作为兽药原料药、医药原料药及中间体核心供应商，海昇药业持续巩固现有磺胺类原料药品种的市场优 势地位，通过技术优化与产能升级进一步延伸、拓展磺胺类原料药产业链，强化细分领域核心竞争力； 积极布局非磺胺类原料药领域，稳步扩大非磺胺类原料药销售规模，并全方位拓展国内外销售市场，以 市场需求拉动产量与产值双向增长，推动业务实现规模化、多元化发展。 10月23日，浙江省农业农村厅、发改委、商务厅等六部门联合印发《关于促进宠物经济发展的意见的通 知》，文件提出到2027年，省内宠物经济消费市场规模突破300亿元；到2030年，建成全国宠物经济创 新策源地、宠物食品品牌大省、宠物用品制造强省，力争省内宠物消费市场规模突破500亿元，形成宠 物产业升级与宠物环境友好协同并进的发展新格局。 无独有偶，2025年8月，苏州市宠物产业协会成立大会暨首届宠物产业新消费论坛举行，会上政府相关 负责人表示，苏州将制定并实施宠物产业三年行动计划，力争实现宠物经济产值突破150亿元。此外， 无锡市、深圳市等多地也已出台支持宠物经济发展的相关政策文件，进一步扩大政策覆盖范围。 当前宠物经济蓬勃发展，宠物药市场却面临企业研发投入积极性低、关键性 ...

Core Insights - Haisheng Pharmaceutical reported a revenue of 101 million yuan in the first half of 2025, representing a year-on-year growth of 42.14% and a net profit of 30.33 million yuan, up 29.33% year-on-year [1] - The company is a key supplier in the veterinary and pharmaceutical raw materials sector, capitalizing on the recovery of the aquaculture industry and expanding its revenue sources through new product launches and successful fundraising projects [1][3] Industry Trends - The global aging population is projected to reach nearly 1.6 billion by 2050, with 16% of the population aged 65 and older, driving demand for chronic disease management and elderly care medications [2] - The Chinese elderly population is expected to reach 310 million by the end of 2024, accounting for 22% of the total population, further increasing the demand for pharmaceuticals [2] - The global veterinary drug market is expected to exceed 60 billion USD by 2025, with a compound annual growth rate (CAGR) of 7.5% from 2022 to 2025 [2] Company Performance - In the first half of 2025, Haisheng Pharmaceutical's raw materials and intermediates business generated revenues of 77.94 million yuan and 22.71 million yuan, respectively, with year-on-year growth rates of 58.14% and 5.46% [3] - The gross profit margins for raw materials and intermediates were 43.81% and 42.25%, indicating strong product competitiveness and market expansion effectiveness [3] R&D and Innovation - Haisheng Pharmaceutical maintains a high level of R&D investment, with expenditures of 5.17% of revenue in the first half of 2025, reflecting a year-on-year increase of 28.68% [4] - The company has developed core patented technologies that effectively reduce production costs and ensure product quality consistency, supporting profitability and market competitiveness [4] Market Strategy - The company achieved domestic revenue of 78.44 million yuan and international revenue of 22.41 million yuan in the first half of 2025, with gross margins of 39.70% and 56.34%, respectively [5][6] - Haisheng Pharmaceutical is expanding its global market presence while optimizing internal operations and technical capabilities, which is expected to drive revenue growth [5][6] Client Relationships - The company has established partnerships with notable domestic and international clients, ensuring stable sales growth and continuous operational optimization [7] - Haisheng Pharmaceutical is well-positioned to capture opportunities arising from the recovery of the aquaculture industry and the expansion of its product offerings [7]