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 - The company, Haishike, has shown positive operating performance with a focus on building an innovative drug "super industrial chain" and has reported significant growth in revenue and net profit for 2024 [1][3]. Financial Performance - In 2024, Haishike achieved revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 395 million yuan, up 34% from the previous year [1][3]. - The company plans to distribute a cash dividend of 1.35 yuan per 10 shares (tax included), totaling approximately 151 million yuan [4]. Business Transformation - Originally established as a specialty generic drug company, Haishike has transformed into an innovative pharmaceutical enterprise focusing on areas such as anesthesia, pain relief, diabetes, and oncology [1][3]. - The company has over 40 products that are the first or exclusive generics in China, with key products including the innovative drug, remifentanil injection, and dolasetron mesylate injection [1]. Research and Development - Haishike has consistently increased its R&D investment, with expenditures of 709 million yuan, 815 million yuan, 958 million yuan, 875 million yuan, and 1 billion yuan from 2020 to 2024, totaling 4.358 billion yuan [1][6]. - In 2024, R&D investment reached 1 billion yuan, accounting for 26.90% of total revenue, an increase of 0.81 percentage points year-on-year [6]. Product Pipeline - The company has a diverse pipeline with 51 projects under development, including 26 innovative drugs, and has 14 commercialized products and clinical-stage new drugs [6]. - Newly approved innovative drugs, such as the pain relief capsule and the long-acting DPP-4 inhibitor, have significant market potential despite initial sales being in the millions [3][6]. Market Strategy - Haishike is enhancing its marketing team and accelerating market expansion through integrated channels to improve brand penetration [3]. - The company has also announced a plan to raise up to 1.365 billion yuan through a private placement to fund new drug development and supplement working capital [7].