Core Viewpoint - Huadong Medicine reported a steady growth in its performance for the first half of 2025, with revenue and net profit showing positive year-on-year increases, indicating a robust operational trend and commitment to shareholder returns through dividends [1] Financial Performance - In the first half of 2025, Huadong Medicine achieved total revenue of 21.675 billion yuan, a year-on-year increase of 3.39% [1] - The company reported a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% year-on-year, and a net profit excluding non-recurring items of 1.762 billion yuan, reflecting an 8.40% increase [1] - A mid-year dividend of 614 million yuan is proposed, representing 33.83% of the net profit for the first half of 2025 [1] Business Segments - The core subsidiary, Zhongmei Huadong, maintained a strong growth trend with revenue of 7.317 billion yuan, a 9.24% increase year-on-year, and a net profit of 1.580 billion yuan, up 14.09% [2] - The second quarter alone saw revenue of 3.696 billion yuan, a 12.04% increase, and a net profit of 737 million yuan, reflecting a 16.34% growth [2] - Innovative product sales and agency services generated 1.084 billion yuan, marking a significant 59% year-on-year increase [2] Product Development and Innovation - The company is advancing its research and development efforts, with a 33.75% increase in R&D investment to 1.484 billion yuan in the first half of 2025 [4] - Direct R&D spending reached 1.174 billion yuan, a 54.21% increase, accounting for 15.97% of the pharmaceutical industrial revenue [4] - Huadong Medicine is developing over 80 innovative drug pipelines across three core therapeutic areas: oncology, endocrinology, and autoimmune diseases [4] Strategic Collaborations and Market Expansion - The CAR-T product, Zekai Ze (注射液), has received positive clinical feedback and is expanding its market coverage, with over 20 provinces certified for medical institution use [2] - The collaboration with Quanxin Biotech on the drug Seluxin has seen over 1,200 hospitals prescribing it since its approval in November 2024 [3] Industrial and Commercial Growth - The pharmaceutical commercial segment achieved revenue of 13.947 billion yuan, a 2.91% increase, with a net profit of 226 million yuan, up 3.67% [7] - The industrial microbiology segment reported sales of 368 million yuan, a 29% increase year-on-year, focusing on xRNA raw materials and other core business areas [7] - The aesthetic medicine sector has established a comprehensive high-end product line, with 40 international products, 26 of which are already on the market [7]

Core Viewpoint - Huadong Medicine reported a steady growth in its financial performance for the first half of 2025, with revenue reaching 21.675 billion yuan, a year-on-year increase of 3.39%, and a net profit of 1.815 billion yuan, up 7.01% [1] Financial Performance - The company achieved a total revenue of 21.675 billion yuan in the first half of 2025, reflecting a 3.39% increase year-on-year [1] - The net profit attributable to shareholders was 1.815 billion yuan, marking a 7.01% growth, while the net profit excluding non-recurring items was 1.762 billion yuan, up 8.40% [1] - A mid-year dividend of 614 million yuan is proposed, representing 33.83% of the net profit for the first half of 2025 [1] Business Growth and Product Commercialization - Huadong Medicine's core subsidiary, Zhongmei Huadong, reported a revenue of 7.317 billion yuan, a 9.24% increase, and a net profit of 1.580 billion yuan, up 14.09% [2] - The innovative product sales and agency service revenue reached 1.084 billion yuan, with a significant growth of 59% [2] - The CAR-T product, Zekai Ze, has expanded its market coverage, with over 20 provinces certified and more than 100 insurance projects included for reimbursement [2] R&D and Innovation - The company invested 1.484 billion yuan in R&D, a 33.75% increase, with direct R&D spending at 1.174 billion yuan, up 54.21% [6] - Huadong Medicine is advancing over 80 innovative drug pipelines, focusing on oncology, endocrinology, and autoimmune diseases [6][7] - The ADC product pipeline is progressing well, with several candidates in clinical trials and receiving orphan drug designation from the FDA [8] Industrial Microbiology and Aesthetic Medicine - The industrial microbiology segment achieved sales of 368 million yuan, a 29% increase, with significant growth in various sub-segments [10] - The aesthetic medicine division has launched multiple products, with strong market reception and ongoing registration efforts for new products [11][12] - The company aims to enhance its global presence and continue driving innovation in both pharmaceutical and aesthetic sectors [12]

Group 1 - The 2025 Zhejiang Listed Companies Investor Online Reception Day and 2024 Annual Performance Briefing was held on May 13, 2025 [1] - East China Pharmaceutical's board secretary Chen Bo announced that the oral small molecule GLP-1 receptor agonist HDM1002 (conveglipron) completed the first subject enrollment for weight management indication in the Phase III clinical study in April 2025, with plans to complete all subject enrollments by the end of June 2025 [1] - The Phase II clinical study for diabetes indication is progressing smoothly, with topline results expected in Q3 2025 and entry into Phase III clinical research planned for the second half of 2025 [1] Group 2 - The GLP-1R/GIPR dual-target long-acting peptide agonist HDM1005 (poterepatide) is currently undergoing Phase II clinical trials for weight management indication, with all subjects enrolled by April 2025 and expected to enter Phase III clinical research in Q4 2025 [1] - The Phase II clinical trial for diabetes indication also completed the first subject enrollment in April 2025, and new indication IND applications for HDM1005 have been approved by NMPA for the treatment of obstructive sleep apnea (OSA) with obesity or overweight, and heart failure with preserved ejection fraction (HFpEF) with obesity or overweight [1] Group 3 - The FGF21R/GCGR/GLP-1R tri-target agonist DR10624 injection is currently conducting Phase II clinical research in China for the treatment of metabolic-associated fatty liver disease with high-risk liver fibrosis and metabolic-associated alcoholic fatty liver disease, with the first subject enrolled in April 2025 [2] - Another Phase II clinical study for DR10624 targeting severe hypertriglyceridemia in China has completed all patient enrollments, with topline results expected in Q3 2025 [2] - DR10624 has also received approval for clinical trial applications in China for type 2 diabetes and weight indications, and key research data for DR10624 in treating obesity with hypertriglyceridemia was presented at the EASL Congress 2025 in Amsterdam [2]

他指出，FGF21R/GCGR/GLP-1R三靶点激动剂DR10624注射液目前正在中国开展治疗合并肝纤维化高 风险的代谢相关脂肪性肝病以及代谢合并酒精相关脂肪变性肝病II期临床研究，并于2025年4月完成首 例受试者入组。与此同时，此前在中国已启动的另一项DR10624治疗重度高甘油三酯血症的II期临床研 究已完成全部患者入组，预计2025年第三季度获得揭盲后的顶线结果。DR10624用于2 型糖尿病和体重 适应症的中国临床试验申请也先后获批。此外，DR10624在新西兰治疗肥胖合并高甘油三脂血症的 Ib/IIa期临床研究结果在荷兰阿姆斯特丹举办的2025年欧洲肝病研究学会年会（EASL Congress 2025）上 首次发布，展示了DR10624在肥胖合并高甘油三酯血症受试者中取得的关键研究数据（详见公司于2025 年5月13日披露于巨潮资讯网的相关公告）。 2025年浙江辖区上市公司投资者网上集体接待日暨2024年度业绩说明会活动于5月13日在全景网举行。 陈波介绍，GLP-1R/GIPR双靶点长效多肽类激动剂HDM1005（poterepatide）注射液，正在开展体重管 理适应症II期临床试验，已 ...

5月13日，华东医药举办2024年度业绩说明会。会上管理层表示，目前，公司医美业务整体战略没有发生变化。同 时，公司通过调整优化管理团队，加强绩效考核，加快全球市场覆盖及注册进度等措施积极推动Sinclair业绩企稳回 升。 此外，糖尿病适应症II期临床试验已于2025年4月完成首例受试者入组。报告期内，HDM1005注射液新适应症IND申请 先后获得NMPA批准，分别用于阻塞性睡眠呼吸暂停（OSA）合并肥胖或超重成人患者的治疗、射血分数保留心力衰 竭（HFpEF）合并肥胖或超重成人患者的治疗。 FGF21R/GCGR/GLP-1R三靶点激动剂DR10624注射液目前正在中国开展治疗合并肝纤维化高风险的代谢相关脂肪性肝 病以及代谢合并酒精相关脂肪变性肝病II期临床研究，并于2025年4月完成首例受试者入组。 与此同时，此前在中国已启动的另一项DR10624治疗重度高甘油三酯血症的II期临床研究已完成全部患者入组，预计 2025年第三季度获得揭盲后的顶线结果。DR10624用于2 型糖尿病和体重适应症的中国临床试验申请也先后获批。 此外，DR10624在新西兰治疗肥胖合并高甘油三脂血症的Ib/IIa期临床研究结 ...