Group 1: Financial Performance Overview - The company achieved a sales revenue of 427.42 million CNY, a year-on-year increase of 11.88% [2] - Foreign sales amounted to 348.34 million CNY, growing by 6.66%, while domestic sales reached 79.09 million CNY, up by 42.59% [2] - New products generated sales of 195.19 million CNY, reflecting a growth of 7.16%, whereas mature products contributed 232.24 million CNY, increasing by 16.17% [2] - CMO/CDMO business saw a revenue decline of 19.05%, totaling 32.30 million CNY [2] - Net profit was reported at 58.49 million CNY, a decrease of 15.91%, with a net profit margin of 13.68%, down by 4.52 percentage points [2] Group 2: Cost and Profitability Analysis - Gross margin stood at 31.45%, down by 3.08 percentage points [2] - Sales expenses decreased by 8.92%, while management expenses increased by 1.04% [2] - R&D expenses rose by 20.14% due to an increase in R&D personnel [2] - The decline in gross margin was attributed to low prices of mature products and increased depreciation costs [3] Group 3: Market and Product Insights - Non-contract custom business revenue increased by 15.48%, while contract custom project revenue fell by 19.05% [2] - Sales of pharmaceutical raw materials rose by 20.06%, despite a gross margin decline of 3.70 percentage points [3] - Domestic sales saw a significant increase of 42.59%, with a gross margin improvement of 9.30 percentage points [3] - The company plans to enhance its domestic raw material market presence and increase the number of API registrations [4] Group 4: Future Growth Strategies - The company aims to continue launching new products, with a focus on becoming a leading supplier of generic drugs [4] - CMO/CDMO business is expected to grow significantly by 2027-2028, with new projects being actively pursued [6] - The second-phase construction of the second plant is ongoing, expected to contribute to production capacity by 2026 [6] - The company anticipates a total production capacity of 2 billion CNY in the next 3-5 years [10] Group 5: Investor Q&A Highlights - New products are projected to generate 195 million CNY in the first half of 2025, with 160 million CNY from high-end regulated markets [7] - The company is focusing on high-difficulty specialty formulations and will not pursue general solid oral formulations [10] - Future R&D investments will prioritize raw materials, CMO/CDMO, and specialty formulations [11]

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company's Q2 performance exceeded market expectations, driven by new product launches that significantly boosted revenue and profit [1][11] - In H1 2025, the company achieved revenue of 427 million yuan, a year-on-year increase of 11.88%, while net profit attributable to shareholders was 58 million yuan, a year-on-year decrease of 15.91% [4][5] - Q2 2025 saw revenue of 241 million yuan, a year-on-year increase of 36.98%, and net profit of 38 million yuan, a year-on-year increase of 45.08% [4][5] Financial Performance - The gross margin for Q2 2025 was 34.46%, up 2.45 percentage points year-on-year and 6.88 percentage points quarter-on-quarter [4] - The net profit margin for Q2 2025 was 15.68%, an increase of 0.88 percentage points year-on-year and 4.56 percentage points quarter-on-quarter [4] - The company's raw materials and intermediates business generated revenue of 395 million yuan in H1 2025, a year-on-year increase of 15.48% [5] Production Capacity - The first phase of the company's second plant has been operational since 2024, with a potential full production value of 500 million yuan [6] - The company raised 800 million yuan in a private placement to fund the second phase of the second plant, which is expected to have a full production value of 1.9 billion yuan [6] Future Projections - The company anticipates rapid growth in new products in the regulatory market over the next three years, forecasting revenues of 850 million yuan, 980 million yuan, and 1.17 billion yuan for 2025, 2026, and 2027 respectively [7][10] - The projected net profit for 2025, 2026, and 2027 is 131 million yuan, 159 million yuan, and 199 million yuan respectively [10]

Core Viewpoint - The company has developed a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on enhancing shareholder returns and aligning with national economic policies [1][2]. Group 1: Business Focus and Performance - The company operates as a national high-tech enterprise, integrating research, production, and sales in the pharmaceutical sector, with a diverse product range including specialty APIs, chemical drug formulations, biological drugs, and medical devices [1]. - The company reported a revenue of 1,285.34 million yuan, representing a year-on-year growth of 14.12%, with a net profit attributable to shareholders of 19.51 million yuan after deducting non-recurring gains and losses [2]. Group 2: Dividend Policy and Shareholder Returns - The company emphasizes sharing development results with shareholders and has optimized its profit distribution policy, proposing a cash dividend of 0.089 yuan per share, amounting to a total dividend payout ratio of 30.19% [2][3]. Group 3: Innovation and Core Competitiveness - Innovation is central to the company's strategy, with increased R&D investment and a focus on building a diversified innovation system, resulting in the approval of 8 production batches and 11 invention patents this year [3][4]. Group 4: Investor Communication and Value Transmission - The company prioritizes investor relations, conducting 5 investor communication activities in 2025 to enhance transparency and trust, while actively addressing investor concerns [5]. Group 5: Corporate Governance and Operations - The company adheres to legal regulations and continuously improves its governance structure, ensuring effective supervision and decision-making processes [6]. Group 6: Talent Development and Organizational Vitality - The company places significant importance on talent development, implementing various training programs and performance evaluation mechanisms to enhance employee capabilities and motivation [7].

证券日报网讯 8月14日晚间，同和药业发布公告称，公司于近日收到江西省药品监督管理局的"江西省 药品监督管理局药品GMP符合性检查结果告知书（赣药品GMP（2025）第A0062号）"，获悉经现场检 查和综合评定，公司本次检查原料药美阿沙坦钾符合药品GMP。 （文章来源：证券日报） ...

北京商报讯（记者 王寅浩 实习记者 宋雨盈）8月14日，同和药业发布公告称，公司近日收到江西省药 品监督管理局药品GMP符合性检查结果告知书，此次检查的原料药美阿沙坦钾符合药品GMP。公告显 示，美阿沙坦钾适用于治疗成人原发性高血压。 ...

Group 1 - The company, Tonghe Pharmaceutical, has received a compliance inspection result from the Jiangxi Provincial Drug Administration regarding the GMP (Good Manufacturing Practice) for its raw material drug, Amlodipine Potassium [1] - The inspection confirmed that Amlodipine Potassium meets the GMP standards, which is essential for the treatment of adult primary hypertension [1]

每经AI快讯，8月14日，同和药业（300636）(300636.SZ)公告称，公司于近日收到江西省药品监督管理 局的药品GMP符合性检查结果告知书，获悉公司本次检查的原料药美阿沙坦钾符合药品GMP。此次检 查有利于公司拓展产品在国内市场的销售，形成国内国外市场同步销售的良好格局。但受市场环境等因 素影响，具体销售情况存在一定不确定性。公司将按照相关法律法规的要求对后续进展情况履行信息披 露义务。 ...

同和药业公告，公司原料药美阿沙坦钾通过药品GMP符合性检查，有利于公司拓展产品在国内市场的 销售，形成国内国外市场同步销售的良好格局。美阿沙坦钾适用于治疗成人原发性高血压。 ...

同和药业（300636）公告，公司近日收到韩国食品药品安全部颁发的美阿沙坦钾药品注册证书。生产商 名称为江西同和药业股份有限公司，生产商地址为江西省奉新高新技术产业园区，认证范围为美阿沙坦 钾原料药，证书编号为2025-A1-0844，签发日期为2025.04.14。美阿沙坦钾适用于治疗成人原发性高血 压。公司美阿沙坦钾产品获得韩国药品注册证书，标志着公司美阿沙坦钾原料药获得了韩国市场的准入 资格，将对公司进一步扩大国际市场业务起到积极作用。 ...