Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed significant improvement in the second quarter, driven by its biopharmaceutical business and export growth in formulations [1][2]. Financial Performance - In 1H25, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.98 billion, 286 million, and 260 million yuan, respectively, representing year-on-year declines of 7.60%, 29.32%, and 29.46% [1]. - For Q2 2025, the revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.095 billion, 202 million, and 185 million yuan, showing year-on-year declines of 3.84%, 11.53%, and 6.36%, but a quarter-on-quarter improvement of 24%, 138%, and 145% respectively [1][2]. Business Segments - The raw material drug business faced challenges, with revenue declining by 45% year-on-year to 291 million yuan in 1H25, reducing its revenue contribution to 15% from 25% in 1H24 [2]. - The formulation segment showed stable growth, with revenue of 1.659 billion yuan in 1H25, up 7% year-on-year, driven by strong export performance, particularly in the U.S. market, which generated 1.137 billion yuan, a 20% increase year-on-year [3]. - The company has received over 100 overseas approvals and is expanding its pipeline in the European market, aiming to replicate U.S. growth [3]. Biologics Development - The company is building a product matrix in biosimilars, with approvals for adalimumab, liraglutide, and paclitaxel biosimilars, and expects to introduce more potential products [3]. - The collaboration with Tonghua Dongbao on insulin products is anticipated to yield approvals starting in 2026 [3]. Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 1.024 billion, 1.327 billion, and 1.650 billion yuan for 2025-2027, representing year-on-year growth of 24%, 30%, and 24% respectively [4]. - The estimated EPS for the same period is 0.63, 0.82, and 1.02 yuan [4]. - A target price of 17.34 yuan is set, based on a 2025 PE of 27.37x, reflecting a 20% discount to the average PE of comparable companies [4].

润都股份（002923）(002923.SZ)公告，公司全资子公司润都制药(荆门)有限公司(简称"润都荆门公司") 近日收到国家药品监督管理局签发的关于苯磺顺阿曲库铵《化学原料药上市申请批准通知书》。该药品 适用于成人及1个月及以上儿童的外科手术和其他操作治疗，亦可用于成人的重症监护治疗。可用作全 麻辅助，或者用作ICU中镇静以松弛骨骼肌，利于气管插管和机械通气。 ...

智通财经APP讯，润都股份(002923.SZ)公告，公司全资子公司润都制药(荆门)有限公司(简称"润都荆门 公司")近日收到国家药品监督管理局签发的关于苯磺顺阿曲库铵《化学原料药上市申请批准通知书》。 该药品适用于成人及1个月及以上儿童的外科手术和其他操作治疗，亦可用于成人的重症监护治疗。可 用作全麻辅助，或者用作ICU中镇静以松弛骨骼肌，利于气管插管和机械通气。 ...

本品适用于成人及1个月及以上儿童的外科手术和其他操作治疗，亦可用于成人的重症监护治疗。本品 可用作全麻辅助，或者用作ICU中镇静以松弛骨骼肌，利于气管插管和机械通气。 格隆汇8月4日丨润都股份(002923.SZ)公布，公司的全资子公司润都制药(荆门)有限公司(以下简称"润都 荆门公司")近日收到国家药品监督管理局签发的关于苯磺顺阿曲库铵(以下简称："本品")《化学原料药 上市申请批准通知书》。 ...

Core Viewpoint - The approval of the chemical raw material drug, Benzylsuccinate Atracurium, by the National Medical Products Administration enhances the product portfolio of the company and is expected to positively impact future operating performance [1] Group 1 - The company's wholly-owned subsidiary, Rundu Jingmen, has received the approval notification for the marketing application of Benzylsuccinate Atracurium [1] - Benzylsuccinate Atracurium is indicated for use in surgical procedures and other therapeutic operations for adults and children aged one month and older, as well as for adult intensive care treatment [1] - The approval is expected to strengthen the company's market competitiveness [1]