基于较强的原料药生产制造优势,公司不断增强新产品的开发力度,拓展产品研发与生产的范围并延伸产 品生产价值链,目前已形成降糖类、麻醉类、心血管类以及精神类等多种类别药品并举的产品格局。公 司以格列齐特、盐酸二甲双胍、盐酸罗哌卡因、单硝酸异山梨酯等成熟期原料药为主导产品,实现了较 为稳定的收入和利润。 同时,公司也不断拓展产品研发与生产的范围,通过收购同一控制下的力诺制药,积极发展"原料药+制 剂"一体化发展战略,为未来业绩的增长增添了新的动力和亮点。值得一提的是,公司发行股份购买山东宏 济堂制药集团股份有限公司99.42%股权并募集配套资金的交易,近日已通过国家市场监督管理总局反垄 断审查,取得《经营者集中反垄断审查不实施进一步审查决定书》。 在管理团队方面,公司拥有一支多学科背景、综合互补的高素质、专家型管理团队,核心管理层均拥有多 年化学原料药行业的研发、生产及销售经验。管理团队坚持长期可持续发展、注重核心竞争力的提升, 结合实际情况就研发、采购、生产、营销和人力资源等方面制定了相应管理制度,形成了一套系统的、 行之有效的精益经营管理体系,包括药品GMP规范管理架构、绩效考核和标准成本法管理模式等。 中国基 ...

智通财经APP讯，福元医药(601089.SH)发布公告，近日，公司收到了国家药品监督管理局(以下简称"国 家药监局")颁发的吡格列酮二甲双胍片(15mg/850mg)(规格：每片含盐酸吡格列酮15mg(以C₁₉H₂₀N₂O₃S 计)和盐酸二甲双胍850mg)(以下简称"该药品")《药品注册证书》(证书编号：2025S02764)，批准该药品 生产。 吡格列酮二甲双胍片(15mg/850mg)的原研企业是武田药品工业株式会社，2005年8月获美国批准上市。 目前，原研厂家的吡格列酮二甲双胍片尚未在中国上市。本品适用于在饮食控制和运动的基础上，用于 目前使用盐酸吡格列酮和盐酸二甲双胍联合治疗的2型糖尿病患者或单用盐酸二甲双胍治疗后血糖控制 不佳的2型糖尿病患者。 ...

Core Insights - Shandong Fukun Group's project on "Key Technologies and Industrialization of Crystalline Hydrochloride Metformin and Lazol Series Drugs" won the 2024 Shandong Provincial Science and Technology Progress Second Prize, achieving international advanced levels in high-quality drug crystal production [1] - The company has developed a complete industrial chain for Metformin, increasing its annual production capacity from 5,000 tons to 20,000 tons, capturing 70% of the domestic market and nearly one-third of the global market share [1][2] Group 1 - The project addresses common challenges in the production of crystalline Hydrochloride Metformin and Lazol series drugs through multi-scale research from molecular level to industrialization [1] - The fully automated production line at Shandong Fukun Group operates at a speed of 200 boxes per minute, showcasing advanced intelligent control systems monitoring the entire production process [1] - The transformation of limestone, costing 70 yuan per ton, into diabetes treatment drugs valued at 600,000 yuan per ton illustrates the company's innovative production capabilities [1] Group 2 - The company identified high-quality limestone from the Helan Mountain region as a stable raw material for producing Dicyandiamide, which constitutes over 60% of the production cost of Metformin [2] - In 2021, Shandong Fukun Group established the world's largest Dicyandiamide production base in Alxa League, Inner Mongolia, enhancing its upstream supply chain [2] - The company has formed a complete industrial chain that includes pharmaceutical intermediates, specialty raw materials, and finished formulations, with leading global production and sales in the raw material drug sector [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][8]. Core Insights - The company reported a revenue of 228 million yuan for the first half of 2025, a year-on-year decrease of 3.91%. However, the net profit attributable to shareholders increased by 18.36% to 43 million yuan, and the net profit after deducting non-recurring gains and losses rose by 38.51% to 36 million yuan [3][8]. - In Q2 2025, the company achieved a revenue of 117 million yuan, reflecting a year-on-year growth of 28.39% and a quarter-on-quarter increase of 4.91%. The net profit for Q2 was 20 million yuan, up 34.96% year-on-year but down 15.10% quarter-on-quarter [8]. - The company focuses on chronic disease management and is expanding into other niche markets, emphasizing a diversified layout and integration of raw materials and formulations [8]. - The company is enhancing its R&D capabilities and has established a comprehensive technical innovation system, maintaining deep cooperation with downstream formulation clients [8]. - The company has a strong production advantage in raw materials and is actively developing new products, with a product portfolio that includes various categories such as hypoglycemic, anesthetic, cardiovascular, and psychiatric drugs [8]. - The company has a stable revenue and profit stream from its leading products, including Glimepiride and Metformin, and is pursuing an integrated development strategy of "raw materials + formulations" through acquisitions [8]. Financial Projections - The company is projected to achieve total revenue of 475 million yuan in 2025, with net profit expected to reach 71 million yuan, resulting in an EPS of 0.65 yuan. For 2026, revenue is forecasted at 489 million yuan, with net profit of 79 million yuan and an EPS of 0.73 yuan [9].

Core Insights - Shandong Keyuan Pharmaceutical Co., Ltd. reported a total revenue of 228 million yuan for the first half of 2025, a decrease of 3.91% compared to the same period last year [1] - The company achieved a net profit attributable to shareholders of 42.683 million yuan, an increase of 18.26%, indicating strong operational resilience [1] - The growth in net profit was primarily driven by increased market development efforts in the chemical drug formulation business, which led to a gross profit increase of 27.7036 million yuan, a growth rate of 28.58% [1] Business Performance - The formulation business showed strong growth, with revenue from chemical drug formulations reaching 102 million yuan, a year-on-year increase of 35.08%, and a gross margin of 79.91% [1] - Research and development investment was 19.3566 million yuan, reflecting a year-on-year increase of 20.35%, demonstrating the company's commitment to innovation and product upgrades [1] Product Development - The company has enhanced its product development capabilities, expanding its range of products to include various categories such as hypoglycemic, anesthetic, cardiovascular, and psychiatric drugs [2] - Key products include mature raw materials like Glimepiride, Metformin Hydrochloride, Ropivacaine Hydrochloride, and Isosorbide Mononitrate, which provide stable revenue and profit [2] - The acquisition of Shandong Linuo Pharmaceutical Co., Ltd. supports the integrated development strategy of "raw materials + formulations," adding new momentum for future growth [2]

Core Insights - The stock price of Koyuan Pharmaceutical reached 35.82 yuan, increasing by 1.65% compared to the previous trading day [1] - The company reported a half-year revenue of 228 million yuan and a net profit of 42.68 million yuan, marking a year-on-year growth of 18.26% [1] - The revenue from the formulation business was 102 million yuan, with a significant year-on-year increase of 35.08% and a gross margin of 79.91% [1] Financial Performance - Koyuan Pharmaceutical's R&D investment amounted to 19.36 million yuan, reflecting a year-on-year increase of 20.35% [1] - The company experienced a net outflow of 4.95 million yuan in main funds on August 15, with a cumulative net outflow of 15.27 million yuan over the past five days [1] Strategic Developments - The company announced plans to acquire 99.42% of Shandong Hongjitang Pharmaceutical Group to enhance its industry chain layout [1] - The fourth board meeting and the eighth supervisory board meeting were held on the same day to review and approve the half-year report and related proposals [1]

Core Viewpoint - The second largest shareholder of Koyuan Pharmaceutical plans to reduce its stake in the company, which has led to a significant drop in the company's stock price following the announcement [1][2]. Group 1: Shareholder Actions - Koyuan Pharmaceutical announced that its second largest shareholder, Wen Zehong, who holds 8.4 million shares (7.76% of total shares), intends to reduce his holdings by up to 3% of the total shares, equating to a maximum of 3.2487 million shares [1]. - The reduction is attributed to Wen Zehong's personal funding needs, with the shares being from his holdings prior to the company's initial public offering [1]. Group 2: Stock Performance - Following the announcement of the share reduction, Koyuan Pharmaceutical's stock price opened lower and fell by over 10% on May 26 [2]. - The company's stock had previously surged from 19.59 yuan per share on September 24, 2022, to a peak of 58.66 yuan per share by October 29, 2022, before experiencing a continuous decline [2]. Group 3: Financial Performance - Koyuan Pharmaceutical's main business involves the research, production, and sales of chemical raw materials and their formulations, covering key disease areas such as diabetes, anesthesia, cardiovascular, and mental health [2]. - In 2023, the company reported a revenue increase of 1.07% but a net profit decrease of 15.6%. For 2024, revenue is expected to grow by 3.6%, while net profit is projected to decline by 21.54%, indicating a trend of increasing revenue but decreasing profitability [2]. - The company's net profit margin has decreased from 20.61% in 2022 to 13% in 2024, highlighting significant challenges in profitability [2]. - The net cash flow from operating activities turned negative in 2024, recording -60.5158 million yuan, compared to a positive 37.031 million yuan in 2023 [2]. Group 4: M&A Activity - Koyuan Pharmaceutical is currently engaged in an acquisition transaction, planning to issue shares and pay cash to acquire 99.42% of Shandong Hongjitang Pharmaceutical Group [3]. - The transaction involves multiple related parties, including its controlling shareholder, Lino Investment, indicating that it constitutes a related party transaction [4].

Core Viewpoint - Koyuan Pharmaceutical is actively enhancing its market position through strategic acquisitions and international expansion efforts, aiming to build a competitive healthcare platform and increase profitability for shareholders [2][3][4]. Group 1: Stock Performance and Investor Engagement - On May 19, Koyuan Pharmaceutical's stock rose by 5.63%, closing at 32.62 CNY per share, with a trading volume of 5,707,140 shares and a turnover of 184,453,540 CNY, indicating high market activity [1]. - The company participated in an investor reception event organized by the Shandong Securities Regulatory Bureau, discussing its 2024 performance, governance, development strategy, and sustainability with investors [1]. Group 2: Acquisition of Hongjitang - Koyuan Pharmaceutical announced the acquisition of 99.42% of Hongjitang, aiming to integrate high-quality traditional Chinese medicine assets and create a competitive healthcare platform [2]. - The acquisition is expected to enhance the company's net profit attributable to shareholders, thereby maximizing shareholder value [2]. - Hongjitang, established in 1907 and recognized as a "Chinese Time-honored Brand," holds 150 drug licenses and has leading market shares in key products like Ejiao and Angong Niuhuang Wan [2]. Group 3: Global Expansion and Product Development - Koyuan Pharmaceutical focuses on the research, production, and sales of chemical raw materials and formulations, striving to become a leading domestic and internationally competitive pharmaceutical manufacturer [3]. - The company invested 37.63 million CNY in R&D in 2024, accounting for 8.12% of its revenue, with a 24.56% year-on-year increase in R&D personnel [3]. - The product portfolio includes various categories such as antidiabetic, anesthetic, cardiovascular, and psychiatric drugs, with all products certified by national GMP and several international regulatory bodies [3]. Group 4: International Market Development - Koyuan Pharmaceutical showcased its key products and solutions at two major international exhibitions, CPhI Japan and in-cosmetics Global in the Netherlands, to enhance global visibility and foster international collaborations [4]. - The company has made significant strides in its internationalization strategy, establishing a comprehensive marketing network across Europe, the Americas, and Asia-Pacific, and enhancing its core competitiveness and global influence [4].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 463.72 million CNY, a year-on-year increase of 3.60% [6] - The net profit attributable to shareholders was 60.45 million CNY, a decrease of 21.54% compared to the previous year [6] - The gross profit was 211.49 million CNY, with a decline of 2.94% [6] Group 2: R&D Investment - The company invested 37.63 million CNY in R&D in 2024, accounting for 8.12% of its revenue [4] - R&D personnel increased by 24.56% in 2024 due to the need for more resources to advance ongoing projects [8] Group 3: Strategic Acquisitions - The acquisition of 99.42% of Hongjitang is expected to enhance the company's market competitiveness and product portfolio [3] - Hongjitang's integration will allow the company to extend its business into traditional Chinese medicine and health products [3] Group 4: Market Position and Product Portfolio - The company has a strong market position in the production of chemical raw materials and formulations, with key products including Glimepiride, Metformin, and Ropivacaine [4] - All products have passed national GMP certification and several international certifications, enhancing their market competitiveness [5] Group 5: Future Growth Strategies - The company aims to strengthen its existing products while rapidly introducing new varieties to create a second growth curve [10] - Plans to expand CDMO (Contract Development and Manufacturing Organization) business and enhance the production of high-end raw materials and formulations [10] Group 6: Industry Outlook - The global API (Active Pharmaceutical Ingredient) market is projected to reach 236.7 billion USD in 2024, with a CAGR of 6.78% from 2021 to 2026 [13] - The company is well-positioned to capitalize on the growing demand for APIs, particularly in the Asia-Pacific region [13]

股票简称：科源制药 股票代码：301281 山东科源制药股份有限公司 Shandong Keyuan Pharmaceutical Co.,Ltd. （山东济南市山东商河经济开发区科源街） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 二零二三年四月 特别提示 山东科源制药股份有限公司（以下简称"公司""发行人"或"科源制 药"）股票将于 2023 年 4 月 4 日在深圳证券交易所上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面 临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露 的风险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《山东科源制药股 份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招股 说明书"）中的相同。 1 第一节 重要声明与提示 一、 重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真 实 ...