中证报中证网讯(王珞)8月26日晚间，诚意药业（603811）发布2025年半年度报告。报告显示，公司上 半年实现营业收入4.17亿元，同比增长17.11%；归属于上市公司股东的净利润1.12亿元，同比增长 47.03%。 此外，帕拉米韦注射液已于报告披露日前获得药品注册批件。 此外，公司以上海虹桥商务区为基地，加快营销中心建设，积极引进营销人才，打造高素质团队，构建 覆盖全球的销售网络，助力实现战略目标。 在生产管理方面，诚意药业始终坚持"质量第一"原则，实施从原料采购到终端运输的全过程质量管理， 持续强化GMP常态化管理。 在销售方面，公司持续深耕现有产品线，不断拓展市场营销网络的广度和深度，强化经销商与代理商的 管理与协作。公司主要产品盐酸氨基葡萄糖胶囊通过专业化学术推广及商业模式合作，进一步巩固市场 地位。该产品省级集采已在绝大多数省份中标。同时，公司强化对各地经销商代理商的管理，加强对终 端医疗机构和OTC的流向跟踪和服务，加大市场的风险管控，实现公司销售的可持续增长。 2025年上半年，公司加强对原辅料供应商的审计与现场管理，全面推进质量风险管理，通过多项技术和 管理手段保障产品质量。同时，根据市 ...

Core Viewpoint - Guotou Securities initiates coverage on Chengyi Pharmaceutical (603811.SH) with a "buy" rating, highlighting the growth potential of its core product, glucosamine hydrochloride capsules, and the strategic value of its fish oil business [1] Group 1: Product Performance - The core product, glucosamine hydrochloride capsules, is expected to drive strong performance in 2024, with revenue contribution increasing from 35.67% in 2017 to 70.45% in 2024 [1] - The hospital market for glucosamine has expanded significantly, with procurement volume reaching 6.03 million bottles in 2024, doubling from 2.21 million bottles in 2021 [1] Group 2: Sales Channels - Retail sales of glucosamine capsules grew from 80 million yuan in 2019 to 197 million yuan in 2024, with a compound annual growth rate of nearly 20% [2] - The company is transitioning its 0.24g product from a general distribution model to a regional distribution model to enhance sales channel management [2] Group 3: Fish Oil Business - Chengyi Pharmaceutical is developing a 1,000-ton EPA fish oil project to integrate raw material and formulation production, aiming for larger scale, better quality, higher purity, and lower costs [2] - The domestic EPA/DHA health product market is projected to grow from 3.2 billion yuan in 2020 to 7.8 billion yuan in 2024 [2] Group 4: Innovation and Future Prospects - The company is entering the innovative drug sector with its first-class chemical drugs, such as neuroacid XXA-016/XXP-027, which have significant potential in brain health [3] - Guotou Securities forecasts revenue growth from 836 million yuan in 2025 to 1.085 billion yuan in 2027, with net profit increasing from 204 million yuan to 269 million yuan during the same period [3] Group 5: Employee Incentives and Share Buyback - The company has launched an employee stock ownership plan with ambitious revenue growth targets of 30%, 55%, and 85% from 2024 to 2027 [4] - A share buyback program has been initiated, with approximately 9.62 million shares repurchased, accounting for 2.94% of total shares, at a total cost of 76.4 million yuan [4]

Investment Rating - The report assigns a "Buy-A" investment rating to the company [4] Core Views - The company is experiencing steady growth in sales of its core products, particularly the glucosamine hydrochloride capsules, driven by market expansion through centralized procurement and refined sales management [2][34] - The company is actively developing a comprehensive fish oil product line, aiming for a full industry chain layout to enhance quality and reduce costs [3][55] - The research pipeline includes promising projects in brain health, particularly focusing on the development of a first-class chemical drug, N-acylserine, which has significant potential in treating neurological conditions [3][63] Summary by Sections 1. Company Overview - The company is committed to developing high-end small varieties of "marine drugs" and "major disease medications," leveraging its marine drug development platform to expand its product offerings [11] - The actual controller, Yan Yiyi, holds a total of 23.58% of the company's shares, indicating strong insider confidence [13] - The company has shown steady growth in revenue from 341 million yuan in 2017 to 714 million yuan in 2024, with a CAGR of approximately 11.15% [17] 2. Glucosamine Hydrochloride Capsules - The demand for joint cartilage protectants is increasing, contributing to the steady growth of the domestic glucosamine market, projected to reach approximately 8.3 billion yuan by 2025 [40] - The company has successfully expanded its market coverage through centralized procurement, achieving over 41% market share in nine provinces [44] - Sales of glucosamine capsules in retail pharmacies have grown from 374 million yuan in 2019 to 728 million yuan in 2024, with a CAGR of about 14.28% [48] 3. Fish Oil EPA - The company is advancing a project to produce 1,000 tons of super fish oil EPA, aiming for a high-quality, low-cost production model [55] - The company has submitted new drug applications for EPA soft capsules, which are expected to enhance its position in the lipid-regulating drug market [56] - The sales of EPA/DHA health products in China are projected to grow from 3.2 billion yuan in 2020 to 7.8 billion yuan in 2024, reflecting increasing consumer health awareness [58] 4. Research Pipeline - The company has a rich research pipeline focusing on marine drugs, elderly medications, anti-tumor drugs, and health products, with significant potential in the brain health sector through the development of N-acylserine [3][63]