本次权益变动后，申萍与其一致行动人王俊民合计持有公司股份由4.49亿股减少至4.48亿股，合计持股 比例由40.11%减少至40.00%，变动后比例触及1%及5%的整数倍。《每日经济新闻》记者注意到，今年 8月，海思科股价刚创历史新高。 9月14日下午，海思科（002653.SZ，股价56.45元，市值632.19亿元）公告称，近日，公司收到控股股东 王俊民之一致行动人申萍《关于减持公司股份的告知函》，获悉申萍于2025年9月1日至2025年9月12日 期间以集中竞价方式减持公司股份125万股，占公司总股本的0.11%。据了解，申萍与王俊民为夫妻关 系。 另一边，海思科持续推进定增事项。今年7月，海思科公告称，深交所已受理其向特定对象发行股票的 申请，公司拟发行不超过7000万股，募集资金总额不超过13.65亿元。控股股东之一致行动人申萍此前 已减持超600万股 每经记者｜陈星 每经编辑｜董兴生 在此之前，海思科在2023年还完成了一次8亿元的融资。 今年上半年，海思科实现营业收入20.0亿元，同比上升18.63%；归母净利润为1.29亿元，同比下降 21.79%；扣非归母净利润为1.45亿元，同比上升90. ...

Core Viewpoint - The company, HaiSiKe Pharmaceutical Group Co., Ltd., has responded to an inquiry regarding its application for a specific stock issuance, detailing its operational performance, R&D investment, and financial status, showcasing its development trends and strategic layout in the pharmaceutical sector [1] Financial Performance - HaiSiKe's operating revenue increased from 3,015.29 million yuan in 2022 to 3,721.35 million yuan in 2024, indicating a growth trend [1] - The main revenue contributor, the innovative drug Ropivacaine injection, saw its revenue rise from 434.59 million yuan in 2022 to 1,214.43 million yuan in 2024 [1] - Gross profit margins improved from 69.51% in 2022 to 72.96% in 2024, primarily due to increased sales of Ropivacaine injection [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 111.82 million yuan in 2022, 242.12 million yuan in 2023, and 132.20 million yuan in 2024, with the 2024 figure not aligning with revenue trends due to increased expenses and asset impairment losses [1] Product Analysis - The anesthetic product market is experiencing growth, with Ropivacaine injection expanding its market share [2] - The parenteral nutrition market is developing steadily, although related product revenues have declined [2] - The antiemetic market shows clear demand, with the company's Dexamethasone injection maintaining stable revenue [2] - Overall product prices remain stable, with some fluctuations due to national negotiations and centralized procurement, while sales volumes are generally on the rise [2] R&D and Financial Status - R&D investments for the reporting period were 960.86 million yuan, 875.43 million yuan, 1,000.94 million yuan, and 496.55 million yuan, with a high proportion of capitalized R&D expenditures compared to industry peers [2] - The company received significant government subsidies in 2023-2024, primarily from the Tibet Autonomous Region [2] - Accounts receivable turnover is below industry averages due to sales channel optimization, with a prolonged collection cycle but sufficient bad debt provisions [3] - The company’s dividend policy aligns with its profit levels, cash flow, and business scale, ensuring compliance with regulations and protecting minority investors' rights [3] Stock Issuance Plan - HaiSiKe plans to raise no more than 1,365.26 million yuan through a specific stock issuance, with 965.26 million yuan allocated for new drug R&D projects and 400 million yuan for working capital [4] - The new drug R&D projects involve six products that are already in clinical development, with manageable risks associated with potential R&D failures [4]

Core Viewpoint - Recently, the company Haisco (002653.SZ) responded to the Shenzhen Stock Exchange's inquiry regarding its plan to issue shares to specific investors, addressing concerns about its 1.365 billion yuan fundraising plan, including issues related to performance volatility and high dividends followed by immediate fundraising [1][2]. Financial Performance - In 2023 and 2024, Haisco's cash dividends reached 223 million yuan and 464 million yuan, accounting for 75.5% and 117.31% of the net profit attributable to shareholders, respectively [2]. - The company has maintained a high cash dividend ratio over the past decade, emphasizing its commitment to sharing operational results with investors [2][3]. - The average cash dividend as a percentage of net profit from 2022 to 2024 was 70.97%, which the company claims aligns with its profitability and cash flow [6]. Shareholder Structure - Haisco exhibits a highly concentrated ownership structure, with the top three shareholders benefiting significantly from the dividends [3][7]. - As of March 2025, the actual voting rights controlled by the three major shareholders amounted to 73.27%, with one shareholder expected to hold 40.11% after the dissolution of the joint action agreement [7]. R&D Expenditure - Haisco's R&D investment remained between 900 million and 1 billion yuan annually from 2022 to 2024, but the capitalization ratio of R&D expenses was notably high, at 53.39%, 40.98%, and 37.65% for the respective years [8]. - Compared to peers like Heng Rui Medicine and En Hua Pharmaceutical, Haisco's R&D capitalization ratio was significantly higher, raising regulatory concerns [8]. Production Capacity - Haisco's revenue growth has not translated into stable net profits, with non-recurring net profits fluctuating significantly, influenced by government subsidies [11]. - The company reported low production capacity utilization rates, with large volume injection products operating at 35%-55% and small volume injections and tablets below 30% [12]. - The company plans to use the proceeds from the fundraising to support six new drug R&D projects and to supplement working capital, which it believes will enhance production capacity utilization [13].

Core Viewpoint - The regulatory scrutiny on Haisco Pharmaceutical's (002653.SZ) 1.365 billion yuan private placement plan highlights the deep-seated contradictions between the company's aggressive strategic transformation and financial compliance, raising uncertainties about the approval of the fundraising initiative [1] Financial and Operational Risks - Despite continuous revenue growth from 3.015 billion yuan to 3.721 billion yuan during the reporting period (2022-2024), the company's net profit attributable to shareholders showed significant volatility, dropping from 112 million yuan in 2022 to 242 million yuan in 2023, and then plummeting to 132 million yuan in 2024, with a further decline to 50 million yuan in Q1 2025 [2] - The sharp increase in government subsidies, reaching 196 million yuan and 25 million yuan in 2023 and 2024 respectively, accounted for 49.5% and 6.3% of net profit during those periods, raising concerns about the sustainability of profitability [2] - The implementation of centralized procurement policies has severely pressured prices, with core products like propofol injection experiencing price drops of 70%-80%, leading to a continuous decline in revenue from parenteral nutrition products [2] Dividend and Fundraising Concerns - The company's cash dividends in 2023 and 2024 amounted to 223 million yuan and 464 million yuan, representing 75.5% and 117.31% of net profit, with the latter indicating excessive distribution [3] - The planned 350 million yuan from the private placement for "supplementing working capital" raised questions from the Shenzhen Stock Exchange regarding potential harm to minority shareholders' interests due to high dividends followed by immediate fundraising [3] R&D Capitalization Issues - The company's R&D capitalization rates were significantly higher than industry averages, with rates of 53.39%, 40.98%, 37.65%, and 26.14% over the reporting period, raising compliance concerns regarding accounting practices [3] - There were instances of terminated R&D projects that were not disclosed in terms of their capitalization treatment, prompting regulatory requests for clarification on the criteria for capitalization and impairment assessments [3] Governance and Investment Risks - The change in the controlling shareholder in March 2025, with Wang Junmin becoming the sole controller, raised concerns about governance stability and potential risks related to related-party transactions [4] - The company has faced historical issues with internal controls, including a warning from the Tibet Securities Regulatory Bureau in 2020 for violations related to related-party transactions [4] - Low utilization rates of fixed assets, particularly in large-volume injections below 55% and small-volume injections and tablets below 30%, have raised questions about asset impairment provisions [4] Accounts Receivable Concerns - The accounts receivable turnover ratio has consistently been below the industry average, with a ratio of only 4.12 in Q1 2025 compared to the industry average of 9.93, indicating potential issues with collection capabilities [5] - The balance of accounts receivable increased to 896 million yuan, prompting regulatory inquiries into the adequacy of bad debt provisions and the nature of long-term prepayments related to overseas clinical trial expenses [5]

Market Performance - The three major indices experienced a slight decline, with the Shanghai Composite Index down by 0.19%, the Shenzhen Component down by 0.15%, and the ChiNext down by 0.16% [1] - A total of over 2900 stocks rose, with a combined trading volume of 9.949 trillion [1] Sector Movements - The ground weaponry sector faced adjustments, with a peak drop of 6.53% during the session, ultimately closing down by 3.07%, including ST Emergency hitting the daily limit down [3] - The sports concept sector also saw a retreat, with Chonghuan Turf hitting the daily limit down [3] - The agricultural comprehensive, China Shipbuilding, civil explosives, cross-border payment, and CPO sectors recorded significant declines [3] - The traditional Chinese medicine sector showed strong performance, surging by 3.57%, with Bioventure rising by 26.23% and Weikang Pharmaceutical hitting the daily limit up [3] - The photovoltaic sector collectively rebounded, with Jiejia Weichuang hitting the daily limit up [3] - The express logistics sector became active again, with Shentong Express hitting the daily limit up [3] - The paper-making sector also showed notable gains [3] Regulatory and Policy Updates - The Postal Administration is addressing issues of excessive competition in the industry, focusing on rectifying illegal charges for package collection in rural areas to promote high-quality development [3] - The State Administration of Taxation issued a document clarifying tax credit policies for foreign investors directly investing through profit distribution [3] - Haishi Ke's innovative drug,环泊酚 injection, has received acceptance for its FDA listing application [3]

一、【早盘盘面回顾】 智通财经8月1日讯，市场早盘冲高回落，三大指数小幅下跌。沪深两市半日成交额9949亿，较上个交易日缩量1479亿。盘面上热点较为杂乱，个股涨多跌 少，全市场超2900家个股上涨。从板块来看，光伏概念集体反弹，捷佳伟创涨停；创新药概念持续走强，维康药业涨停；快递物流板块再度活跃，申通快递 涨停；下跌方面，体育概念陷入调整，共创草坪跌停。截至收盘，沪指跌0.19%，深成指跌0.15%，创业板指跌0.16%。 个股来看，今日早盘涨停数量为35家（不包括ST及未开板新股），封板率为70%，连板股数量为11家，但市场高度降至3板，胜通能源、奇正藏药3连板，贵 州百灵、文科股份、环球印务、昂利康、利德曼、汉商集团、倍加洁、宏和科技、淳中科技2连板。 板块上，光伏板块涨幅居前，捷佳伟创、双良节能涨停，海优新材、奥特维、固德威、迈为股份涨幅居前。 中信证券研报指出，光伏作为当前同质化低价竞争和产能阶段性过剩问题突出的行业，是本轮"反内卷"的核心阵地。在以市场化为导向的前提下，随着行业 回归规范化有序竞争，以及潜在供给侧改革政策逐步完善和落地，光伏产业链有望迎来价格合理回升和盈利修复，基本面有望得以夯实和 ...

Market Overview - The market experienced a slight decline in early trading, with the three major indices down marginally. The Shanghai and Shenzhen markets had a half-day trading volume of 994.9 billion, a decrease of 147.9 billion compared to the previous trading day. Over 2,900 stocks rose, indicating a mixed performance across the market [1][8]. Sector Performance - The photovoltaic sector saw a collective rebound, with stocks like Jiejia Weichuang hitting the daily limit. The innovative drug sector continued to strengthen, with companies such as Weikang Pharmaceutical also reaching the daily limit. The express logistics sector became active again, with Shentong Express hitting the daily limit. Conversely, the sports sector faced adjustments, with Gongchuang Turf hitting the daily limit [1][3][5]. Individual Stock Highlights - In terms of individual stocks, there were 35 stocks that hit the daily limit (excluding ST and newly listed stocks), with a sealing rate of 70%. The number of stocks with consecutive limit-ups was 11, but the market's height decreased to 3 limit-ups. Notable stocks with consecutive limit-ups included Shengtong Energy and Qizheng Tibetan Medicine [1][9]. Photovoltaic Sector Insights - According to a report from CITIC Securities, the photovoltaic industry is currently facing issues of homogenization and excess capacity, making it a core area for the current "anti-involution" movement. With the industry returning to standardized competition and potential supply-side reforms being implemented, the photovoltaic supply chain is expected to see a reasonable price recovery and profit restoration [3][27]. Express Logistics Sector Developments - On July 29, the State Post Bureau held a meeting with express companies to address issues of "involution" competition and illegal charges in rural areas, promoting high-quality industry development. Recent revisions to the Price Law and the Anti-Unfair Competition Law provide legal support for price stabilization in the industry [5][10]. Innovative Drug Sector Progress - Companies like Haishi Pharmaceutical and Huahai Pharmaceutical announced significant advancements in their innovative drug pipelines, with FDA applications and clinical trial approvals being granted. CITIC Securities noted that the development of innovative drugs in China has achieved significant progress, and supportive measures for high-quality development are expected to further enhance this sector [8][5].

Group 1: Government Policies and Initiatives - The State Council approved the "Artificial Intelligence +" action plan to promote large-scale commercialization of AI applications across various sectors, emphasizing innovation-driven applications and a supportive ecosystem for AI development [1] - The National Development and Reform Commission (NDRC) aims to eliminate "involution" competition and standardize local investment attraction behaviors to promote healthy and high-quality development of the private economy [2] - The National Financial Regulatory Administration issued guidelines to regulate "benefit insurance," emphasizing the need for fair pricing and adherence to insurance principles [3] Group 2: Corporate News and Financial Performance - Sinopec expects a significant decline in net profit for the first half of 2025, projecting a decrease of 39.5% to 43.7% year-on-year, with estimated net profit ranging from RMB 201 billion to RMB 216 billion [5][6] - South Road Machinery announced that if its stock price continues to rise, it may apply for a trading suspension due to significant market volatility and potential irrational speculation [3] - Tibet Tourism reported a cumulative stock price increase of 135.98% from July 21 to July 31, indicating a risk of a sharp decline if trading anomalies persist [4] Group 3: Innovations and Developments - HaiSiKe received FDA acceptance for its new drug HSK3486, a key step towards international market entry for its innovative anesthetic [9] - Huahai Pharmaceutical's dual-target antibody drug HB0043 received clinical trial approval, representing a breakthrough in treating autoimmune diseases [11] - The company YingweiKe has developed a complete liquid cooling technology and solution, aiming to expand its market presence in data centers and computing equipment [7]

Core Insights - The article highlights that only 13 women globally have become billionaires by founding healthcare companies, with 7 of them from China, indicating a significant presence of Chinese female entrepreneurs in the healthcare sector [1][3]. Industry Overview - The Chinese biopharmaceutical industry is experiencing a transformative phase, referred to as the "DeepSeek moment," as it evolves from being a "generic drug powerhouse" to a competitive force against Western innovation in pharmaceuticals [2]. - In 2024, over 1,250 new drug candidates are expected to enter the research and development phase in China, surpassing the European Union and nearly matching the United States' 1,440 candidates [2]. - Nearly one-third of the drug candidates licensed by large pharmaceutical companies in 2024 are from Chinese firms, a significant increase from zero in 2019 [3]. Company Highlights - **Hansoh Pharmaceutical Group**: Founded by Zhong Huijuan, the company reported a total revenue of approximately 12.26 billion yuan in 2024, with a year-on-year growth of about 21.3% [7]. - **Aimeike**: Founded by Jian Jun, the company specializes in hyaluronic acid production and was listed on the A-share market in 2020, achieving a market value exceeding 170 billion yuan [10]. - **Qizheng Tibetan Medicine**: Founded by Lei Jufang, the company generated sales revenue of 1.655 billion yuan in 2024, with a year-on-year growth of 16.31% [14]. - **Haisco Pharmaceutical Group**: Co-founded by Fan Xiulian, the company reported a revenue of 3.721 billion yuan in 2024, with a year-on-year increase of 10.92% [17]. - **Teva Biopharmaceuticals**: Founded by Yang Ying, the company has shown rapid growth, with revenues increasing from 1.527 billion yuan in 2022 to 2.817 billion yuan in 2024 [18]. - **Kangfang Biopharmaceutical**: Founded by Xia Yu, the company has developed several innovative drugs and is recognized for its leading position in the biopharmaceutical sector [23]. - **Xinlitai**: Co-founded by Liao Qingqing, the company has shifted focus to self-research and development, achieving a revenue of 4.012 billion yuan in 2024, with a year-on-year growth of 19.22% [26].

2024年，海思科还迎来了两款重磅创新药的获批上市，这两款药均在该年通过谈判被纳入国家医保目 录，新药商业化提速。海思科披露，这两款创新药实现上市第一年销售收入达数千万元，预计将成为 2025年业绩增长的主力军。 扣非后净利润大幅下滑 创新药驱动业绩增长，2024年营收、归母净利润分别为37.21亿元、3.95亿元，增幅分别为10.92%、 34%。但扣非净利润大幅下滑超40%。海思科（002653）在近日发布的2024年年报中披露了上述数据。 不过在股市方面，海思科股价一路高涨，4月13日一度上涨至历史最高股价47.45元/股。4月14日股价回 落，收盘价为45.42元/股，下跌4.28%。 创新药矩阵新增业绩增长点 海思科拥有覆盖麻醉镇痛、神经系统、内分泌系统等多个细分领域的产品布局，现有40余个品种。创新 药方面，环泊酚注射液、苯磺酸克利加巴林胶囊、考格列汀片三款产品已实现商业化。2024年，海思科 业绩增长的核心动力来自于创新药。 从产品分类来看，麻醉产品依然是海思科最大的业绩贡献者。2024年，麻醉产品实现12.32亿元销售收 入，占营收比为33.1%，同比增长44.96%。其中，海思科开发的全新自 ...