东吴证券研报指出，海思科上半年实现归母净利润1.29亿元，同比下降21.79%。整体毛利率72.96%，相 比2024年全年的71.46%有所提升。费用端方面，25年H1销售费用7.27亿元，费用率36.35%，保持稳定 水平。研发费用3.42亿元，同比增长59.22%，研发投入支撑公司创新药管线开发。麻醉产品引领销售放 量，环泊酚海外上市顺利推进中：营收分板块看，麻醉25年H1收入7.96亿元，同比增长54%。肠外营养 收入2.06亿元，同比下降19.39%。肿瘤止吐收入1.63亿元，同比增长19.9%。核心麻醉产品环泊酚快速 放量，带动公司向创新药销售转型。环泊酚未来有望海外上市，多个管线已经纳入医保，将成为业绩新 增长点，后续创新管线催化剂充足，维持"买入"评级。 ...

证券研究报告·公司点评报告·药品及生物科技(HS) 海思科（002653） 2025 年中报点评：麻醉产品销售符合预期， 创新管线进入商业化兑现期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,355 | 3,721 | 4,583 | 5,933 | 6,823 | | 同比（%） | 11.27 | 10.92 | 23.15 | 29.46 | 15.00 | | 归母净利润（百万元） | 295.11 | 395.46 | 521.73 | 783.34 | 910.59 | | 同比（%） | 6.51 | 34.00 | 31.93 | 50.14 | 16.24 | | EPS-最新摊薄（元/股） | 0.26 | 0.35 | 0.47 | 0.70 | 0.81 | | P/E（现价&最新摊薄） | 225.42 | 168.22 | 127.50 | 84.92 | 73.06 | [T ...

证券研究报告 | 2025年08月26日 海思科（002653.SZ） 优于大市 麻醉产品营收同比增长 54%，多款创新药产品进入商业化阶段 麻醉产品营收同比增长 54%。2025 上半年公司实现营收 20.01 亿元 （+18.6%），归母净利润 1.29 亿元（-21.8%）。 分季度看，2025Q1/Q2 分别实现营收 8.92/11.09 亿元（分别同比 +18.6%/+18.7%，Q2 环比+24.3%）、归母净利润 0.47/0.82 亿元（分别同 比-49.3%/+13.0%，Q2 环比+76.4%）。 分产品领域看，麻醉/肠外营养/肿瘤止吐/其他适应症产品分别实现收入 7.96/2.06/1.63/3.40 亿元，分别同比+54.0%/-19.4%/+19.9%/+20.8%，毛利 率分别为 91.9%/56.1%/88.1%/64.3%，分别+2.2.pp/-3.5pp/+3.3pp/+1.5pp。 毛利率稳中有升，研发端加大投入。2025H1，公司毛利率为 71.5%（同比 +1.0pp）、净利率 10.6%（同比-3.3pp）；销售费用率 36.4%（同比+1.3pp）、 管理费用率 9 ...

海思科在呼吸领域重点布局 COPD、IPF 和哮喘，靶点包括 DP1、PDE34 和 PDE14B，探索协同作用以突破现有疗法局限。 PDE34 主要集中于哮喘适应症，暂无扩展计划。 海思科计划未来每年推出一到三个新产品，采取中美双报策略。47,388 已在澳洲进行临床试验，并计划进行美国 IND 申报。45,030 靶点为非 肌肉型肌球蛋白抑制剂，适用于肌营养不良症和某些肿瘤。 海思科 20250825 摘要 海思科预计 2025 年全年营收增长 20%，其中创新药环泊酚预计收入达 16 亿元，16,149 和 7,653 两款创新药全年收入预计达 3 亿元，进院数 量已超过 300 家。 海思科计划到 2029 年底整体收入增长至 100 亿元，创新药销售额达 70 多亿元，其中环泊酚预计销售额约 30 亿，21,532 销售额将超过 20 亿，16,149 和 7,653 各自销售额均将超过 10 亿。 环泊酚已于 2025 年 7 月获美国 FDA 受理，有望在 2026 年下半年获批 上市。39,297 针对阵发性睡眠性血红蛋白尿症（PNH）的三期临床预 计 2025 年底前提交上市申请，并计划启动 ...

医药生物/化学制药 海思科（002653.SZ） 2025 年 08 月 25 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 58.80 | | 一年最高最低(元) | 62.65/29.13 | | 总市值(亿元) | 658.51 | | 流通市值(亿元) | 283.12 | | 总股本(亿股) | 11.20 | | 流通股本(亿股) | 4.81 | | 近 3 个月换手率(%) | 54.21 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-08 2024-12 2025-04 海思科 沪深300 相关研究报告 《麻醉镇痛稳增长，创新管线强驱动 —公司信息更新报告》-2025.4.15 《研发管线持续推进，创新转型成效 显 著 — 公 司 首 次 覆 盖 报 告 》 -2024.12.25 持续加大研发投入，创新转型成效显著 ——公司信息更新报告 | 余汝意（分析师） | 余克清（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | ...

Core Viewpoint - Recently, Haisco Pharmaceutical Group Co., Ltd. announced that the Shenzhen Stock Exchange has accepted its application for a private placement of shares, aiming to raise up to 1.365 billion yuan for new drug research and development and to supplement working capital [1] Company Overview - Haisco is a diversified and specialized pharmaceutical group engaged in new drug research and development, manufacturing, and marketing, with a product portfolio covering multiple segments including anesthesia, parenteral nutrition, anti-tumor, and cardiovascular drugs, among others [3] - The company has over 40 products, including four Class 1 new drugs that have been approved for market, with many others being the first or sole generic versions in China [3] Strategic Transformation - Haisco is undergoing a rapid transformation from focusing on "innovative generics" to a "combination of generics and innovation" due to the impact of generic drug procurement policies [3][4] - The proportion of revenue from generic drugs has decreased from over 80% in 2019 to below 60% in 2024, while the revenue from innovative drugs is expected to exceed 40% by 2025 [4][5] Financial Performance - In 2024, Haisco achieved a revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 396 million yuan, up 34% year-on-year [5] - Following the release of the annual report, the company's stock price hit the limit up, and its market capitalization exceeded 50 billion yuan for the first time, reflecting market recognition of its innovative drug transformation strategy [5] Funding Needs - The innovative drug research and development process is characterized by long cycles, high investment, and low success rates, leading to significant funding needs for Haisco [6] - The company reported a total R&D investment of 1.589 billion yuan from 2022 to 2024, with 624 million yuan allocated in 2024, marking a 20.7% increase year-on-year [6] Future Plans - Haisco plans to use the raised funds for the research and development of several innovative drugs, including HSK31679 for non-alcoholic fatty liver disease and HSK31858 for respiratory diseases, among others [6] - The company aims to enhance its R&D investment, accelerate clinical trials, and improve the efficiency of drug registration processes, thereby expanding its product line and creating new profit growth points for sustainable development [6]

Core Viewpoint - The company, Baili Tianheng, has faced significant volatility in its financial performance, primarily due to reliance on non-recurring income, raising concerns about the sustainability of its profit model [2][3][4]. Financial Performance - In 2024, Baili Tianheng reported a net profit of 3.7 billion yuan, a dramatic increase from a loss of 780 million yuan in the previous year, attributed to an 800 million USD upfront payment from Bristol-Myers Squibb (BMS) [2]. - However, in Q1 2025, the company's revenue plummeted by 98.77% to 67 million yuan, with a net loss of 531 million yuan, highlighting the instability of its earnings [4]. Revenue Structure - The company's revenue is primarily derived from chemical and traditional Chinese medicine preparations, with the leading product, Propofol emulsion injection, experiencing a significant decline in revenue due to national procurement policies [5][6]. - Propofol emulsion injection's revenue fell from 212 million yuan in 2023 to 132 million yuan in 2024, a decrease of approximately 38% [6][7]. Market Competition - The company faces increasing competition in the pharmaceutical market, particularly from new drugs like Remimazolam, which offers superior efficacy and lower side effects compared to Propofol [8]. - The traditional Chinese medicine segment has remained relatively stable, but rising raw material costs have pressured profit margins [8]. Research and Development - Baili Tianheng's R&D investment as a percentage of revenue has been low, with figures of 53.32%, 132.81%, and 24.78% from 2022 to 2024, indicating a lack of commitment to innovation compared to industry peers [10][11]. - The average R&D expenditure ratio for comparable companies in 2024 was 53%, suggesting that Baili Tianheng is significantly lagging behind [11]. Challenges Ahead - The company is grappling with multiple challenges, including severe earnings volatility, declining traditional business, and insufficient innovation, raising questions about its future sustainability [12].

Group 1: Utility Industry - The report maintains an "Overweight" rating for the utility sector, particularly focusing on city gas companies transitioning from growth to dividend phases, with expected improvements in free cash flow and dividend payouts [2][24]. - The natural gas consumption volume is projected to grow significantly, with a 5-year CAGR of 12.4%, driven by urbanization and environmental policies [3][24]. - The report highlights the challenges faced by the city gas industry, including slowing gas consumption growth and rising costs, which have led to a decline in return on equity (ROE) and net profit growth [3][25]. Group 2: Kid's King Company - The report maintains an "Overweight" rating for Kid's King, projecting EPS growth of 76%, 65%, and 37% for 2024-2026, with a target price of 19.14 yuan [6][7]. - The establishment of a subsidiary, Smart Future, aims to provide AI-driven solutions for children and new families, enhancing the company's position in the mother and child retail sector [6][7]. - Kid's King is expanding its store network and enhancing its digital capabilities, which are expected to accelerate its AI product deployment and improve customer engagement [6][7]. Group 3: Market Performance - The report notes that the equity market has performed well, with a year-to-date return of 0.59% for risk parity strategies, indicating a positive outlook for equity investments [8][10]. - The report emphasizes the strong historical performance of H-share gas companies, which have benefited from early market entry and the establishment of exclusive operating rights [3][24]. - The report suggests that the overall market sentiment remains optimistic, with expectations for continued growth in the equity market driven by favorable economic conditions [8][10].