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 ...

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]

近日，海正药业发布2025年半年报。披露公司上半年营收微增0.13%至52.5亿元，归属净利下滑31.29% 至2.99亿元。 国际化方面，公告指出，公司正积极开发美国以外国际市场制剂销售，海正美国代理的首个引进产品， 二季度在美国市场实现市占率21%；动保产品"海乐旺"获越南市场批准并完成首单发货；原料药业务积 极开拓南美、CIS、中东等新市场，通过全球展会精准对接需求，CMO项目储备充足。 核心管线系统布局环节，公司聚焦心血管、代谢性疾病等核心治疗领域，系统布局全球专利壁垒创新管 线。自主研发的1类小分子创新药HS387项目获NMPA临床默示许可，正式进入临床开发阶段；同时加 快引进临床阶段管线，丰富产品梯队，覆盖更多未满足临床需求。 （企业公告） 集采保障有力，国家集采接续中标率100%，省级带量集采接续中标率90%；代理业务完成总代向省代 战略转型，学术培训赋能代理商，销售规模与利润贡献双增长；海正动保销售额创历史新高，海妙哆 （猫三联疫苗）等3个新产品成功上市，其中宠物电商业务同比增长超60%，含税销售额破亿。 对于渠道进展，公告介绍，重点产品院内外增长强劲，新增县域覆盖超200家、医院准入超800 ...

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 ...

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].