8月26日晚，山河药辅披露的2025年半年报显示，上半年，公司完成半年预算目标任务，实现营业总收 入4.71亿元，同比增长4.65%；归属于上市公司股东的净利9303.52万元，同比下降2.61%；扣除非经常 性损益后的归属于上市公司股东的净利润8475.40万元，同比增长6.05%。根据山河药辅发布的《第六届 董事会第七次会议决议公告》，尹正龙于8月26日上午还主持召开了公司第六届董事会第七次会议。 山河药辅公告披露，经全体董事推举，现由公司董事、总经理宋道才暂行行使公司董事长和法定代表人 职责，直至公司董事会选举出新的董事长之日止。宋道才现年 56 岁，先后任职于淮南第五制药厂、淮 南佳盟药业有限公司；2008 年至今，历任山河药辅车间主任、生产总监、副总经理、常务副总经理等 职务。 公开资料显示，安徽山河药用辅料股份有限公司成立于2001年4月，是专业从事新型药用辅料生产、研 发和销售为一体的民营股份制企业，2015年5月在深交所创业板上市，公司下辖曲阜市天利药用辅料有 限公司（控股）和合肥山河医药科技有限公司（全资）。 据山河药辅官方微信公众号近期文章介绍，公司深耕药用辅料领域24年，以"替代进口"战 ...

Group 1: Company Overview - Recently, a well-known private equity firm, Xiangju Capital, conducted research on a listed company, Shanhe Pharmaceutical Auxiliary [1] - Shanhe Pharmaceutical Auxiliary expects a 22% growth in sales revenue for cellulose products in 2024, with a slight decline in overall prices [1] - The company anticipates stable prices in 2025 and strong demand for its products [1] Group 2: Financial Performance - Last year's gross margin slightly decreased, but there is potential for improvement this year [1] - The capacity utilization rate for four main products in the fundraising projects is between 60% and 70% [1] - The company expects significant growth in the sales of hard fumaric acid sodium in 2024, with over 100 domestic customers already using the product [1] Group 3: Market Dynamics - The auxiliary materials industry has vast potential, with many categories and significant room for import substitution, accelerated by the China-US trade war [1] - The new drug production quality management regulations will be implemented on January 1, 2026, which is expected to accelerate industry consolidation, benefiting leading companies [1] - The demand for plant capsules is strong, with good order prospects in the next six months, and there is potential for domestic gelatin capsules to be replaced [1] Group 4: International Business - The increase in tariffs by the US has not yet affected exports, as the export volume to the US is relatively small, and some products fall within the tariff exemption range [1] - Overseas business is expected to maintain rapid growth, although the gross margin is slightly lower due to fewer differentiated products being sold abroad [1]

Group 1: Financial Performance - The sales revenue of cellulose products in 2024 reached 474 million CNY, representing a year-on-year growth of 22% [2] - The overall gross margin slightly decreased last year, but the decline was minimal, influenced by market structure adjustments [2] - The utilization rate of new production capacity for four main products is currently between 60%-70% [2] Group 2: Market Demand and Trends - The demand for hydroxypropyl methylcellulose is currently strong, with no signs of decline, particularly in the plant capsule and pharmaceutical adhesive markets [5][6] - The market for excipients is broad, with over 1,000 types used internationally and around 500 types in China, while the company currently produces only over 40 types [3] - The import substitution space remains significant, accelerated by the US-China trade war [3] Group 3: Regulatory Impact - The new drug production quality management standards will be implemented on January 1, 2026, which includes the management of pharmaceutical excipients [4] - The company has conducted a comprehensive self-inspection to meet the new management requirements [4] Group 4: International Business and Export - The company expects to maintain high growth in overseas markets, with plans to expand the overseas management and sales team in 2025 [8] - The export volume to the US is relatively small, not exceeding 10 million CNY, and is currently unaffected by increased tariffs [7] - The gross margin for overseas sales is slightly lower due to fewer product categories compared to domestic offerings [8]

Financial Performance - The company reported a decline in performance for 2024, primarily due to goodwill impairment and convertible bond interest expenses, which significantly impacted operating results [2][21]. - Excluding these factors, the company maintained stable profit growth, despite a challenging market environment [21]. - The pharmaceutical industry faced a consumption slowdown, with a reported revenue growth rate of 3.0% and a profit decline of 8.3% for the drug auxiliary materials and packaging industry in 2024 [10]. Market Position and Strategy - The company holds a leading position in the solid preparation drug auxiliary materials sector, with 47 products and 27 products passing related reviews [10]. - The company has successfully helped clients achieve over 170 projects for domestic substitution of imported auxiliary materials, enhancing supply chain stability and reducing costs [29]. - The domestic market for drug auxiliary materials still relies heavily on imports, indicating significant potential for growth in domestic production [29]. Product Development and Innovation - The company is focusing on high-end drug auxiliary materials and new product development, particularly in areas like injectable materials and transdermal patches [18]. - There is an emphasis on expanding applications of existing products in new sectors such as medical beauty, daily chemicals, and animal protection [18]. - The company is actively exploring opportunities for capital cooperation to enhance its market position and profitability [20]. Investor Relations and Market Confidence - The company has implemented measures for market value management, including share buybacks and increased cash dividends, with a proposed cash dividend of 3.0 RMB per 10 shares for 2024, totaling approximately 69.79 million RMB [22]. - The company is committed to maintaining effective communication with investors and addressing concerns regarding stock price fluctuations influenced by macroeconomic factors [13][21]. - The management remains optimistic about future growth opportunities, particularly in response to increasing demand for domestic substitutes and new product lines [20][29].