Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable profit growth with an accelerated layout in innovative drugs, maintaining a "Buy" rating. In H1 2025, the company achieved revenue of 7.898 billion yuan (down 4.08% year-on-year) and a net profit attributable to shareholders of 785 million yuan (up 1.10%) [5][6] - The company has a strong focus on respiratory diseases, with over 10 innovative drugs in the pipeline, and is making significant progress in clinical trials for various treatments [6] Financial Summary - In H1 2025, the company's gross margin was 62.21% (down 1.10 percentage points), and the net profit margin was 22.33% (up 1.73 percentage points) [5] - The company expects net profits attributable to shareholders to be 1.463 billion yuan, 1.568 billion yuan, and 1.715 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.80 yuan, 0.86 yuan, and 0.94 yuan per share [5][8] - The current stock price corresponds to a PE ratio of 16.1, 15.0, and 13.7 for the years 2025, 2026, and 2027 respectively [5] Research and Development - The company has made multiple breakthroughs in research and development, particularly in the respiratory field, with innovative drugs targeting COPD and influenza [6] - The company is advancing its clinical trials for various drugs, including a non-opioid pain relief medication, which aims to provide safer alternatives for pain management [6]

Financial Performance - Health元 reported a total revenue of 7.898 billion yuan for the first half of 2025, a decrease of 4.08% year-on-year [1] - The net profit attributable to shareholders was 785 million yuan, reflecting a year-on-year increase of 1.1% [1] - The gross margin was 62.21%, down 1.75% from the previous year, while the net margin increased by 8.41% to 22.33% [1] - Total operating expenses were 2.217 billion yuan, accounting for 28.07% of revenue, a decrease of 4.41% year-on-year [1] - Earnings per share rose to 0.43 yuan, a 2.38% increase compared to the previous year [1] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 9.39%, indicating average capital returns [2] - The net profit margin was reported at 19.1%, suggesting a high added value for the company's products or services [2] - The company has experienced two loss years since its IPO, indicating a relatively fragile business model [2] Accounts Receivable - The accounts receivable to profit ratio has reached 208.16%, suggesting a need for attention to the company's accounts receivable situation [3] Fund Holdings - The largest fund holding in Health元 is the Guolian An Small Cap Selected Mixed Fund, which has increased its holdings to 4.355 million shares [4] - The fund's recent performance shows a 37.7% increase over the past year [4] Innovation Pipeline - The company has over 20 first-class innovative drugs in development, with more than 10 in key research stages [5] - The innovative drug pipeline includes a new oral PREP inhibitor for COPD, which has completed Phase I clinical trials and is advancing to Phase II [6] - The company is also developing a pediatric formulation of its flu drug, aimed at improving acceptance among children [10] Internationalization Strategy - The company is focusing on internationalization, with plans to establish sales subsidiaries in the Netherlands and the Philippines [13] - A strategic partnership has been formed with Kalbe Group in Indonesia to set up a raw material drug factory targeting high-end markets [13] Shareholder Returns - The company has completed a share buyback plan totaling 2.7 billion yuan over the past five years and has increased cash dividends by nearly 10% year-on-year [14]

机构简介： 深圳市红筹投资有限公司（简称"深圳红筹投资"或"红筹投资"）成立于1997年6月16日，坐落于深圳蛇 口海上世界，注册资本9497万元人民币，2020年底净资产超6亿元。2014年5月完成基协私募投资基金管 理人备案（编号：P1002489），以二级证券市场投资为主，目前管理证券私募基金总规模超100亿元。 红筹投资坚持"善意，包容，团结，守信"的企业价值文化，20多年来长期看多中国、做多中国核心资 产，价值为本、顺势而为，行稳致远、厚积薄发，以团队的智慧、努力、坚守和信心，让资本助力中国 腾飞，携投资人分享盛世红利。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：公司坚定推进创新转型战略，处方药板块聚焦呼吸、消化、精神、辅助生殖、镇痛等优势治 疗领域，布局超20款1类创新药，其中10款以上进入II期及以后关键研发阶段。玛帕西沙韦胶囊于2024 年8月申报上市，儿童干混悬剂获批临床试验。TSLP单抗在中国开展中重度COPD适应症II期临床试 验。PREP抑制剂和Nav1.8抑制剂均已完成I期临床，推进II期临床 ...

点击注册小程序 查看完整报告 保健品和OTC产品快速发展，驱动板块收入快速增长 24年健康元（不含丽珠集团、丽珠单抗）保健食品及OTC板块实现营业收入6.97亿元，同比增长约 53.91%。保健食品与OTC板块利用小红书、抖音、微信等新媒体内容渠道，通过达人推荐、健康科普、达 人直播带货等方式创作优质的内容触达用户，传递品牌理念，驱动品牌全渠道的销售增长。我们预计 25~26年板块发展势头良好，收入有望维持较快增速。 研发有序投入，创新转型可期 在创新药领域，公司正逐步推进"机制创新+多适应症覆盖"战略，向"抗感染+呼吸+镇痛"等多元协同方向 发展。其中：1）抗流感新药TG-1000已报产，预计2025年下半年获批上市，该新药具有较长的有效治疗 期；2）在高壁垒复杂制剂方面，沙美特罗替卡松吸入粉雾剂、丙酸氟替卡松雾化吸入用混悬液获得注册 批件，均实现国内首仿。3）在前沿靶点布局方面，TSLP单抗与IL-4R单抗均已进入Ⅱ期临床研究阶段。 在创新药加速向机制升级、适应症精准拓展演进的趋势下，公司在其呼吸系统疾病治疗主线之外，开始布 局多元化创新领域，Nav1.8作为外周神经系统疼痛信号传导的重要钠通道，具有机制 ...

Core Viewpoint - Health元 demonstrates resilient performance in Q1 2025 with revenue of 4.089 billion yuan and net profit of 436 million yuan despite overall market pressures [1] Group 1: Financial Performance - The company reported a revenue of 40.89 billion yuan and a net profit of 4.36 billion yuan for Q1 2025, indicating strong operational resilience [1] - In the context of a challenging environment, Health元's net profit adjustment was significantly lower than revenue adjustment, showcasing its robust profitability [2] - The average decline in net profit for 49 chemical pharmaceutical companies was 70.31%, highlighting Health元's relatively stable performance [2] Group 2: Market Position and Product Development - Health元 has established itself in the respiratory sector, achieving over 1 billion yuan in revenue and breaking the long-standing monopoly of multinational companies [2] - The company is expected to benefit from the gradual release of products like Tobramycin inhalation solution and Marpatsavir, which will drive revenue growth in the inhalation segment [3] - Health元 has a diverse product matrix across various sectors, including digestion, reproductive health, and pain management, contributing to stable operations [4] Group 3: Innovation and Future Prospects - The company is focusing on innovation with a robust pipeline, including TSLP monoclonal antibody and IL-4R monoclonal antibody, which are in phase II clinical trials [5] - The anticipated approval of the flu drug Marpatsavir in the second half of the year is expected to tap into the lucrative flu market [3] - Health元's strategic focus on innovation and product development is expected to drive high-quality growth in the future [5]

Core Insights - Health元 reported a total revenue of 15.619 billion yuan and a net profit attributable to shareholders of 1.387 billion yuan for the year 2024, with a net operating cash flow of 3.636 billion yuan [1] - The company has established a strong position in the respiratory drug market, achieving a 22-fold growth in respiratory products since the launch of its first high-end inhalation formulation in 2019 [1][2] - Health元 is advancing its innovative drug pipeline in the respiratory field, with over 10 innovative drugs in development, including the flu drug "Marpacisavir," which has completed Phase III clinical trials [2][3] Revenue and Profitability - The company achieved an operating revenue of 15.619 billion yuan and a net profit of 1.387 billion yuan for 2024 [1] - The net profit after deducting non-recurring items was 1.319 billion yuan, indicating a strong financial performance [1] Product Development and Innovation - Health元 has developed over 10 first-class innovative drugs in the respiratory field, covering inhalation, oral, and injection forms [2] - The flu drug "Marpacisavir" has shown superior treatment effects, significantly shortening the duration of flu symptoms and demonstrating rapid relief for adolescents [2] - The company is also focusing on chronic obstructive pulmonary disease (COPD) with multiple first-in-class drugs, including TSLP monoclonal antibody and IL-4R monoclonal antibody, both in Phase II clinical trials [2] Strategic Collaborations - Health元 is collaborating with Bayer to develop a novel oral drug for COPD, which is a global first in its class, targeting the PREP enzyme to control inflammation [3] Embracing AI Technology - The company has begun integrating AI technology across its business operations to enhance efficiency and accelerate drug development processes [5] - Health元 has deployed advanced AI models for target identification, molecular design, and screening, significantly reducing research and development timelines [5] Future Outlook - The global pharmaceutical industry is undergoing significant transformation, with AI technology reshaping drug development paradigms [6] - Health元 aims to position itself as a leader in innovative respiratory drugs in the Chinese A-share market [3][6]