与辉瑞分手后，曾因合资项目一度成为行业焦点的"明星" 企业海正药业，正经历着发展的阵痛。 近日，浙江海正药业股份有限公司（下称"海正药业"）富马酸贝达喹啉原料药获批的消息，为这家老牌药企带来 一丝暖意。作为国内重要的综合性制药企业，其在抗感染等领域曾占据一席之地，但当前的发展态势却不容乐 观。 海正药业与医药巨头辉瑞曾"联姻"组建公司，一度被寄予厚望，然而合作关系几经变动，辉瑞最终退出。此次分 手使得海正药业失去了原研药分包装生产及推广的重要业务，后续虽仍有部分合作，但协同效应远未达到预期， 未能为海正药业的发展提供强有力的支撑。 如今，海正药业正面临双重挑战：一方面是业绩的持续承压，2022年至2024年营收连续下滑，2025年一季度颓势 仍在延续；另一方面则是研发创新转型之路暗藏隐忧。 业绩失速背后 海正药业于1956年创立，2000年在A 股上市，是国有控股综合制药集团，业务涵盖化学药、生物药、动物药等。 核心产品包括自主研发1 类新药海博麦布片（赛斯美），是全球第二个肠道胆固醇吸收抑制剂；丁二磺酸腺苷蛋 氨酸肠溶片（喜美欣），用于肝内胆汁郁积治疗以及注射用米卡芬净钠等。 海正药业与辉瑞的合作始于201 ...

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]