Core Viewpoint - Ningbo Meihua Pharmaceutical Co., Ltd. (Meihua) expects significant profit growth for the first half of 2025, driven by increased revenue and improved gross margins [1][2]. Financial Performance - The projected net profit attributable to shareholders is between 46 million to 52 million yuan, representing a year-on-year increase of 142.84% to 174.52% [1]. - The net profit after deducting non-recurring gains and losses is expected to be between 30.6252 million to 36.6252 million yuan, reflecting a year-on-year increase of 55.80% to 86.33% [1]. Business Growth Drivers - The growth in Meihua's performance is attributed to rising pharmaceutical demand, optimized cost control, and increased R&D investment [2]. - The company’s product offerings align with market demands driven by an aging population, enhancing profitability and core competitiveness [2]. International Expansion - Meihua's overseas business has been growing rapidly, with foreign revenue accounting for 69.77% of total revenue in 2024, predominantly from the European market [2]. - The company has established long-term partnerships with renowned pharmaceutical firms such as KRKA, MSD, and SERVIER, showcasing a competitive advantage through an integrated model of formulations and active pharmaceutical ingredients [2]. Innovation and R&D - Meihua is advancing its internationalization efforts while increasing its focus on innovative R&D, including a strategic collaboration with the University of Michigan for the development of the GLP-1 delivery system product "JH389" [3]. - Positive data from animal models have been reported, with plans for commercialization in Europe expected to commence after regulatory approval in 2026 [3]. Diverse Growth Strategies - The company is pursuing multiple business lines, including formulations, CDMO, and innovative projects, which collectively support diversified growth [4]. - Meihua's dual strategy of leveraging both international and domestic markets positions it well to capitalize on global opportunities while ensuring steady development through local resources [4].

7月2日晚美诺华（603538）披露业绩预增公告，公司预计上半年归母净利润同比增加142.84%到 174.52%，金额预计为4600万元到5200万元。扣除非经常性损益事项后，公司净利润同比增幅为55.80% 到86.33%。美诺华简要介绍，主要系本报告期内公司营业收入增加，毛利率提升所致。 美诺华是一家专业从事特色原料药和制剂研发、生产与销售的综合性国际医药科技制造型企业，核心产 品覆盖心血管、中枢神经、抗病毒、降血糖、胃肠消化道等治疗领域。作为国内出口欧洲特色原料药品 种最多的企业之一，美诺华与KRKA、默沙东、施维雅、吉瑞制药等国内外制药企业建立了长期深度稳 定的合作关系。 与一季度业绩对比，美诺华在二季度净利润增速有明显提升，一季度公司营收2.76亿元，同比增长 5.22%；净利润金额2122.17万元，同比增长51.12%。 不过从绝对金额来看，美诺华上半年4600万元到5200万元的利润区间，只是略高于2018年同期水平大 致，2018年之后的四年美诺华盈利表现逐年增长，直至2023年、2024年连续两年陷入回调。本次盈利增 长属于业绩的修复与释放。 据了解，此前公共卫生事件期间，由于全球原料短 ...

国泰海通晨报 2025 年 06 月 19 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、2025 陆家嘴论坛主题为"全球经济变局中的金融开放合作与高质量发展"，聚焦四点：全球金 融治理；更宽领域、大幅度金融开放；资本市场促进科创和产创融合；一揽子外汇创新政策。 2、6 月 18 日，吴清主席在 2025 陆家嘴论坛开幕式上的主旨演讲，提出科创板将推出进一步深 化改革的"1+6"政策措施。同日，证监会发布《关于在科创板设置科创成长层 增强制度包容性 适应性的意见》，上交所同步发布两项规则征求意见稿，科创板制度建设包容性和适应性将进一 步提升，有力支持优质未盈利科技企业发行上市。 [汤蔚翔 Table_Authors] 电话：021-38676666 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 宏观专题：《全球变局下的金融：促改革、扩开放、重科创》 2025-06-18 [Table_PageHeader] 2025 年 06 月 19 日 侯欢（分析师）021-38676666、梁中华（分析师）021-38676666 2025 ...