8月22日晚，振东制药（300158）(300158.SZ)发布2025年半年度报告，报告期内，公司实现净利润为 793.13万元，扣非归母净利润同比增长73.42%。公司业绩的改善，背后既有战略调整的深度赋能，也离 不开产品管线的持续扩充、新品销量的提高以及业务结构的持续优化。当前，公司正围绕核心业务聚 焦、创新药管线推进及女性大健康布局多重发力，在巩固现有发展成果的基础上，为长远发展奠定了坚 实基础。 其次，核心产品矩阵贡献稳定营收，新品上市进一步丰富管线并贡献增量。明星产品达霏欣米诺地尔搽 剂在脱发治疗领域持续领跑，2025年上半年市占率达到43%，并与新品生发片形成内服外用协同治疗方 案，产品组合优势显著增强；2024年上市销售的生白颗粒，作为医保乙类中成药，入选多项权威指南， 目前已完成28个省份挂网，为销售增长提供重要动力。 此外，依托2024年全国中成药采购联盟中标优势，公司新增独一味颗粒、灯盏花素分散片、注射用头孢 硫脒三个集采中选品种，同时实现舒血宁注射液的扩围接续中标。舒血宁注射液、西黄丸等中药品种凭 借强大的终端渗透力稳步增长；复方胰酶散突破传统益生菌单一作用局限，切入百亿级消化健康赛道 ...

根据振东制药此前的公告，公司参股企业广东龙创基药业研发的阴道用乳杆菌二联活菌胶囊Ⅲ期临床试 验达到主要终点，为创新药布局添重磅筹码。该活菌制剂针对阴道菌群失衡，在作用机制与技术工艺上 实现双重突破：作用机制上，以"以菌制菌"的天然疗法，选用格氏乳杆菌与鼠李糖乳杆菌，通过三重作 用重建阴道微生态平衡，较传统抗生素疗法更能减少复发风险，且临床试验显示其治愈率显著高于安慰 剂组及甲硝唑对照组，安全性更优；技术上，依托专利配方突破活菌制剂储存难题，无需冷链运输，可 实现"线上+连锁"渠道同步销售，提升市场覆盖与用户触达效率。目前，该产品Pre-NDA申请已获CDE 受理，上市进程加速，有望成为女性生殖道健康领域标杆产品。 产品方面，核心矩阵贡献稳定营收，新品也带来增量。明星产品达霏欣米诺地尔搽剂2025年上半年在脱 发治疗领域市占率达43%，与新品生发片形成内服外用协同方案，组合优势显著；2024年上市的生白颗 粒作为医保乙类中成药，入选多项权威指南，已完成28个省份挂网，助力销售增长。此外，依托2024年 全国中成药采购联盟中标优势，新增独一味颗粒等三个集采中选品种，舒血宁注射液也扩围接续中标。 渠道上，营销创新激 ...

Core Viewpoint - The announcement highlights that the phase III clinical trial of the "Vaginal Lactobacillus Dual Live Bacteria Capsule" developed by Guangdong Longchuang Biopharmaceuticals, in which the company holds a stake, has achieved its primary research endpoint, indicating a significant advancement in the treatment of bacterial vaginosis (BV) [1][3]. Group 1: Clinical Background and Market Need - Bacterial vaginosis is a common vaginal infection among women of childbearing age, with varying prevalence rates across different regions, such as 7.1%-29.2% in North America and 29.9%-52.4% in Africa [1]. - The recurrence rates of bacterial vaginosis post-treatment are notably high, with a 20% recurrence rate after one month, 40% after three months, and up to 60% after twelve months [1]. - Current treatments primarily involve antibiotics, which can lead to antibiotic resistance and do not effectively restore vaginal microecology, with clinical cure rates for metronidazole reported at approximately 40%-45% [1][2]. Group 2: Product Innovation and Mechanism - The "Vaginal Lactobacillus Dual Live Bacteria Capsule" employs an innovative "bacteria for bacteria" mechanism, aiming to restore vaginal microecological balance without the risks associated with antibiotics, thus addressing a significant unmet clinical need [2][3]. - The product features a patented formulation that allows for over 90% viability of live bacteria at 25°C for 12 months, overcoming the storage limitations of traditional live bacteria preparations [2]. - The special formulation technology ensures effective colonization of live bacteria in the vaginal environment, enhancing its therapeutic potential [2]. Group 3: Clinical Trial Results and Regulatory Progress - The phase III clinical trial was a multi-center, randomized, double-blind, placebo-controlled study that met clinical expectations, showing significant efficacy compared to the placebo group and superior results compared to metronidazole in earlier trials [3]. - The company has submitted a Pre-NDA application to the National Medical Products Administration (NMPA) to expedite the product's market entry [3]. Group 4: Commercial Strategy and Future Outlook - The "Vaginal Lactobacillus Dual Live Bacteria Capsule" is expected to become a core growth driver for the company, enhancing its overall profitability and optimizing its product structure [4]. - The company has established a comprehensive gynecological channel network covering 3,000 tertiary hospitals and 5,000 maternal and child health hospitals, ensuring rapid market penetration post-launch [3][4]. - The strategic focus on women's health solutions, including products for hair loss management and nodular issues, reflects the company's commitment to providing integrated health services throughout women's life cycles [4].

Group 1: Financial Performance - In 2024, the company reported a revenue of 2.971 billion yuan, a decrease of 18.06% year-on-year, and a net loss of 1.329 billion yuan, with a decline of 2920.55% [32] - The net cash flow from operating activities in 2024 was -149.8 million yuan, an improvement of 39.87% compared to -249 million yuan in the previous year [11] - In Q1 2025, the company achieved total revenue of 755 million yuan, a decrease of 3.53% year-on-year, while the net profit attributable to shareholders was 1.1572 million yuan, down 94.99% [14] Group 2: Market Strategy and Product Development - The company plans to enhance its market presence by focusing on product innovation, efficiency improvement, and structural optimization to achieve sustainable development [12] - In 2024, the company launched new products such as hair growth capsules and white blood cell-enhancing granules, with plans for continued expansion in 2025 [12] - The company aims to improve its market share for core products, including the compound Ku Shen injection and Minoxidil lotion, which has a market share of 47.3% [25] Group 3: Response to Industry Challenges - The company is adapting to industry challenges such as centralized procurement and medical insurance cost control by optimizing its product structure and focusing on high-value drugs [10] - The company has implemented measures to improve cash flow, including better management of accounts receivable and reducing long payment terms in wholesale business [11] - The company is continuously monitoring market dynamics and adjusting strategies to ensure stable growth despite external pressures [15] Group 4: R&D and Innovation - In 2024, the company invested 251 million yuan in R&D, a year-on-year increase of 25.27%, focusing on innovative drugs and modern traditional Chinese medicine [18] - The company has established a new drug creation center in Shanghai and initiated clinical research for new anti-tumor drugs [18] - The company is committed to enhancing its R&D capabilities and has made significant progress in various projects, including the registration of traditional Chinese medicine with the FDA [18] Group 5: Corporate Governance and Investor Relations - The company is implementing a share repurchase plan, having repurchased 51.025 million yuan worth of shares by April 30, 2025, which will be included in the cash dividend calculation [4] - The company emphasizes transparency and will disclose any significant developments regarding acquisitions and financial management in accordance with legal requirements [12] - The company acknowledges investor concerns regarding stock performance and is focused on improving operational efficiency and communication with the market [3]