｜2026年1月29日星期四｜ NO.1 新天药业转让4个药品上市许可及相关生产技术给信安堂集团 1月28日，新天药业公告称，公司于2026年1月27日召开董事会，审议通过了《关于对外转让药品上市许 可及相关生产技术的议案》。董事会同意公司将"脑乐静颗粒""脑乐静胶囊""感冒止咳胶囊""调经活血 胶囊"等4个闲置或尚未形成规模化销售的药品上市许可及相关生产技术转让给贵州信安堂集团制药有限 公司。 1月28日，沃森生物公告称，预计2025年归属于上市公司股东的净利润为1.60亿元至1.90亿元，比上年同 期增长13.00%至34.00%。业绩变动主要系国外疫苗出口收入增长约35%，国内收入降幅收窄，叠加降本 增效及运营管理能力提升；非经常性损益约8000万元，同比增加。 点评：其国内收入仍处于下滑通道（仅降幅收窄），且约8000万元的非经常性损益贡献显著，占比可能 高达四成以上，核心主营业务盈利能力仍需关注。 NO.3 翰宇药业2025年预盈4000万元至5000万元 1月28日，翰宇药业公告称，预计2025年归属于上市公司股东的净利润4000万元至5000万元，上年同期 为亏损1.74亿元，同比扭亏为盈。报告 ...

Core Viewpoint - Shenzhen Hanyu Pharmaceutical Co., Ltd. (hereinafter referred to as "Hanyu Pharmaceutical") expects significant revenue growth in 2025, with projected revenue between 950 million to 980 million yuan, representing an increase of 60.96% to 66.05% year-on-year, and a net profit of 40 million to 50 million yuan, marking a turnaround from losses in the previous year [1] Group 1: Financial Performance - The company anticipates 2025 revenue of 950 million to 980 million yuan, a year-on-year growth of 60.96% to 66.05% [1] - Net profit is projected to be between 40 million to 50 million yuan, indicating a return to profitability [1] Group 2: Business Development - The growth in revenue is driven by the synergy between international formulations and active pharmaceutical ingredients, which are core engines of revenue growth [1] - The CRDMO (Contract Research, Development, and Manufacturing Organization) business is being actively advanced, contributing to the company's growth strategy [1] Group 3: Research and Innovation - Hanyu Pharmaceutical maintains a strong focus on innovation, with high R&D investment aimed at developing peptide innovative drugs, complex formulations, and cutting-edge technology platforms [1] - Significant progress has been made in multiple research projects, including the three-target innovative drug HY3003 and semaglutide, reinforcing the company's technological barriers [1] Group 4: Strategic Partnerships - The company is expanding its growth avenues through CRDMO business, leveraging its multi-national GMP certification and full industry chain capabilities [1] - Collaborations with companies like Carbon Cloud Peptide and Borui Pharmaceutical have been deepened, covering projects in areas such as antimicrobial peptides and oral peptides, successfully transforming technical accumulation into systematic service output capabilities [1]

Group 1: Company Overview - Shenzhen Hanyu Pharmaceutical Co., Ltd. is a national high-tech enterprise focused on the research, production, and sales of peptide drugs, listed on the Shenzhen Stock Exchange since 2011 (stock code: 300199) [2] - The company has established several national-level laboratories and has received multiple awards, including the National Technology Invention Award (second class) and the Guangdong Provincial Science and Technology Award [3] Group 2: Product Development and Market Strategy - The company is expanding its global presence by accelerating the production capacity of its Wuhan base to meet the rising global demand for GLP-1 raw materials, with core product Liraglutide already approved by the FDA [3] - Future plans include launching 1 to 2 new products annually in the U.S. market and registering existing products in Europe, Latin America, and Asia-Pacific regions [3] - The small nucleic acid field is identified as a second growth curve, with ongoing research targeting major diseases such as hyperlipidemia and diabetes [3] Group 3: CRDMO Business Expansion - The company is building a comprehensive CRDMO service platform, leveraging its expertise in peptide and small nucleic acid production to offer tailored high-quality services [4][6] - A dedicated CRDMO service team is being formed to enhance business capabilities and capitalize on market opportunities [6] Group 4: Domestic Market Strategy - The company is optimizing its supply chain to enhance product competitiveness, ensuring cost efficiency across all production stages [7] - Significant efforts in academic promotion and brand building have established a strong market presence, supported by long-term partnerships with distributors [7] - Future focus areas include increasing academic promotion for existing and upcoming products and maintaining stringent quality control [7] Group 5: Financial Structure and Performance - The company has seen steady growth in operating cash flow, with sales collection management reaching optimal levels [8] - A planned capital increase of 9.68 billion CNY aims to allocate 70% for R&D and capacity upgrades, which is expected to lower the debt-to-asset ratio and improve capital structure [8] - Financial expenses are projected to decrease in 2025 compared to 2024, alleviating financial burdens and supporting profit growth [9] Group 6: Production Capacity Utilization - The Wuhan production facility has maintained operations during recent holidays, indicating strong demand and growth trends [9] - The facility operates on a three-shift system to meet market needs, adhering to a "build and sell" model to align capacity with market demand [9]

Core Viewpoint - Han Yu Pharmaceutical has signed a significant sales order for GLP-1 raw materials worth 180 million RMB, which is expected to positively impact the company's annual performance, accounting for 30.50% of the audited revenue for 2024 [1] Group 1: Sales Order and Financial Impact - The company has entered into a sales order with a total procurement amount of 180 million RMB for GLP-1 raw materials [1] - This order represents 30.50% of the company's audited revenue for 2024, indicating a substantial contribution to future earnings [1] - The company has a history of similar transactions with the counterpart, totaling 75.955 million RMB over the past three years [1] Group 2: Business Performance and Capacity Expansion - In the first three quarters of 2025, the company achieved a revenue of 683 million RMB, reflecting a year-on-year growth of 82.06% [2] - The net profit attributable to shareholders for the same period was 71.3515 million RMB, showing a significant increase of 305.00% year-on-year [2] - The company has sufficient orders on hand, and some new production lines have commenced operations this month, enhancing its capacity for high-value intermediates and raw materials [2]

Core Insights - The "AI + Healthcare" industry is poised for significant growth, with the global market expected to reach $155.3 billion by 2030, and China's market projected to grow rapidly to $16.8 billion [1] Group 1: Company Developments - Hanyu Pharmaceutical is accelerating the construction of its core R&D engine "AI Smart Medicine," achieving substantial results that significantly shorten R&D cycles and improve success rates [1] - In collaboration with Huawei Cloud, Hanyu Pharmaceutical launched the "Peptide AI Process Optimization Assistant," which has reduced R&D cycles by 45%, lowered trial and error costs by over 20%, improved decision-making efficiency by 90%, and increased batch qualification rates by 22% [1] - Hanyu Pharmaceutical's strategic partnership with Carbon Cloud Peptide has led to the successful identification of the GLP-1R/GIPR/GCGR agonist HY3003, and the company has invested 10 million yuan to acquire a 0.6623% stake in Carbon Cloud Peptide [2] Group 2: Product Pipeline and Innovations - The new antibacterial peptide developed using peptide chips and AI shows excellent activity against resistant bacteria, with an MIC value of 2-16 g/mL, and has received clinical trial approval [2] - The peptide-conjugated drug iCPDC-001 targets precise delivery in the tumor microenvironment, showing promising prospects for treating solid tumors like pancreatic cancer [2] - Hanyu Pharmaceutical is advancing the HY3003 project through preclinical animal experiments, with plans to submit an IND application and obtain Phase I clinical approval within the year [3] Group 3: Production and Market Strategy - The company is diversifying its dosage forms for HY3003, including weekly, ultra-long-acting monthly, and oral formulations to enhance patient compliance and market coverage [3] - Hanyu Pharmaceutical has sufficient orders on hand, and new production lines have commenced operations, strengthening its vertical integration and efficient collaboration capabilities [3] - The expansion of production capacity is aimed at supporting the large-scale commercialization of core products and emerging technologies, ensuring a robust quality system [3] Group 4: Industry Outlook - CITIC Securities anticipates a fundamental change in the logic of AI healthcare by 2026, with clearer and stronger payment capabilities, leading to greater commercial certainty for AI healthcare [3]

Core Viewpoint - Han Yu Pharmaceutical (300199) reported significant growth in its 2025 mid-year financial results, with total revenue reaching 549 million yuan, a year-on-year increase of 114.86%, and a net profit of 145 million yuan, up 1504.3% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 549 million yuan, compared to 256 million yuan in the same period of 2024, reflecting a growth of 114.86% [1] - The net profit for the first half of 2025 was 145 million yuan, a substantial increase from a loss of 10.36 million yuan in the previous year, marking a growth of 1504.3% [1] - The gross profit margin improved to 62.46%, up 3.96% year-on-year, while the net profit margin reached 26.3%, a significant increase of 713.06% [1] - Selling, administrative, and financial expenses totaled 148 million yuan, accounting for 27.02% of revenue, a decrease of 57.29% year-on-year [1] - Earnings per share rose to 0.16 yuan, compared to a loss of 0.01 yuan in the previous year, representing a growth of 1700.0% [1] Cash Flow and Debt - Cash and cash equivalents increased by 403.93% to 372 million yuan, attributed to bank loans received during the reporting period [1] - The current ratio stood at 0.48, indicating rising short-term debt pressure [1] - Interest-bearing liabilities increased by 15.43% to 2.06 billion yuan [1] Investment and Projects - The company has seen a 39.22% increase in accounts receivable due to higher revenue [2] - Long-term equity investments decreased by 56.59% due to recognized investment losses [2] - Construction in progress rose by 145.59% due to an increase in engineering projects [3] - The project HY3003, a collaboration utilizing peptide chip technology for weight loss indications, has completed preclinical candidate screening and is now in the raw material drug trial phase [12]

Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with a revenue of 549 million yuan, a year-on-year increase of 114.86%, and a net profit of 145 million yuan, reflecting a remarkable growth of 1504.30% [1] - The expansion into international markets has been a key driver of this growth, with international business revenue increasing from 55% to 77% of total revenue [1] - The company is actively developing innovative weight-loss drug HY3003, utilizing advanced technology to address industry challenges [2][3] Financial Performance - In the first half of 2025, the company achieved an operating income of 549 million yuan, representing a 114.86% increase year-on-year [1] - The net profit attributable to shareholders reached 145 million yuan, marking a staggering growth of 1504.30% compared to the previous year [1] - Operating cash flow was reported at 157 million yuan, up 376.42% year-on-year [1] International Market Expansion - The company's international business revenue share rose from 55% in the previous year to 77% in the current reporting period [1] - The company has successfully penetrated over 90 countries with its formulation business, enhancing its profitability structure [1] - The raw material drug business has also shown strong performance, with products sold in over 20 countries and regions globally [1] Innovative Drug Development - The company is advancing the development of the next-generation weight-loss drug HY3003, which employs "silicon-based peptide chips + AI dynamic simulation" technology [2] - The development plan for HY3003 includes three dosage forms: weekly, ultra-long-acting monthly, and oral formulations, aimed at reducing patient burden and improving drug efficacy [2] - A strategic collaboration with the Institute of Process Engineering at the Chinese Academy of Sciences focuses on overcoming challenges related to GLP-1 drugs, including dosing frequency and gastrointestinal side effects [3] CRDMO and Emerging Markets - The company is strategically positioning itself in the small nucleic acid drug and industrial hemp CBD sectors, with a focus on innovative drug development [4] - The global small nucleic acid drug market is projected to reach $16.57 billion by 2030, with a CAGR of 18.4% [4] - The company is enhancing its CRDMO (Contract Research and Development Manufacturing Organization) capabilities, becoming a key player in meeting regulatory requirements across multiple regions [4] Digital Transformation Initiatives - The company is exploring digital asset tokenization through a partnership with KuCoin, aiming to establish a pilot project in Hong Kong [5][6] - The underlying assets for the RWA (Real World Assets) project include completed overseas product matrices and nearly 50 ongoing pipelines, providing strong support for asset value [6] - This initiative represents a new growth avenue and an innovative paradigm for releasing the value of intangible assets in the pharmaceutical industry [6]

Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with a revenue of 549 million yuan, a year-on-year increase of 114.86%, and a net profit of 145 million yuan, up 1504.30% [1] - The expansion into international markets has been a key driver of this growth, with international business revenue increasing from 55% to 77% of total revenue [1] - The company is actively developing innovative weight-loss drug HY3003, utilizing advanced peptide release technology to address industry challenges [2][3] Financial Performance - In the first half of 2025, the company achieved an operating income of 549 million yuan, representing a 114.86% year-on-year growth [1] - The net profit attributable to shareholders reached 145 million yuan, marking a staggering increase of 1504.30% [1] - Operating cash flow was reported at 157 million yuan, up 376.42% compared to the previous year [1] International Market Expansion - The company's international business revenue share rose from 55% to 77%, indicating a successful penetration into over 90 countries [1] - The raw material drug business has also shown strong performance, with products sold in over 20 countries and regions [1] Innovative Drug Development - The company is advancing the development of the next-generation weight-loss drug HY3003, which employs "silicon-based peptide chips + AI dynamic simulation" technology [2] - The drug development strategy includes three dosage forms: weekly, ultra-long-acting monthly, and oral formulations, aimed at reducing patient burden and improving drug stability [2] Strategic Collaborations - A strategic partnership has been established with the Institute of Process Engineering, focusing on overcoming challenges related to GLP-1 drugs, including dosing frequency and gastrointestinal side effects [3] - The company is also exploring collaborations in the fields of small nucleic acid drugs and CBD, with ongoing projects in siRNA drug development [4] CRDMO Business Development - The company is enhancing its CRDMO (Contract Research and Development Organization) capabilities, leveraging its technical expertise and regulatory compliance to meet international standards [4] - It has become one of the few suppliers capable of satisfying the regulatory requirements of the FDA, EMA, and NMPA for peptide and oligonucleotide CRDMO services [4] Digital Transformation Initiatives - The company is exploring digital asset tokenization through a partnership with KuCoin, aiming to create a pilot project based on overseas drug pipelines [6] - The underlying assets for the RWA project include completed overseas collaborations, nearly 50 ongoing pipelines, and future cash flows from international markets [6] Overall Strategic Outlook - The company's performance in the first half of 2025 reflects the success of its diversified development strategy, with sustained cash flow from international markets and a strong pipeline of innovative drugs [1][4] - The strategic focus on "innovation + internationalization" positions the company to strengthen its competitive advantage in the global peptide market [6]

Core Viewpoint - Hanyu Pharmaceutical, led by the Zeng brothers, is experiencing a significant turnaround due to the successful launch of its weight-loss drug, Liraglutide injection, in the U.S. market, which is expected to drive substantial revenue growth and increase the company's market capitalization to approximately 21 billion yuan [1][3][4]. Company Performance - Hanyu Pharmaceutical reported a net profit of over 140 million yuan for the first half of 2023, marking a significant recovery after seven consecutive years of losses [3]. - The company's market capitalization surged to around 21 billion yuan following the announcement of its partnership with KuCoin for the tokenization of its innovative drug assets [1][3]. Product Development and Market Strategy - The Liraglutide injection is set to become the first generic version approved by the FDA, priced at 50% to 33% lower than the original Novo Nordisk product, targeting a large market of obesity and diabetes patients in North America [9][11]. - The global market for Liraglutide is projected to reach approximately 5.991 billion USD in 2023, with the U.S. accounting for about 3.204 billion USD [9]. - Hanyu has established a long-term exclusive partnership with Hikma Pharmaceuticals, with a contract worth 338 million yuan to expand its presence in the U.S. market [11][12]. Future Outlook - The company plans to increase its production capacity from 200 kg to 1000 kg by 2024, with an additional investment of 300 million yuan to further enhance production capabilities [22][23]. - Hanyu is also developing additional products, including Semaglutide, and aims for dual submissions in both the U.S. and China to maximize market reach [18][19]. Ownership and Wealth Increase - The Zeng brothers collectively hold 20.76% of Hanyu's shares, resulting in an increase of 2 billion yuan in their wealth over the past two months due to the company's rising stock price [5][4].

Core Viewpoint - Hanyu Pharmaceutical (300199.SZ) is expected to turn a profit in the first half of 2025 after seven consecutive years of losses, primarily due to the approval and sales of its liraglutide injection in the U.S. market, along with growth in raw material exports and effective cost control [2][5]. Group 1: Financial Performance - The company forecasts a net profit of 142 million to 162 million yuan for the first half of 2025, a significant turnaround from a loss of 10.36 million yuan in the same period last year [2][5]. - The improvement in profitability is attributed to multiple factors, including the FDA approval of liraglutide, increased export of raw materials, and strict cost management [5][9]. Group 2: Product Development and Market Strategy - Liraglutide, a GLP-1 class drug for type 2 diabetes, has been pivotal for the company's recovery, with the FDA approval received on December 23, 2024, and nearly 1.4 million units shipped to the U.S. by January 2025 [2][9]. - The company has decided to withdraw its domestic application for liraglutide and terminate the project, fully impairing 52.99 million yuan, indicating a strategic shift to focus on international markets [2][11]. - Hanyu Pharmaceutical is also developing other GLP-1 products, including semaglutide, with a focus on overseas markets to avoid potential price wars in China [10][11]. Group 3: Market Context - The global market for GLP-1 drugs is expanding, with projections indicating that the market for diabetes and obesity treatments could reach 90 billion USD by 2030 [9]. - Hanyu Pharmaceutical's overseas revenue share is expected to increase significantly, from 11.25% in 2022 to 55.10% in 2024, reflecting the company's commitment to international growth [11].