改革创新赋能产业，激活发展"新动能" 在持续深化审评审批改革方面，我省117个药械妆政务服务事项实现"一网通办""全程网办"，39个市县 级事项达成"全省一单"标准化管理。构建"国家级专家指导+省级精准服务+就近柔性服务"三级联动机 制，对创新药械实施"一企一策、全程指导"，助推芍药甘草颗粒、可降解耳鼻止血绵等创新产品上市， 填补多项省内空白。2024 年全省新增药品注册批准文号166 个，其中首仿药54个、同比增长170%；通 过仿制药一致性评价品规186个、同比增长132.5%。"十四五"以来，全省新增药械妆生产企业714 家、 增幅40.2%，新增药械临床试验机构43家、增幅205%，各类注册备案产品超9000个，产业发展能级显著 提升。 监管能力全面升级，夯实治理"硬支撑" 我省不断完善制度标准体系，累计制修订规章制度50余项、各类标准500余项，其中省级中药配方颗粒 标准408个。实施 "药监英才计划"，引进专业技术人员125名，聘任省级检查员1133 名，建成45家省内 外实训基地，带动近2万名监管人员和企业职工岗位练兵。16个市级药品检验检测机构全部达到国家C 级标准，"一体两翼"不良反应监测体 ...

Core Viewpoint - The company reported its 2025 first-half performance, showing a revenue of 3.739 billion yuan, a year-on-year decrease of 7.69%, and a net profit attributable to shareholders of 339 million yuan, down 21.01% year-on-year, which aligns with expectations [1] Group 1: Performance Summary - In the first half of 2025, the core product series of Liuwei Dihuang Wan saw a revenue increase of 47.99%, while the Jinkui Shenqi series and Jingzhi Niuhuang Jiedu Pian series reported increases of 19.55% and 4.03% respectively [1] - The company is focusing on six major product lines, implementing lean operations and tailored marketing strategies to enhance market share [1] Group 2: Research and Development - The company is intensifying its investment in product research and development, focusing on major products and conducting clinical research on Jinkui Shenqi Wan, Yongshenghe Ejiao, and Xihuang Wan [2] - New drug projects such as Qishen Granules and Shaoyao Gancao Granules are also being actively advanced [2] Group 3: Production Management - The company is optimizing production management to enhance efficiency and ensure stable product supply, with specific measures taken at the Tangshan facility to align production with market demand [2] - A production task force has been established to manage the production process from raw material procurement to finished product storage [2] Group 4: Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down by 5.6% and 6.5% to 522 million yuan and 566 million yuan, respectively, with expected year-on-year increases of 0.1% and 8.5% [2] - The current stock price corresponds to a price-to-earnings ratio of 11.1 times for 2025 and 10.0 times for 2026, with a target price of 6.30 HKD, indicating a potential upside of 28.0% [2]