete production line with fermentation capacity of 17,000 cubic meters and synthesis capacity of 2,300 cubic meters [6] - The Fuyang base has established an international standard QEHS system and has successfully undertaken CMO orders from international giants like Merck and Codexis [6][12] - The company has passed inspections from various global regulatory bodies, including WHO, FDA, and EMA, demonstrating its commitment to quality [12] Group 3: Innovation and Product Development - The company has accelerated its transition from raw materials to formulation business, with its subsidiary Hanhui Pharmaceutical achieving significant sales growth [8][10] - Haizheng Pharmaceutical has developed its first-class innovative drug, Haibomab, which has enriched its product line [10] - The company has successfully completed technology transfers for several original products, filling gaps in domestic technology transfer for original products [10] Group 4: Animal Health Sector - The animal health sector is a key focus for Haizheng Pharmaceutical, leveraging its expertise in human medicine standards to create high-quality veterinary products [14] - The company has established a comprehensive product matrix covering pets, pigs, and ruminants, with a commitment to rigorous quality standards [15] - Haizheng Animal Health has achieved significant milestones, including the first domestic deworming drug with sales exceeding 100 million and successful market entries in countries like Vietnam [15]

Core Viewpoint - Haizheng Pharmaceutical (600267) aims to adopt a differentiated strategy focusing on solidifying its industrial foundation, with emphasis on synthetic biology and high-end manufacturing [1] Group 1: Company Overview - Established in 1956, Haizheng Pharmaceutical started with raw materials and has evolved into a comprehensive pharmaceutical enterprise covering the entire value chain from research and production to sales [1] - The company operates a significant production base in Fuyang, Zhejiang, which spans over 1,500 acres and includes various subsidiaries [1] Group 2: Raw Material Business - The raw material segment is a traditional focus for Haizheng, leveraging technological and production scale advantages [2] - The company has developed over a hundred raw material drug varieties, utilizing a fermentation semi-synthesis technology platform [2] - Haizheng is expanding into the health sector, particularly in medical aesthetics and industrial raw materials, to enhance its sales capabilities [2] Group 3: Production Capabilities - Haizheng has established three major production bases in Taizhou, Fuyang, and Nantong, with a complete production line layout [2] - The Fuyang base features 17 independent production lines and adheres to a production philosophy of "pipeline, closed, continuous, and automated" [2] - The base has successfully secured CMO orders from international giants like Merck and continues to advance new product registrations [2] Group 4: Pharmaceutical Formulation Business - Haizheng has achieved a leading position in exporting injectable drugs to the U.S. market, maintaining high GMP standards [3] - The formulation business is primarily managed by its subsidiary, Hanhui Pharmaceutical, which has developed a unique quality management model [3] - Hanhui has successfully completed technology transfers for several original research products, addressing domestic supply shortages [3] Group 5: Animal Health Sector - The animal health segment is a key area of focus, with Haizheng leveraging its bases to create a diverse product matrix for livestock and pets [3] - Haizheng Animal Health has obtained multiple certifications and has several products with significant sales, including a record-breaking domestic deworming drug [3] - The company has a production capacity of 3,000 acres, allowing for strategic positioning in human and animal pharmaceuticals, both domestically and internationally [3]