Macro and Strategy - The equity market is currently in an accelerating upward phase, prompting discussions on how to adjust positions to prepare for potential market fluctuations [8] - Investors are advised to consider right-side position reduction as a more reasonable choice, given the current market dynamics [8] - Historical data suggests that low-priced convertible bonds (priced between 110-115 yuan) tend to be more resilient during market downturns [8] Company and Industry Analysis - **Dengkang Dental (001328.SZ)**: The company reported a stable growth in Q2 2025, with revenue reaching 842 million yuan, a year-on-year increase of 19.72%, and a net profit of 85 million yuan, up 17.59% [10][11] - **Marubi Biotechnology (603983.SH)**: The company achieved a revenue of 1.769 billion yuan in H1 2025, a 30.83% increase year-on-year, while net profit grew by 5.21% to 186 million yuan [13][14] - **Haidi Lao (06862.HK)**: The company reported a revenue of 20.7 billion yuan in H1 2025, a decrease of 3.7%, with core operating profit down 14% [17][18] - **Green Tea Group (06831.HK)**: The company achieved a revenue of 2.29 billion yuan in H1 2025, a 23.1% increase, with adjusted net profit rising by 40% [19][20] - **Haisco Pharmaceutical (002653.SZ)**: The company reported a revenue of 2 billion yuan in H1 2025, an 18.6% increase, with anesthetic product revenue growing by 54% [22][23] - **Furui Co., Ltd. (300049.SZ)**: The company achieved a revenue of 713 million yuan in H1 2025, an 11.02% increase, while net profit was impacted by foreign exchange losses [26][27] - **Kaili Medical (300633.SZ)**: The company reported a revenue of 964 million yuan in H1 2025, a decrease of 4.78%, with net profit down 72.43% due to high initial investments in new product lines [29][30] - **Yuyue Medical (002223.SZ)**: The company reported a revenue of 4.659 billion yuan in H1 2025, an 8.2% increase, with net profit rising by 7.4% [31][32]

Core Viewpoint - Recently, the company Haisco (002653.SZ) responded to the Shenzhen Stock Exchange's inquiry regarding its plan to issue shares to specific investors, addressing concerns about its 1.365 billion yuan fundraising plan, including issues related to performance volatility and high dividends followed by immediate fundraising [1][2]. Financial Performance - In 2023 and 2024, Haisco's cash dividends reached 223 million yuan and 464 million yuan, accounting for 75.5% and 117.31% of the net profit attributable to shareholders, respectively [2]. - The company has maintained a high cash dividend ratio over the past decade, emphasizing its commitment to sharing operational results with investors [2][3]. - The average cash dividend as a percentage of net profit from 2022 to 2024 was 70.97%, which the company claims aligns with its profitability and cash flow [6]. Shareholder Structure - Haisco exhibits a highly concentrated ownership structure, with the top three shareholders benefiting significantly from the dividends [3][7]. - As of March 2025, the actual voting rights controlled by the three major shareholders amounted to 73.27%, with one shareholder expected to hold 40.11% after the dissolution of the joint action agreement [7]. R&D Expenditure - Haisco's R&D investment remained between 900 million and 1 billion yuan annually from 2022 to 2024, but the capitalization ratio of R&D expenses was notably high, at 53.39%, 40.98%, and 37.65% for the respective years [8]. - Compared to peers like Heng Rui Medicine and En Hua Pharmaceutical, Haisco's R&D capitalization ratio was significantly higher, raising regulatory concerns [8]. Production Capacity - Haisco's revenue growth has not translated into stable net profits, with non-recurring net profits fluctuating significantly, influenced by government subsidies [11]. - The company reported low production capacity utilization rates, with large volume injection products operating at 35%-55% and small volume injections and tablets below 30% [12]. - The company plans to use the proceeds from the fundraising to support six new drug R&D projects and to supplement working capital, which it believes will enhance production capacity utilization [13].

Core Insights - The article highlights that only 13 women globally have become billionaires by founding healthcare companies, with 7 of them from China, indicating a significant presence of Chinese female entrepreneurs in the healthcare sector [1][3]. Industry Overview - The Chinese biopharmaceutical industry is experiencing a transformative phase, referred to as the "DeepSeek moment," as it evolves from being a "generic drug powerhouse" to a competitive force against Western innovation in pharmaceuticals [2]. - In 2024, over 1,250 new drug candidates are expected to enter the research and development phase in China, surpassing the European Union and nearly matching the United States' 1,440 candidates [2]. - Nearly one-third of the drug candidates licensed by large pharmaceutical companies in 2024 are from Chinese firms, a significant increase from zero in 2019 [3]. Company Highlights - **Hansoh Pharmaceutical Group**: Founded by Zhong Huijuan, the company reported a total revenue of approximately 12.26 billion yuan in 2024, with a year-on-year growth of about 21.3% [7]. - **Aimeike**: Founded by Jian Jun, the company specializes in hyaluronic acid production and was listed on the A-share market in 2020, achieving a market value exceeding 170 billion yuan [10]. - **Qizheng Tibetan Medicine**: Founded by Lei Jufang, the company generated sales revenue of 1.655 billion yuan in 2024, with a year-on-year growth of 16.31% [14]. - **Haisco Pharmaceutical Group**: Co-founded by Fan Xiulian, the company reported a revenue of 3.721 billion yuan in 2024, with a year-on-year increase of 10.92% [17]. - **Teva Biopharmaceuticals**: Founded by Yang Ying, the company has shown rapid growth, with revenues increasing from 1.527 billion yuan in 2022 to 2.817 billion yuan in 2024 [18]. - **Kangfang Biopharmaceutical**: Founded by Xia Yu, the company has developed several innovative drugs and is recognized for its leading position in the biopharmaceutical sector [23]. - **Xinlitai**: Co-founded by Liao Qingqing, the company has shifted focus to self-research and development, achieving a revenue of 4.012 billion yuan in 2024, with a year-on-year growth of 19.22% [26].

2024年，在业绩增长持续承压的大背景下，前100位企业仍在持续加码创新，平均研发费用达8.3亿元， 同比增长6.3%。 过去一年，我国医药行业继续承压，医药工业百强企业的总体收入已连续三年出现下滑，但百强企业出 口交货值显著回升等行业积极势头也开始显现。 与此同时，百强企业持续加码创新。2024年，百强企业平均研发费用达8.3亿元，再创历史新高，13家 企业研发强度超过15%；创新回报进一步显现，我国当年共获批48个创新药物，其中12个来自百强企 业，多家本土创新药企凭借国际授权收入，拉动位次上涨。 近日，在2025年（第42届）全国医药工业信息年会上，中国医药工业信息中心公布的《2024年度中国医 药工业主营业务收入前100位企业》显示了上述信息。 业界观点认为，前100位企业的业绩表现和结构特征是医药行业运行状况和结构性变化的重要投射。当 前，产业生态正经历从规模增长向质量效益转变的结构性调整，在这一过程中，外资药企本土化突破、 本土企业创新转型和生物药快速布局三大趋势或将重塑头部企业竞争格局。 百强企业出口逆势上涨 "2024年度中国医药工业主营业务收入前100位企业"即行业通常所说的医药工业百强企业 ...

2024年，海思科还迎来了两款重磅创新药的获批上市，这两款药均在该年通过谈判被纳入国家医保目 录，新药商业化提速。海思科披露，这两款创新药实现上市第一年销售收入达数千万元，预计将成为 2025年业绩增长的主力军。 扣非后净利润大幅下滑 创新药驱动业绩增长，2024年营收、归母净利润分别为37.21亿元、3.95亿元，增幅分别为10.92%、 34%。但扣非净利润大幅下滑超40%。海思科（002653）在近日发布的2024年年报中披露了上述数据。 不过在股市方面，海思科股价一路高涨，4月13日一度上涨至历史最高股价47.45元/股。4月14日股价回 落，收盘价为45.42元/股，下跌4.28%。 创新药矩阵新增业绩增长点 海思科拥有覆盖麻醉镇痛、神经系统、内分泌系统等多个细分领域的产品布局，现有40余个品种。创新 药方面，环泊酚注射液、苯磺酸克利加巴林胶囊、考格列汀片三款产品已实现商业化。2024年，海思科 业绩增长的核心动力来自于创新药。 从产品分类来看，麻醉产品依然是海思科最大的业绩贡献者。2024年，麻醉产品实现12.32亿元销售收 入，占营收比为33.1%，同比增长44.96%。其中，海思科开发的全新自 ...

持续打造创新药"超级产业链"，医药企业海思科（002653）(002653.SZ)经营业绩向好。 近日，海思科发布2024年年度报告，报告期，公司实现营收37.21亿元，同比增长10.92%；实现净利润 3.95亿元，同比增长34%；拟全体股东每10股派发现金红利1.35元(含税)。 据了解，海思科以特色仿制药起家，现已转型为麻醉及镇痛、糖尿病及并发症、肿瘤、神经痛等领域的 创新药企。公司目前有40多个品种为国内首家或独家仿制，主要产品包括创新药环泊酚注射液、甲磺酸 多拉司琼注射液等。 长江商报记者注意到，作为国家级高新技术企业，海思科十分重视研发积累。2020年—2024年，公司研 发投入分别为7.09亿元、8.15亿元、9.58亿元、8.75亿元、10.01亿元，累计达43.58亿元。 持续的高投入也为公司创新药管线的稳步推进提供了坚实保障，截至目前，海思科的商业化产品及进入 临床阶段的1类新药共有14个。 创新药业务增长强劲 公开资料显示，海思科成立于2000年，是一家集新药研发、生产制造、销售等业务于一体的医药上市公 司。其研发中心的科研工作涉及肠外营养、肿瘤、心脑血管、抗病毒、内分泌、中枢神经等多个 ...