Group 1: Financial Performance - The projected net profit for 2025 is estimated at 605 million RMB, reflecting a growth rate of 52% compared to 2024[1] - The expected operating revenue for 2025 is 4,157 million RMB, with a growth rate of 4% from 2024[1] - The estimated EPS for 2025 is 0.6, with a PE ratio of 18[1] Group 2: Market Trends and Risks - The valuation for 2025-2027 is projected at 18x, 16x, and 14x, with a PEG ratio of less than 1 for 2026[1] - The company is expected to launch innovative and hard-to-replicate products, including a new drug expected to be approved in 2025[1] - Risks include fluctuations in customer demand and potential delays in product development[1] Group 3: Industry Insights - The pharmaceutical industry is experiencing a gradual recovery, with the raw material drug business stabilizing[1] - The beverage industry is expected to see improved sales during the Mid-Autumn Festival and National Day, with a narrowing decline[1] - The semiconductor equipment sector is projected to achieve significant revenue growth, with a target of 5 billion RMB by 2025[1]

公司公布25 年中报：1H25 实现营收18.69 亿元（yoy-12.6%），归母净利3.08 亿元（yoy-9.3%），扣非 净利2.67 亿元（yoy-19.5%），其中2Q25营收8.61 亿元（yoy-21.7%），归母净利1.64 亿元（yoy- 12.9%），扣非净利1.23 亿元（yoy-34.2%）。收入利润下滑主因仙曜贸易公司收入减少、自营原料药降 价，及舒更葡糖钠、地塞米松等产品纳入国家集采后降价所致。 研发管线即将进入密集收获期 多款独家或首仿产品上市在即：1）妇科：庚酸炔诺酮（独家，长效避孕，2Q22 开始市场导入，峰值 ~15 亿元）、屈螺酮炔雌醇（II）（首仿，短效避孕，4M23 获批，峰值5~10 亿）、戊酸雌二醇（首 仿，7M24 获批，峰值5~10 亿）、地屈孕酮（5M25 获批）、黄体酮凝胶（2M25 申报）；2）麻醉肌 松：1 类新药奥美克松钠（9M24 申报NDA，峰值20+亿元）、2 类新药 CZ1S（术后镇痛，临床3 期）、2 类新药CZ006（术后镇痛，临床1期）；3）呼吸：2 类新药 CZ4D（肺曲霉菌病，临床1 期）。 盈利预测与估值 考虑到集采风险出清、特 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 14.02 [1]. Core Views - The company's performance has been negatively impacted by domestic formulation centralized procurement and a decrease in raw material prices, leading to a revenue decline of 12.6% year-on-year in the first half of 2025 [1]. - Despite the challenges, the report anticipates a recovery due to the clearance of procurement risks, accelerated approval of specialty formulations, and the upcoming market launch of a new drug, Omakesong Sodium [1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of RMB 1.869 billion, a decrease of 12.6% year-on-year, and a net profit attributable to the parent company of RMB 308 million, down 9.3% year-on-year [1]. - The second quarter of 2025 saw revenue of RMB 861 million, a decline of 21.7% year-on-year, with a net profit of RMB 164 million, down 12.9% year-on-year [1]. Raw Material Segment - The raw material segment generated revenue of RMB 730 million in the first half of 2025, a decrease of 20% year-on-year [2]. - The self-operated raw materials accounted for RMB 423 million, down 13.6% year-on-year, while the Italian subsidiary reported revenue of RMB 305 million, an increase of 2.7% year-on-year [2]. Formulation Segment - The formulation segment's revenue was RMB 1.127 billion in the first half of 2025, down 7.2% year-on-year [3]. - The gynecology segment reported revenue of RMB 207 million, down 11% year-on-year, primarily due to the impact of regional procurement [3]. - The respiratory segment showed growth, with revenue of RMB 446 million, up 13% year-on-year, and is expected to achieve nearly 20% revenue growth in 2025 [3]. R&D Pipeline - The company is approaching a period of intensive product launches, with several exclusive or first-generic products expected to hit the market soon [4]. - Key upcoming products include long-acting contraceptive Gengsu Acetate and new anesthetics, with peak sales potential ranging from RMB 5 billion to over RMB 20 billion for various products [4]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been adjusted to RMB 575 million, RMB 629 million, and RMB 752 million, respectively, reflecting a downward revision of 10.7%, 15.6%, and 15.2% [5]. - The overall valuation of the company is estimated at RMB 13.871 billion, corresponding to a target price of RMB 14.02, based on a sum-of-the-parts (SOTP) valuation method [5][11].

仙琚制药（002332.SZ）8月5日在投资者互动平台表示，公司已申报在评审新产品包括雌二醇片、甲磺 酸倍他司汀片、噻托溴铵喷雾剂、黄体酮凝胶等。创新药研发一般会经历从靶点识别、化合物发现、临 床前研究、临床实验等多个阶段。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：本公司除了奥美克松钠还有其它什么创新药和仿制药 在审批中？ ...