以核心品种吲达帕胺（寿比山）为抓手，搭建覆盖一二级市场的分销网络，重塑产品价值链。生产端， 2025H1 公司CMO/CDMO 业务落地2 个项目，设备综合效率提升至61%，通过集中议价节约采购成本超 1000 万元。子公司各展所长，中央药业整合麻仁软胶囊营销团队，达成集团化统一管理；生化制药内 外贸协同，注射用尿激酶销售收入增长14%，肝素钠注射液内销涨超18%、外销激增48%；青春康源升 级营销体系，麻仁润肠丸收入增12%；三鱼大药房日销售额跻身天津零售单体药店前列。公司充分抓住 科改示范机遇，持续践行研产销联动，投资并购的积极举措，产品集群贡献稳定收入，是值得关注的稳 健资产。 风险提示：行业政策变化风险、新药研发风险、原材料供应和价格波动风险等。 截至2025H1 公司累计挖掘储备优质项目300 余个，同步推进产业并购基金设立筹备。研发创新方面， 公司2025H1 科技投入达6051 万元，投入率8%以上，研发多点突破。申请专利9 项、授权2 项，3 个核 心产品获批。前沿领域方面，公司新增4 个立项，同时深化校企协同。营销与生产双轮驱动，子公司表 现突出。 公司利润大幅增长，推动创新与产业资源深度融 ...

力生制药创立于1951年，专注于医药健康产业，从事医药产品研发、生产和销售。2024年，力生制 药"三鱼"商标入选第三批中华老字号名单，成为化学制药为数不多的老字号品牌。同年，公司入选"中 国上市公司新质生产力50强"。 聚焦创新与市场拓展，深化产业布局 今年上半年，力生制药全面启动"十五五"战略规划编制，采用"基金+直投"的模式，精准筛选优质并购 项目。力生制药表示，围绕核心战略方向，累计挖掘储备优质项目300余个，同步推进产业并购基金设 立筹备，为产业链延伸与生态构建蓄势赋能。 化学制药老字号品牌——力生制药(002393)8月21日晚间发布2025年半年度报告，公司上半年实现营业 收入7.32亿元；实现归母净利润为3.43亿元，同比增长235.04%；归母扣非净利润为1.04亿元，同比增长 5.09%。基本每股收益1.33元，较上年同期的0.40元增长232.50%。 对于上半年经营情况，力生制药表示，公司推动创新资源与产业资源深度融合，为全年高质量发展注入 强劲动能。 同日，力生制药还公告，为推动公司高质量发展，公司拟与建信股权等共同设立总规模10亿元的建生国 鑫泰达股权投资基金，首期出资5亿元，其中 ...

Core Insights - Lisheng Pharmaceutical (002393) announced that its wholly-owned subsidiary, Central Pharmaceutical Co., Ltd., will receive a cash dividend of 304 million yuan from its 12.15% stake in Tian Shili Biopharmaceutical Group, positively impacting the company's 2025 operating performance [2] - In 2024, Lisheng Pharmaceutical achieved a revenue of 1.336 billion yuan and a net profit of 103 million yuan after deducting non-recurring items [2] - The company is recognized as a national high-tech enterprise and has been included in the "Science and Technology Reform Demonstration Enterprise" list by the State-owned Assets Supervision and Administration Commission [2] R&D and Product Development - Lisheng Pharmaceutical has maintained a research and development intensity of over 7% in recent years, with a record number of approvals for new products: 6 in 2022, 4 in 2023, and 16 in 2024 [3] - The company is expanding its "raw materials + formulations" integrated advantage, focusing on developing raw materials with technical barriers to complement its formulations and enhance overall competitiveness [3] - In 2024, five raw materials, including Perindopril tert-butylamine salt and Apixaban, received approval, and the company also received a listing application approval for Voriconazole raw material from the National Medical Products Administration [3] Sustainability and ESG Performance - Lisheng Pharmaceutical is recognized as a national green factory, adhering to principles of safety, health, and sustainable development, with a focus on energy conservation, emission reduction, and resource recycling [3] - The company has actively worked on non-hazardous raw materials, clean production, waste resource utilization, and low-carbon energy initiatives [3] - Lisheng Pharmaceutical received an "A" rating in its ESG assessment from Wind Information, reflecting its excellent performance and practices in environmental, social, and governance aspects [3]