Investment Rating - The report assigns an "Accumulate" rating for the company [1] Core Views - The company is a leading player in the sulfonamide raw material drug industry, with a comprehensive product chain and competitive advantages. It has achieved significant revenue and net profit growth in the first three quarters of 2025, with revenue reaching 164 million yuan, a year-on-year increase of 40.89%, and net profit attributable to shareholders of 49.05 million yuan, up 47.16% year-on-year [3][49] - The company has established strong barriers to entry in the market through its technical capabilities and stable customer relationships, allowing it to expand into high-value human pharmaceutical raw materials [4][30] - The regulatory environment is improving, which is expected to enhance the competitive landscape, with the company being less affected by the "antibiotic ban" and "reduction" policies [5] Summary by Sections Company Overview - The company focuses on the research, production, and sales of veterinary and pharmaceutical raw materials and intermediates, recognized as one of the most competitive enterprises in the sulfonamide raw material drug sector [3][14] - It has been designated as a national high-tech enterprise since 2016, maintaining its status through continuous innovation and quality control [3][23] Financial Performance - In the first three quarters of 2025, the company reported a revenue of 164 million yuan, a 40.89% increase year-on-year, and a net profit of 49.05 million yuan, reflecting a 47.16% growth [49] - The projected net profits for 2025-2027 are estimated at 66 million, 76 million, and 87 million yuan, respectively, with corresponding EPS of 0.66, 0.76, and 0.87 yuan per share [3] Market Position and Competitive Advantage - The company has a deep customer resource barrier, with long-term stable relationships with major clients, which enhances its pricing power and profit margins [30] - It has received multiple certifications for its products, including approvals from the National Medical Products Administration and the European Medicines Agency, which facilitate entry into high-end markets [4][34] Industry Trends - The raw material drug market in China reached 426.5 billion yuan in 2021, with a growth rate of 10.98% from 2018 [5] - The veterinary raw material drug market is showing signs of recovery, with improved supply-demand dynamics and rising prices for key products [39][41]

Group 1: Industry Overview - The pet economy in Zhejiang Province aims to exceed 30 billion yuan by 2027 and 50 billion yuan by 2030, establishing itself as a national innovation hub for pet economy and a major producer of pet food and supplies [1] - The pet industry is experiencing rapid growth, with various cities like Suzhou and Wuxi implementing supportive policies to enhance the pet economy [1] - The global OTC pet medicine market is projected to grow from 9.8 billion USD in 2025 to 16.4 billion USD by 2034, with a CAGR of 5.9% [4] Group 2: Company Positioning - Haisheng Pharmaceutical is a key player in the veterinary medicine sector, possessing the longest supply chain for sulfonamide raw materials and a comprehensive product range [2] - The company is actively developing pet raw materials and enhancing existing product quality while expanding production capacity to strengthen its competitive edge [1][2] - Haisheng Pharmaceutical has established three research pipelines for pet raw materials, focusing on improving synthesis processes and increasing product variety [2] Group 3: Financial Performance - In the first three quarters of 2025, Haisheng Pharmaceutical reported revenue of 164 million yuan, a year-on-year increase of 40.89%, and a net profit of 49.05 million yuan, up 47.16% [3] - The company achieved a third-quarter revenue of 62.99 million yuan, reflecting a 38.94% year-on-year growth, with a net profit increase of 89.48% [3] - The significant improvement in cash flow, with a net increase of 1527.50%, indicates enhanced profitability and provides a solid foundation for business expansion [3]

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]

证券简称： 海昇药业 证券代码： 870656 浙江海昇药业股份有限公司 1-1-0 浙江省衢州市高新技术产业园区华阳路 36 号 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 浙江海昇药业股份有限公司招股说明书（申报稿） 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与收益变化或者股票价格变动引致的投资风险。 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 1-1-1 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存在虚 假记载、误导性陈述或者重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资 ...