初冬，赫力昂（Haleon）上海办公室的会议室里，赫力昂集团高级副总裁、中国大陆及香港地区总经理顾海英接受《财富》（中文版）的专访，她 的桌上放着一本小册子，封面印着公司的使命宣言："以人为本，提升每日健康"。这是赫力昂独立上市后推出的文化手册。 赫力昂集团高级副总裁、中国大陆及香港地区总经理 顾海英，图源： 赫力昂 2022年7月，当赫力昂从葛兰素史克（GSK）分拆独立上市时，虽然承载着钙尔奇、善存、舒适达、芬必得等品牌悠久的历史，但公司必须以一个 全新面貌面对市场。 "没有压力是假的。"顾海英在接受《财富》中文版专访时坦言。过去几年，全球资本市场风起云涌，正是在这种高度不确定的环境中，她带领赫力 昂中国内地及香港市场不仅平稳度过整合与分拆期，更是实现了超越市场平均水平的增长，（截止2024年底）市场份额连续54个月攀升，成为赫 力昂全球大"必赢市场"中一颗闪耀的明星。 与此同时，顾海英首次荣登《财富》杂志"2025年中国最具影响力的商界女性榜单"。于她而言，此次入围的喜悦更多来自公司层面，"获奖不仅是 对个人的肯定，它让更多人看到了赫力昂，这份荣誉是对赫力昂在中国消费健康领域影响力的肯定。"她解释道。 变 ...

Group 1 - Haleon showcased over 70 core products at the China International Import Expo, including 11 new products and 3 global debuts, emphasizing its deep localization strategy in the Chinese market [1] - The company aims to achieve a threefold "spillover effect" through the expo, transitioning from exhibits to products, brands to ecosystems, and local to global [3] - Haleon has established a digital health management ecosystem by collaborating with platforms like JD Health and Ping An Good Doctor, focusing on a new health consumption model that integrates products, services, and platforms [6] Group 2 - The "China Consumer Active Health Insight Report" released by Haleon indicates a shift in public health awareness in China from passive response to active management, although a gap between knowledge and action remains [4] - Haleon has enhanced its local operational capabilities through the acquisition of Tianjin SmithKline and expansion in Suzhou, aiming to create an agile operational system to better respond to market demands [6]

Core Insights - Haleon showcased over 70 core products at the China International Import Expo, emphasizing its commitment to the Chinese market with a focus on "proactive health" [1] - The company aims to leverage the expo as a platform for product innovation and to enhance consumer trust in its brand through scientific demonstrations and ESG initiatives [2] - Haleon has established deep collaborations with digital health platforms like JD Health and Ping An Good Doctor to create a new health consumption model centered on lifecycle management [3] Group 1 - Haleon presented 11 new products and 3 global debuts at the expo, highlighting its strategic localization efforts in China [1] - The company reported a shift in Chinese consumer health awareness from passive to proactive management, despite existing challenges in translating knowledge into action [2] - Digital health management tools were introduced at the expo to promote the idea that individuals are responsible for their own health [2] Group 2 - Haleon's acquisition of Tianjin SmithKline and expansion in Suzhou are aimed at enhancing local operational capabilities and creating an agile supply chain [3] - The collaboration with digital health platforms is designed to build a data-driven ecosystem focused on comprehensive health management [3] - The strategic goal of the Tianjin and Suzhou operations is to create a unified agile operating system to better respond to market demands in China [3]

Core Viewpoint - BMS is selling its 60% stake in Shanghai BMS Pharmaceutical Co., Ltd. to an affiliate of Hillhouse Capital, with the transaction expected to be completed by early 2026, as part of its long-term strategic resource allocation in response to evolving business needs [1][2]. Group 1: Company Strategy - The sale of the stake in SASS reflects BMS's commitment to its production strategy, aiming to balance internal resources through strong external partnerships and deepen regional strategic layouts [1]. - BMS maintains a strong commitment to the Chinese market and plans to continue investing under its "China 2030 Strategy," focusing on accelerating the introduction of innovative therapies and improving drug accessibility for patients [1][4]. Group 2: Industry Context - Shanghai BMS, established in 1982, is the first Sino-American joint venture pharmaceutical company in China, with BMS holding 60% of the shares, Shanghai Pharmaceutical Group 30%, and China National Pharmaceutical Group 10% [2]. - The trend of joint venture pharmaceutical companies exiting the Chinese market is evident, with examples including Johnson & Johnson's rebranding of Xi'an Janssen and Hengrui's acquisition of the remaining shares of MSD [2][3]. - The exit of these joint ventures marks the end of an era, as they previously provided many classic drugs to the Chinese market, but the current market is now filled with more cost-effective generic alternatives [3]. Group 3: Future Outlook - The departure of joint venture companies does not indicate a complete exit of foreign pharmaceutical companies from the Chinese market; instead, many are refocusing on innovative drug businesses and introducing more innovative products in China [4]. - Concerns about the potential withdrawal of classic drugs from the market are mitigated by the expectation that these products will transition to new companies, which may revitalize their market presence [4].

Core Viewpoint - The company, Darentang, reported a significant increase in net profit by 193% to 1.928 billion yuan, while revenue plummeted by 33.15% to 2.651 billion yuan, marking the third consecutive year of revenue decline [1] Financial Performance - Net profit surged to 1.928 billion yuan, primarily supported by the sale of key assets [1] - Revenue fell to 2.651 billion yuan, continuing a downward trend with projected declines of 0.33% and 11.14% for 2023 and 2024 respectively [1] - The sale of a 12% stake in Tianjin Schering Pharmaceutical generated a post-tax net gain of 1.308 billion yuan, significantly boosting net profit [1] - Excluding this asset sale, the adjusted net profit was only 596 million yuan, reflecting a year-on-year decline of 5.99% [1] Asset Management - The divestment of Tianjin Schering, a key profit contributor, raises concerns about the company's long-term cash flow stability [1] - The company has exited a partnership that previously provided nearly 25% of its investment income in 2023 [1] - Both asset sales were executed at a 35% premium, but market sentiment remains cautious regarding future cash flow [1] Product Performance - Traditional Chinese medicine accounts for 91.47% of the company's revenue, with "Suoxiao Jiuxin Wan" showing only a slight sales increase of 5.45% to 1.128 billion yuan [1] - The promising "Qingyan Diban" product saw a substantial increase of 52.28% to 289 million yuan, but its small scale limits its impact [1] Compliance and Quality Issues - The company has faced multiple quality compliance issues, including penalties for substandard products and GMP deficiencies reported by the FDA [2] - Complaints related to quality, marketing, and after-sales service have exceeded 20 since 2025 [2] - The company's "slimming strategy" has led to short-term financial gains but has also resulted in weakened revenue-generating capabilities and cash flow [2] Strategic Challenges - The company is experiencing a lack of new product development to replace declining sales from its flagship products [2] - The lengthy innovation cycle in traditional Chinese medicine poses challenges for immediate revenue recovery [2] - The need for a return to product innovation and compliance is emphasized as essential for sustainable growth [2]

Core Viewpoint - The company DaRenTang is experiencing significant fluctuations in its financial performance, primarily due to the sale of its stake in Tianjin Shike, which has historically been a major source of profit. However, the company is facing challenges with declining revenue and quality control issues in its core business operations [1][4][9]. Financial Performance - DaRenTang expects a net profit attributable to shareholders of 1.84 billion to 2 billion yuan for the first half of 2025, representing a year-on-year increase of 180% to 204% [1]. - The net profit excluding non-recurring gains is projected to be 560 million to 620 million yuan, reflecting a decrease of 12% to 2% year-on-year [1]. - The substantial increase in net profit is mainly due to the sale of its stake in Tianjin Shike, which generated a post-tax profit of 1.31 billion yuan [1][5]. Stake Sale Details - DaRenTang sold 13% of its stake in Tianjin Shike to Haleon (China) for 1.759 billion yuan, completing the transaction by the end of December 2024 [2]. - In April 2025, the company announced the sale of an additional 4.6% and 7.4% stakes in Tianjin Shike for 622 million yuan and 1 billion yuan, respectively, completing the transactions by June 2025 [3]. Revenue Decline - The company has reported a continuous decline in revenue over the past two years, with revenues of 8.222 billion yuan, 7.307 billion yuan, and 1.455 billion yuan for 2023, 2024, and the first quarter of 2025, respectively, indicating year-on-year declines of 0.33%, 11.14%, and 30.22% [6]. - In 2024, the net profit excluding non-recurring gains fell by 21.62% to 746 million yuan, with both major business segments experiencing revenue declines [6]. Product Performance - Among the top ten products, eight experienced varying degrees of sales decline in 2024, with significant drops in sales volume for key products such as Jingwanhong Ointment and Qingfei Xiaoyan Wan [7]. - The inventory levels for several products surged dramatically, indicating potential overproduction or reduced demand [7]. Quality Control Issues - DaRenTang has faced multiple regulatory penalties related to drug production quality and compliance issues, including fines and warnings from authorities such as the FDA [9]. - The company has received numerous consumer complaints regarding product quality and service, highlighting ongoing challenges in maintaining standards [9]. Strategic Adjustments - In response to declining performance, DaRenTang has divested from its commercial business by transferring its stake in Tianjin Zhongxin Pharmaceutical Co., Ltd. to focus on core operations [8].

Group 1 - Haleon has completed the acquisition of the remaining 12% stake in China-SK Pharmaceutical Co., Ltd, marking the end of a nearly 40-year joint venture with a total transaction value of 1.623 billion yuan [1][2] - The joint venture, established in 1984, was set to last until June 30, 2025, but the lifting of foreign ownership restrictions in China allowed Haleon to take full control [2] - The separation signifies a shift in the business landscape, as joint ventures have become less adaptable to the evolving strategies of multinational pharmaceutical companies [1][3] Group 2 - China-SK has been a significant player in the Chinese pharmaceutical market, focusing on pain management, respiratory health, skin health, and digestive health, with well-known brands such as Fenbid and New Contac [3][4] - Following the acquisition, Haleon plans to enhance its development strategy for China-SK, leveraging its strong brand portfolio and established sales network while investing in product lines based on consumer demand [4][5] - China is a key market for Haleon, driving global growth and enhancing brand competitiveness, with the acquisition seen as a major milestone in deepening its commitment to the Chinese market [5]

Core Viewpoint - The acquisition of the remaining 12% stake in the joint venture China-US Tianjin Schering Pharmaceutical Co., Ltd. by Heliang marks the end of a nearly 40-year partnership, allowing Heliang to fully control the company and strengthen its position in the Chinese OTC market [1][2]. Group 1: Company Acquisition - Heliang has completed the acquisition of the remaining 12% stake in China-US Tianjin Schering, making it a wholly-owned subsidiary [1]. - The acquisition process involved two transactions in September 2024, where Heliang increased its stake from 55% to 88% by acquiring shares from Darentang and Tianjin Pharmaceutical Group [1]. - The joint venture was originally established in 1987 by GSK and local partners, and Heliang became an independent company after spinning off from GSK in July 2022 [1][2]. Group 2: Market Position and Strategy - China has become the second-largest health consumption market globally, providing significant opportunities for multinational companies focused on consumer health [2]. - Heliang's full acquisition of China-US Tianjin Schering will enhance its presence in the OTC drug sector in China [2]. - The company has been expanding its regional market presence by establishing subsidiaries in cities like Chengdu, Xi'an, Shanghai, and Guangzhou to penetrate lower-tier markets [2]. Group 3: Consumer Trends and Product Development - There is an increasing demand for nutritional health products, particularly those that boost immunity, driven by rising health awareness among consumers [3]. - Heliang aims to maintain flexibility and responsiveness in a rapidly changing market, focusing on continuous innovation to build consumer trust [3]. - The OTC and nutritional health product markets are influenced by various factors, including product functionality, pricing, and brand trust, necessitating ongoing innovation to capture market share [3].

Core Insights - The Chinese pharmaceutical market has undergone significant changes over the past 40 years, with foreign pharmaceutical companies adjusting their strategies as the joint venture model may no longer be suitable for current market dynamics [1][3] - Heliang has completed the acquisition of the remaining 12% stake in its OTC joint venture, China-US Tianjin Schering Pharmaceutical Co., Ltd. (referred to as "China-US Schering"), making it a wholly-owned subsidiary and ending nearly 40 years of joint venture history [1][3] - The acquisition enhances Heliang's position in the Chinese OTC market, which is experiencing growing consumer demand for health products, making China the second-largest health consumption market globally, after the United States [3] Company Developments - Heliang's acquisition of China-US Schering involved two transactions in September 2024, increasing its stake from 55% to 88% through the transfer of shares from Darentang (13%) and Tianjin Pharmaceutical Group (20%) [1] - China-US Schering focuses on pain management, respiratory health, skin health, and digestive health, with brands like Fenbid, New Contac, and Fufang [3] - Heliang has established subsidiaries in cities like Chengdu, Xi'an, Shanghai, and Guangzhou to enhance product penetration in lower-tier markets [3] Market Trends - There is an increasing demand among Chinese consumers for health products, particularly in the nutrition and immune-boosting segments, driven by heightened health awareness [4] - Heliang, having spun off from GSK in 2022, aims to maintain flexibility and responsiveness in a rapidly changing market, facing diverse consumer preferences and intense competition [4] - The OTC and nutritional health product markets are directly consumer-facing, requiring companies to innovate continuously to build trust and meet complex consumer decision-making factors [4]

Group 1 - Haleon has completed the acquisition of the remaining 12% stake in its OTC joint venture, China-SK Pharmaceutical Co., Ltd., making it a wholly-owned subsidiary [1] - The acquisition signifies Haleon's commitment to the Chinese market, which is crucial for driving global growth and enhancing brand competitiveness [1] - China-SK has a strong historical presence and is recognized for its brands in pain management, respiratory health, skin health, and digestive health [1] Group 2 - Haleon aims to enhance daily health with its mission and will continue to support the innovation and development of OTC products in China [2] - The company plans to deepen its channel layout to reach a broader consumer base with its health products and services [2] - Haleon's product portfolio includes six core categories: oral health, nutritional health, pain management, respiratory health, digestive health, and skin health [3]