证券研究报告 | 2025年08月26日 海思科（002653.SZ） 优于大市 麻醉产品营收同比增长 54%，多款创新药产品进入商业化阶段 麻醉产品营收同比增长 54%。2025 上半年公司实现营收 20.01 亿元 （+18.6%），归母净利润 1.29 亿元（-21.8%）。 分季度看，2025Q1/Q2 分别实现营收 8.92/11.09 亿元（分别同比 +18.6%/+18.7%，Q2 环比+24.3%）、归母净利润 0.47/0.82 亿元（分别同 比-49.3%/+13.0%，Q2 环比+76.4%）。 分产品领域看，麻醉/肠外营养/肿瘤止吐/其他适应症产品分别实现收入 7.96/2.06/1.63/3.40 亿元，分别同比+54.0%/-19.4%/+19.9%/+20.8%，毛利 率分别为 91.9%/56.1%/88.1%/64.3%，分别+2.2.pp/-3.5pp/+3.3pp/+1.5pp。 毛利率稳中有升，研发端加大投入。2025H1，公司毛利率为 71.5%（同比 +1.0pp）、净利率 10.6%（同比-3.3pp）；销售费用率 36.4%（同比+1.3pp）、 管理费用率 9 ...

Core Viewpoint - Recently, Haisco Pharmaceutical Group Co., Ltd. announced that the Shenzhen Stock Exchange has accepted its application for a private placement of shares, aiming to raise up to 1.365 billion yuan for new drug research and development and to supplement working capital [1] Company Overview - Haisco is a diversified and specialized pharmaceutical group engaged in new drug research and development, manufacturing, and marketing, with a product portfolio covering multiple segments including anesthesia, parenteral nutrition, anti-tumor, and cardiovascular drugs, among others [3] - The company has over 40 products, including four Class 1 new drugs that have been approved for market, with many others being the first or sole generic versions in China [3] Strategic Transformation - Haisco is undergoing a rapid transformation from focusing on "innovative generics" to a "combination of generics and innovation" due to the impact of generic drug procurement policies [3][4] - The proportion of revenue from generic drugs has decreased from over 80% in 2019 to below 60% in 2024, while the revenue from innovative drugs is expected to exceed 40% by 2025 [4][5] Financial Performance - In 2024, Haisco achieved a revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 396 million yuan, up 34% year-on-year [5] - Following the release of the annual report, the company's stock price hit the limit up, and its market capitalization exceeded 50 billion yuan for the first time, reflecting market recognition of its innovative drug transformation strategy [5] Funding Needs - The innovative drug research and development process is characterized by long cycles, high investment, and low success rates, leading to significant funding needs for Haisco [6] - The company reported a total R&D investment of 1.589 billion yuan from 2022 to 2024, with 624 million yuan allocated in 2024, marking a 20.7% increase year-on-year [6] Future Plans - Haisco plans to use the raised funds for the research and development of several innovative drugs, including HSK31679 for non-alcoholic fatty liver disease and HSK31858 for respiratory diseases, among others [6] - The company aims to enhance its R&D investment, accelerate clinical trials, and improve the efficiency of drug registration processes, thereby expanding its product line and creating new profit growth points for sustainable development [6]

Core Viewpoint - Recently, Haisco Pharmaceutical Group Co., Ltd. announced that the Shenzhen Stock Exchange has accepted its application for a private placement of shares, aiming to raise up to 1.365 billion yuan for new drug research and development and to supplement working capital [1]. Group 1: Company Overview - Haisco is a diversified and specialized pharmaceutical group engaged in new drug research and development, manufacturing, and marketing, with over 40 product varieties covering multiple therapeutic areas including anesthesia, parenteral nutrition, antiemetics, and antibiotics [4]. - The company has four first-class new drugs approved for market, with many other products being the first or exclusive generics in China [4]. Group 2: Strategic Transformation - Haisco is undergoing a rapid transformation from focusing on "innovative generics" to a "combination of generics and innovation" due to the impact of generic drug procurement [5]. - The number of innovative drug projects has increased to 26 in 2024, while only one generic drug application was submitted during the same year [6]. Group 3: Financial Performance - In 2024, Haisco achieved a revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 396 million yuan, up 34% year-on-year [8]. - The company's stock price hit a ceiling on the day of the annual report release, with its market capitalization exceeding 50 billion yuan for the first time, reflecting market recognition of its innovative drug transformation strategy [8]. Group 4: Funding Needs - The innovative drug research and development process is characterized by long cycles, high investment, and low success rates, leading to significant funding needs for Haisco [10]. - The total R&D investment from 2022 to 2024 reached 1.589 billion yuan, with 624 million yuan allocated in 2024 alone, marking a 20.7% increase [10]. - Haisco has acknowledged the ongoing substantial R&D expenditures and the resulting financial pressure, with cash reserves of 807 million yuan as of Q3 2024 [12].

Core Viewpoint - Haisco Pharmaceutical Group Co., Ltd. is applying for a specific issuance of A-shares, which is expected to enhance its capital strength and support the development of innovative drugs, thereby improving its market position and long-term sustainability [1][24]. Group 1: Issuance Details - The lead underwriter for the issuance is CITIC Securities Co., Ltd. [2] - The project representatives from CITIC Securities include Shen Ziquan and Wang Qi, with a team of other members involved in the underwriting process [2][3]. - The issuance aims to raise funds for new drug research and to supplement working capital, which is aligned with the company's strategic development goals [24]. Group 2: Company Information - Haisco Pharmaceutical Group Co., Ltd. has a registered capital of 1,119,917,970 RMB and is listed on the Shenzhen Stock Exchange under the stock code 002653 [4]. - The company specializes in the sale of chemical products, medical research, and development, among other activities [4]. - As of March 31, 2025, the major shareholders include Wang Junmin, who holds 35.68% of the shares, and his spouse, Shen Ping, who holds 4.43% [16][17]. Group 3: Financial Performance - The company reported an operating income of 89,201.30 million RMB for the year 2024, with a net profit attributable to shareholders of 4,661.19 million RMB [16]. - The comprehensive gross margin for 2024 was 70.29%, indicating a slight decrease from the previous year [16]. - The total assets of the company as of March 31, 2025, amounted to 692,474.32 million RMB, with total liabilities of 281,085.39 million RMB [16]. Group 4: Corporate Governance - The board of directors approved the issuance plan on February 27, 2025, and further discussions were held on April 3, 2025, confirming the company's readiness for the issuance [24]. - The company has undergone necessary due diligence and compliance checks as per regulatory requirements, ensuring that the issuance aligns with legal and industry standards [23][24].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002653 证券简称：海思科 公告编号：2025-049 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 □是 √否 公司经本次董事会审议通过的利润分配预案为：以1,119,917,970为基数，向全体股东每10股派发现金红 利1.35元（含税），送红股0股（含税），不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 （一）主要业务 海思科是集新药研发、生产制造、推广营销业务于一体的专业化医药公司，致力于成为最受信赖的国际 化制药企业。公司以"创新"为内核，以"以奋斗之心，与生命同行"为使命，始终以客户需求为导向，不 断为客户提供创新特色专科领域的药物产品。 ■ 公司基于自主建立的 ...