中证报中证网讯(记者罗京)8月25日晚，海正药业（600267）披露2025年半年报。报告期内，公司实现 营业收入52.5亿元；归母净利润2.99亿元；扣非净利润3.21亿元，同比增长23.92%；经营活动产生的现 金流净额为12.11亿元，同比增长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，核心产品持续发力，公司经营发展稳中求 进，业务持续向好。 半年报显示，2025年上半年，海正药业制剂销售业务保持稳步增长，核心产品"赛斯美""玫满"等实现销 售收入良好增长，有效拉动制剂板块整体营收规模提升，贡献利润增长。 宠物药业务表现亮眼，整体业务增长超过60%，其中，宠物电商业务含税销售额破亿，多款产品市场反 响热烈。海正药业表示，今年是国产驱虫药"海乐妙"上市10周年，十年间"海乐妙"累计销量超过4500万 片。此外，犬猫专用口服干混悬剂型抗生素"克维舒"在年初成功上市，为宠物医疗市场提供新选择；海 正动保首款猫三联产品"海妙哆"重磅推出，正式布局宠物疫苗领域；"海乐旺"获越南市场批准并完成首 单发货，东南亚市场布局取得突破。 业务的快速 ...

在"悦己经济"与"情感消费"浪潮驱动下，"它经济"正不断释放潜力：2024年我国城镇宠物猫达7153万 只、宠物狗达5258万只，城镇宠物（犬猫）市场规模超3000亿元，预计2027年将冲刺4000亿元大关。随 着养宠主力军呈现年轻化、高学历化特征，"宠物即家庭成员"的消费观念又推动市场从"量"的扩张转 向"质"的深耕，逐步向医疗等高附加值产业链辐射。而在2025年亚洲宠物展览会（以下简称"亚宠展"） 上，新华财经观察到，作为医疗生态关键一环的宠物药市场正经历深刻的结构性变革。 白热化竞争格局 全球动保（动物保护）行业的业务结构分布，已为市场发展趋势划定清晰轨迹。跨国动保企业勃林格殷 格翰披露，当前其全球动保业务中，伴侣动物业务占比达67%，显著高于畜禽业务的33%。以其为代 表，欧美发达国家动保市场普遍呈现相似的业务结构特征。这种"宠物业务为主、禽畜业务为辅"的格局 并非偶然，而是成熟市场"宠物拟人化"消费趋势的必然结果——宠物药市场成为动保行业的增量板块， 也由此确立了"宠物经济主导"的全球行业基准。 反观中国市场，目前仍以畜禽业务为主导、宠物业务占比尚低，与欧美等发达市场形成显著差异。不 过，国内企业已 ...

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 ...

Investment Rating - The report does not explicitly state an investment rating for the animal health industry, but it highlights potential growth areas such as pet pharmaceuticals and international expansion [1]. Core Insights - The animal health industry is experiencing a slowdown in growth, with increasing competition leading to a "Matthew Effect" where larger companies gain more market share at the expense of smaller firms [3][39]. - The industry is shifting back to a research and development-driven model, with innovation becoming crucial for future growth [4][83]. - The pet pharmaceutical market and international expansion are identified as key areas for long-term growth, with pet medical consumption projected to reach approximately 84 billion yuan in 2024 [5][78]. Summary by Sections 1. Overview of the Animal Health Industry - The animal health industry, also known as the veterinary drug industry, includes a wide range of products such as vaccines, antibiotics, and feed additives [11][12]. - The market size has grown from 50.395 billion yuan in 2019 to 69.651 billion yuan in 2023, with a CAGR of 8.43% [3][12]. 2. Increasing Competition and Market Dynamics - The industry is facing a slowdown in growth, with sales increasing from 62.095 billion yuan in 2020 to 69.651 billion yuan in 2023, while average gross profit has decreased from 21.998 billion yuan to 21.297 billion yuan [3][39]. - The "Matthew Effect" is evident as larger companies leverage their product portfolios and R&D investments to capture more market share [3][52]. 3. Shift Towards R&D and Innovation - The industry is moving away from its cyclical nature, with a focus on integrated strategies and innovation to counteract competitive pressures [4][69]. - The average profit per head in self-breeding pig farming is expected to improve significantly in 2024, indicating potential for recovery in related sectors [4][62]. 4. Growth Opportunities in Pet Pharmaceuticals and Exports - The pet medical market is projected to grow rapidly, with a significant increase in demand for preventive care and treatment as pet owners become more health-conscious [5][78]. - The report highlights the successful export of domestic pet pharmaceuticals, marking a breakthrough in international markets [5][78]. 5. Key Companies to Watch - Companies such as 瑞普生物 (Reap Bio), 科前生物 (KQ Bio), and 回盛生物 (Hui Sheng Bio) are recommended for attention due to their innovative approaches and market positioning [6].

Investment Rating - The report does not explicitly state an investment rating for the pet deworming drug industry Core Insights - The pet deworming drug market is expected to expand due to the continuous increase in pet ownership and the growing health management awareness among pet owners [5] - Technological innovation and product upgrades are identified as the core drivers for the development of the pet deworming drug industry, with a focus on high efficiency, safety, and convenience [6] - The diversification and online shift of sales channels are significant trends, with e-commerce platforms and online consultations providing new growth opportunities [7] Summary by Sections Market Trends - The number of urban pets in China is projected to reach approximately 124 million by 2024, with a corresponding increase in demand for pet deworming drugs [5][7] - The market penetration of pet deworming drugs is high and continues to rise, driven by increased emotional investment in pets [5] Competitive Landscape - Major players like Boehringer Ingelheim and Merck dominate the market, leveraging substantial R&D investments to maintain technological leadership [8] - Boehringer Ingelheim's NexGard brand is expected to achieve global annual sales of approximately $1.46 billion in 2024, while Merck's Simparica follows closely with $1.25 billion [10][13] Product Development - The industry is moving towards high-efficiency, convenient, and safe products, with innovations such as sustained-release technology and natural ingredients gaining traction [28][29] - The report highlights the importance of developing oral medications that are easy to administer and cost-effective, as well as injectable drugs that offer long-lasting effects [27] Regulatory Environment - The report outlines various policies that have been implemented to strengthen the management of veterinary drugs, encouraging innovation and compliance in the pet pharmaceutical sector [21][22] Emerging Opportunities - Domestic brands are gradually gaining market share through price advantages and localization strategies, with a focus on international collaboration to enhance competitiveness [18][20] - The report emphasizes the potential for domestic companies to penetrate emerging markets like Southeast Asia by leveraging local partnerships and understanding regional needs [20]

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]

Core Viewpoint - Haizheng Pharmaceutical (600267.SH) is demonstrating strong confidence in its long-term development through its fourth share repurchase plan, aiming to buy back shares worth 50 million to 100 million yuan at a price not exceeding 13 yuan per share [1][3] Financial Performance - In Q1 2025, the company reported revenue of 2.632 billion yuan, a year-on-year decrease of 3.48%, and a net profit attributable to shareholders of 194 million yuan, down 21.85% year-on-year. However, the non-recurring net profit increased by 36.94% to 182 million yuan, marking a historical high for the quarter [1][2] - For the full year 2024, the company recorded revenue of 9.787 billion yuan, a decline of 5.56%, but achieved a net profit of 601 million yuan, turning from loss to profit. The non-recurring net profit was 423 million yuan, showing significant growth [2] Business Transformation - The company is transitioning from a traditional pharmaceutical enterprise to an innovation-driven company by optimizing its business structure, enhancing R&D, and advancing internationalization strategies, particularly in synthetic biology and high-end formulations [1][2] Global Expansion Strategy - Haizheng Pharmaceutical is accelerating its global market integration strategy, focusing on regions such as Brazil, the Middle East and North Africa, and the Commonwealth of Independent States and Eastern Europe, while also preparing for markets in Japan and Southeast Asia [4] - The company exports raw materials to over 70 countries and regions, serving more than 400 overseas clients, including major global pharmaceutical companies [4] R&D and Innovation - R&D is a core competitive advantage for the company, with cumulative R&D expenses of 1.953 billion yuan over five years from 2020 to 2024 [4][5] - The company has established a new Shanghai Innovation Drug Research Center and formed strategic partnerships with top research institutions to enhance its R&D capabilities [5]

Core Viewpoint - Haizheng Pharmaceutical reported a significant financial turnaround in 2024, achieving a record net profit of 601 million yuan, driven by increased sales in both formulation products and active pharmaceutical ingredients, alongside improved management efficiency [1][2]. Financial Performance - The company achieved an operating revenue of 9.787 billion yuan in 2024, with a net profit attributable to shareholders reaching 601 million yuan, marking a return to profitability [1]. - The net cash flow from operating activities increased by 40.72% to 2.115 billion yuan, while the debt-to-asset ratio decreased by 12% to 46.29% [2]. Shareholder Returns - Haizheng Pharmaceutical plans to distribute a cash dividend of 2.10 yuan per 10 shares (tax included) and has repurchased shares worth approximately 96.4589 million yuan, totaling 342 million yuan in cash returns, which is 56.87% of the net profit attributable to shareholders [1]. Business Development - The company focused on key product sales, with the sales volume of its main product, Saismei, reaching 6.2569 million boxes, a 31% increase year-on-year [2]. - The active pharmaceutical ingredient business showed robust growth, with significant revenue increases from products like Invermectin and Orlistat [2]. Animal Health Sector - The animal health business expanded, launching four new significant products, including the cloud vaccine and the pet vaccine, with nine products achieving sales over 10 million yuan [2]. - The company reported that its pet deworming product, Haile Miao, has consistently exceeded 100 million yuan in annual sales [2]. E-commerce Growth - In 2024, the company's e-commerce business saw significant upgrades, with key pharmaceutical products experiencing substantial growth through online channels, and the pet business surpassing 100 million yuan in sales, achieving an 11-fold increase over five years [3]. Innovation and R&D - Haizheng Pharmaceutical emphasized innovation and R&D, restructuring resources to enhance research efficiency, particularly in cardiovascular and metabolic treatment areas [4]. - The company established a new drug research center in Shanghai and formed strategic partnerships with leading research institutions, resulting in 62 patent applications and 30 granted patents in 2024 [4]. Production and Quality - The company made significant advancements in its industrial system, completing ten technology transfers and successfully passing FDA audits at its three major production bases [5]. - Haizheng Pharmaceutical received several accolades, including recognition as a "National Champion Enterprise" and "National Excellent Intelligent Factory" [5]. Future Outlook - Looking ahead to 2025, Haizheng Pharmaceutical aims to focus on strengthening its core business while exploring new growth areas, positioning itself for significant development and transformation [5].