Group 1: 康恩贝 - The company aims to acquire potential large products that align with its strategic direction, with ongoing discussions for relevant targets [1] - The acquisition strategy considers strategic fit, revenue and profit potential, growth opportunities, and compatibility with existing treatment areas and marketing channels [1] - The company has strengthened its business development (BD) system, with a recently approved modified new drug for throat relief as an example of a more efficient and asset-light "acquisition" [1] Group 2: 甘李药业 - The company signed a technology transfer and supply agreement with Fundação Oswaldo Cruz-Bio-Manguinhos and BIOMM for the production of insulin in Brazil [2] - The total amount of the supply framework agreement is expected to be no less than 3 billion RMB, with actual order amounts to be determined [2] - The agreement includes technology transfer for insulin and commitments for future procurement by FZ over the next 10 years [2] Group 3: 天目药业 - The company is focused on the inheritance and innovation of traditional Chinese medicine, accelerating the resumption of production for quality products like pearl eye drops [3] - It has made significant progress in drug re-registration, with 53 drugs receiving approval notifications since the beginning of 2025, surpassing the total for 2024 [3] - The company is leveraging existing product advantages to launch new products to meet diverse consumer needs [3] Group 4: 济民健康 - The company plans to enhance cooperation and increase investment in innovative drug research, aiming to establish Boao International Hospital as a high-level clinical research center [4] - The company holds a 51% stake in Boao International Hospital, with various stakeholders involved in the remaining shares [4] Group 5: 恒瑞医药 - The company signed a licensing agreement with Glenmark Specialty for its innovative drug SHR-A1811, with potential earnings exceeding 1.1 billion USD [5][6] - The drug targets HER2 and is designed to induce apoptosis in tumor cells, enhancing anti-tumor efficacy [5] - Glenmark Specialty will pay an upfront fee of 18 million USD and is eligible for milestone payments based on registration and sales [6] Group 6: 华熙生物 - The company’s strategic investment in Sanofi Pharmaceuticals is aimed at enhancing its presence in the biopharmaceutical sector [7] - The investment allows for collaboration in the development of small nucleic acid innovative drugs, creating synergies across its main business areas [7] - The company is exploring the role of hyaluronic acid and other substances in advanced medical research and applications [7]

Core Insights - The company is expanding the indications for its major products, including "Zhixinxuan" and "Jindi," to enhance market competitiveness and meet diverse patient needs [1] - The company's revenue and net profit for the first half of 2025 have decreased year-on-year, primarily due to a decline in sales of respiratory and anti-infection products, coupled with a shift in revenue mix towards lower-margin health consumer products [1] - The company is actively seeking acquisition opportunities to align with its strategic focus on traditional Chinese medicine and health, evaluating potential targets based on strategic fit, revenue potential, and compatibility with existing product lines [2] Financial Performance - The company reported a year-on-year decline in both operating revenue and net profit for the first half of 2025 [1] - The decrease in net profit was more significant than the decline in operating revenue due to a higher proportion of lower-margin products in the revenue mix [1] Acquisition Strategy - The company is enhancing its business development (BD) system to identify and acquire potential high-value products that align with its strategic direction [2] - Recent approvals for new products, such as the throat lozenge, are part of a strategy to enrich the product pipeline in the cold and throat category [2] - Ongoing discussions for potential acquisition targets are in progress, although previous projects have not yet materialized due to various reasons [2]

中证报中证网讯（王珞）8月27日晚，康恩贝（600572）发布2025年半年度业绩报告。报告期内公司实 现营业收入33.58亿元，归母净利润3.54亿元；经营性现金流净额达4亿元，同比增长31%；销售费用率 和资产负债率均实现同比下降，整体经营质量得到提升。 公司坚持"中药大健康"核心战略，持续优化"一体两翼"业务布局。上半年，全品类中药业务收入保持稳 定，中药材与中药饮片板块实现收入5.83亿元，同比增长4.6%；特色健康消费品业务收入3.21亿元，同 比增长超过10%，显示出良好的增长韧性。 大品牌产品表现稳健，实现销售收入20.06亿元，同比有所增长。其中"康恩贝"肠炎宁系列通过多元营 销及渠道协同，销售收入突破5亿元，同比增长超15%；健康食品业务整体增长超10%，其中蛋白粉系 列销售收入过亿元、同比增长近30%；"金康灵力""金前列康"等品种销售增速均超20%，新推出的"康恩 贝"益生菌冻干粉也快速放量，形成新的增长点。 研发方面，公司上半年获中药改良型新药清喉咽含片批件1项、仿制药批件5项，恩替卡韦片和乙酰半胱 氨酸溶液获美国FDA批准上市。新立项研发项目74项，并通过剂型改良和循证研究持续提升核 ...