玻尿酸产品MaiLi系列
Search documents
研报掘金丨群益证券(香港):维持华东医药“买进”评级,创新药上量,医药商业稳定
Ge Long Hui A P P· 2025-08-21 06:21
Core Viewpoint - Huadong Medicine reported a net profit of 1.81 billion yuan for H1 2025, representing a year-over-year increase of 7.0%, with a non-recurring net profit of 1.76 billion yuan, up 8.4%, meeting expectations [1] Group 1: Financial Performance - The company's pharmaceutical commercial segment achieved revenue of 13.95 billion yuan in H1 2025, a year-over-year increase of 2.9%, with a net profit of 230 million yuan, up 3.7% [1] - The aesthetic medicine segment showed signs of recovery, with UK-based Sinclair's revenue for H1 2025 at approximately 520 million yuan, down 8%, and domestic Xin Ke Li Mei Xue's revenue at 540 million yuan, down 12.2% [1] - Quarter-over-quarter, both the UK and Chinese companies saw revenue growth of 20% and 14% respectively in Q2, indicating a slight recovery [1] Group 2: Product Development and Future Outlook - The launch of the high-end hyaluronic acid product MaiLi series is expected to help the aesthetic medicine segment potentially reach a bottom this year [1] - The company is entering multiple projects into clinical trials, which is anticipated to drive future performance growth through continuous innovation and research [1] - Despite the positive outlook on innovative drug sales boosting performance, the company has slightly adjusted its profit forecast due to increased R&D expenditures [1]