近日，据天眼查显示，湖北长江一号健康产业投资合伙企业（有限合伙）成立，执行事务合伙人为湖北 省长江新动能私募基金管理有限公司，出资额34.01亿人民币。合伙人信息显示，该基金由湖北长江产 业投资基金有限公司（份额99.97%）、湖北省长江新动能私募基金管理有限公司（份额0.03%）共同出 资。这两家公司均隶属于长江产业集团，是湖北省重要的国有资本投资平台。 （经济观察网 李强/文） 中研普华调研数据显示，截至2024年底，湖北省大健康领域高新技术企业数量突破1500家，较2020年增 长65%。在化学制药方面，人福医药（600079）、远大医药等企业在全国麻醉镇痛药、眼药水等细分市 场占据领先地位；在生物制药领域，武汉光谷生物城聚集了超过400家生物企业，在基因工程、疫苗研 发等领域形成了区域集群优势。 此外，根据在7月初长江产业集团召开"生物医药和大健康产业突破性发展"专题研讨会的有关消息，长 江一号健康产业投资基金也将承担组建长江产业集团生物医药与大健康产业专家委员会，依托专家力 量，深入研判行业动态、技术路线、并购标准等，为项目推进提供智力支持，提升产业发展的科学性和 前瞻性。 资料显示，长江产业集团成 ...

Group 1 - The global eye health market is experiencing significant growth, with a compound annual growth rate (CAGR) of 31.7% in ophthalmic medications over the past three years, and a year-on-year growth rate exceeding 56.5% in the first five months of 2025 [1] - There is a rising demand for eye care treatments across all age groups in China, driven by increasing awareness of eye health issues such as myopia, dry eye disease, and visual fatigue [1] - Online channels, particularly internet hospitals, are becoming essential for eye health management, improving patient consultation rates by over 20% and reducing consultation intervals from 4.3 months to 2.8 months [1] Group 2 - Companies are leveraging platforms like JD Health to integrate B2C and O2O business models, enhancing brand communication and meeting consumer demands for immediate access to medications [2] - The future strategy for pharmaceutical companies in the eye care sector will focus on embracing internet and AI technologies, accelerating new drug development, and deepening collaborations with online platforms [2] - Santen, a global company specializing in ophthalmology, is launching its products online, believing in the value of online channels to efficiently match user needs and cover all scenarios [2] Group 3 - The online market shows strong advantages for specific categories such as dry eye, visual fatigue, and pediatric myopia medications, with sales of second-generation dry eye medications increasing over fourfold in three years [3] - Nearly 70% of patients are using JD Internet Hospital to gather information about medications for visual fatigue, indicating a shift towards online health resources [3] - The industry is expected to continue expanding the supply chain capabilities for ophthalmic drugs, aiming to create a comprehensive eye health protection system that spans prevention, diagnosis, and rehabilitation [3]

Core Insights - The "2025 JD Health - Eye Health Industry Summit" was held to promote scientific eye care concepts and explore new user needs and industry trends in the ophthalmology field [1][2] - JD Health aims to enhance patient understanding of eye diseases and expand service boundaries for doctors, leveraging its position as a comprehensive retail channel for ophthalmic medications in China [1][2] Industry Trends - The prevalence of eye health issues is rising due to increased use of electronic devices and fast-paced lifestyles, with approximately 2.2 billion people globally facing vision problems according to WHO [1] - Key trends in eye health include the increasing incidence of myopia among youth, widespread dry eye disease, and the combination of visual fatigue with chronic inflammation [2] Digital Health Solutions - JD Health's online platform has integrated nearly 2,000 top-tier ophthalmologists, providing 24/7 online consultation services with an average response time of 30 seconds [2] - The company has seen significant growth in its ophthalmic medication sales, with a compound annual growth rate of 31.7% over the past three years and a year-on-year growth rate of 56.5% in the first five months of 2025 [4] Consumer Behavior - The "New Generation of Eye Health" white paper indicates that consumer demand for ophthalmic medications is characterized by high frequency and diversity, although adherence to treatment remains a challenge [4] - Online channels, particularly internet hospitals, are accelerating the entire process of understanding, researching, and purchasing eye medications, with a reported increase in consultation rates by over 20% [4] Strategic Partnerships - Companies like Zhenzhiming Pharmaceutical and Santen are leveraging JD Health's platform for B2C and O2O business integration, enhancing brand visibility and meeting consumer demands for immediate access to medications [3] - JD Health is positioned as a launch platform for new ophthalmic products, integrating supply chain, logistics, and digital capabilities to meet user needs effectively [5] Future Developments - JD Health plans to expand its supply chain capabilities and enhance its product offerings for various eye conditions, aiming to create a comprehensive eye health protection system that spans prevention, diagnosis, and rehabilitation [6]

Group 1: Company Overview and Strategy - The company operates under two main technology platforms: "Chemical+" and "Biological+" [3] - The focus is on expanding the biological fermentation product line, including vitamins and amino acids [3][4] - The company aims to develop new products in the fields of nutrition, new materials, and flavoring agents [6] Group 2: Financial Performance - The flavor and fragrance segment achieved a revenue of 3.916 billion RMB in 2024, representing a year-on-year growth of 19.62% [4] - Cumulative dividend payments have reached 15.5 billion RMB, with a payout ratio of 30%-50% of annual net profit [8] - The company has implemented two cash dividends in 2025, totaling 2 RMB and 5 RMB per share [8] Group 3: Investment and Development - The company is investing in high-performance polymers and key intermediates, with applications in automotive and electronics [4] - A new liquid methionine project is in the trial production preparation stage [5] - The Tianjin nylon new materials project is awaiting approval for construction [5] Group 4: Market Expansion and Global Strategy - The company exports to over 100 countries, with more than 50% of sales coming from international markets [6] - Plans for overseas factories are being considered, with existing subsidiaries in regions like Hong Kong, Singapore, and Germany [6] Group 5: Innovation and Competitive Position - The company emphasizes innovation and collaboration to enhance product competitiveness [6] - It aims to achieve domestic production of key products like vitamins E and A, contributing to industry transformation [6] - The company is focused on deepening its product matrix and expanding its market presence [6]

证券研究报告 | 公司点评 | 化学制药 健友股份(603707) 报告日期：2025 年 05 月 15 日 生物药进入兑现期，看好向上拐点 ——健友股份点评 投资要点 公司 2024 年实现营业收入 39.24 亿元（YOY-0.20%），归母净利润 8.26 亿元 （YOY+536.09%），扣非后归母净利润 7.82 亿元（YOY+566.00%）。2025Q1 实 现营业收入 8.85 亿元（YOY-11.85%），归母净利润 0.85 亿元（YOY-52.19%）， 扣非后归母净利润 0.75 亿元（YOY-56.05%）。 2025Q1 公司原料药板块受客户采购策略调整影响，肝素原料药收入同比大幅下 降 51.61%，公司制剂业务保持快速发展，整体销售收入同比增长 18.30%。其 中，国内制剂因部分产品续标导致收入阶段性承压。 ❑ 拆分： 非肝素制剂持续放量，看好国际生物药进入兑现期 非肝素制剂放量驱动海外制剂增长，看好国际生物药大分子进入兑现期。收入 看：2024 年制剂实现收入 30.50 亿元（YOY10.05%），占比为 77.74%；其中，非 肝素制剂 14.67 亿元（YOY24. ...