Group 1 - The company achieved a revenue of 732 million yuan and a net profit attributable to shareholders of 343 million yuan in H1 2025, representing a year-on-year increase of 235.04% [1] - The significant growth in net profit is primarily due to cash dividends received from Tian Shili Bio, in which the company's wholly-owned subsidiary, Central Pharmaceutical, holds a 12.15% stake, amounting to 303.75 million yuan [1] - The company maintains a gross margin of 59.16% and a net profit margin of 14.25% in H1 2025, reflecting improvements of 3 percentage points and 0.93 percentage points year-on-year, respectively [1] Group 2 - The company has identified over 300 quality projects and is preparing to establish an industrial merger and acquisition fund [2] - In H1 2025, the company invested 60.51 million yuan in R&D, with an investment rate exceeding 8%, resulting in multiple breakthroughs and the approval of three core products [2] - The company has enhanced its marketing and production capabilities, with significant sales growth in various products, including a 14% increase in sales revenue for urokinase injection and a 48% surge in external sales of heparin sodium injection [2]

Core Viewpoint - Lisheng Pharmaceutical reported significant growth in revenue and net profit for the first half of 2025, driven by innovation and strategic investments [2][3]. Financial Performance - The company achieved a revenue of 732 million yuan and a net profit attributable to shareholders of 343 million yuan, marking a year-on-year increase of 235.04% [2]. - The basic earnings per share reached 1.33 yuan, up 232.50% from 0.40 yuan in the same period last year [2]. Strategic Initiatives - Lisheng Pharmaceutical plans to establish a 1 billion yuan equity investment fund in collaboration with Jianxin Equity to enhance business structure and operational strength [2]. - The company has identified over 300 quality merger and acquisition projects as part of its "14th Five-Year" strategic planning [3]. Research and Development - The company invested 60.51 million yuan in R&D, with an investment rate exceeding 8%, resulting in multiple breakthroughs [3]. - Lisheng Pharmaceutical applied for 9 patents and received approval for 3 core products during the first half of the year [3]. Marketing and Production - The company implemented a "four-wheel" marketing system, focusing on the core product Indapamide, which improved sales through a refined distribution network [4]. - Lisheng Pharmaceutical achieved a 100% compliance rate in drug market inspections and completed safety hazard rectifications [4]. Subsidiary Performance - Central Pharmaceutical integrated its marketing team, leading to a 14% increase in sales of Urokinase injection and significant growth in Heparin Sodium injection sales [5]. - The subsidiary San Yu Pharmacy ranked among the top retail pharmacies in Tianjin based on daily sales [5]. Governance and Efficiency - The company established a dynamic monitoring mechanism for loss-making enterprises and improved its ESG management system, achieving a six-year high in market value [6]. - Lisheng Pharmaceutical plans to increase R&D investments and expand its distribution network in the second half of the year [6].

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]