Core Viewpoint - Health元药业集团 reported a stable overall business performance in the first half of 2025, with core business segments working collaboratively to adapt to market changes and maintain resilience [3][4]. Financial Performance - Total assets at the end of the reporting period were CNY 35,552.22 million, a decrease of 0.46% from the previous year [1]. - Operating revenue was CNY 7,898.33 million, down 4.08% year-on-year [1]. - Total profit reached CNY 2,072.74 million, an increase of 4.58% compared to the previous year [1]. - Net profit attributable to shareholders was CNY 769.81 million, showing a slight increase of 1.04% from the previous year [1]. Business Segments - The respiratory product segment faced sales declines due to continued centralized procurement policies and intensified market competition, but the company managed to grow sales of its existing products, such as tobramycin inhalation solution, by 112% year-on-year [4]. - The health products segment performed well, achieving a growth of 35% year-on-year, highlighting the positive effects of diversified business strategies [4]. - The raw materials segment maintained strong competitiveness, with key products like 7-ACA sustaining good pricing [4]. R&D and Innovation - The company has made significant progress in R&D across various therapeutic areas, with over 10 innovative drugs in the respiratory field, including a new treatment for influenza that has entered the production application stage [5][6]. - In the autoimmune field, a humanized monoclonal antibody for moderate to severe psoriasis has completed Phase III clinical trials, showing superior efficacy compared to existing treatments [6]. - The company is also advancing in the pain management area with a non-opioid innovative drug that has completed Phase I clinical trials [7]. International Expansion - The company has commenced construction of its first overseas raw material drug factory in Jakarta, Indonesia, aimed at enhancing its global supply chain and market responsiveness [8]. - Regulatory approvals for production and import in the Philippines and Malaysia have been achieved, facilitating market entry in Southeast Asia [8]. - The company is pursuing a strategic acquisition of a Vietnamese company to enhance its market penetration in the region [8].

事件： 公司发布2024 年度报告。根据2024 年公司年报，公司实现营业收入156.19 亿元，同比下降6.17%；归 母净利润 13.87 亿元，同比下降 3.90%；扣非归母净利润为 13.19 亿元，同比下降 3.99%；EPS 为0.74 元/股，同比下降2.63%，基本符合预期。 核心要点： 抗感染恢复增长，呼吸业务集采影响显现，保健及 OTC 增长53.91%近几年处方药业务存量核心品种相 继受到集采影响，从影响节奏来看，抗感染集采影响消退，恢复增长，同比增长9.69%。左沙丁胺醇集 采报表影响显现，同时叠加2023 年呼吸疾病高基数因素，导致呼吸业务收入同比下滑36.98%。预计 2025 年集采影响边际逐步减弱。 保健食品及 OTC 板块保持快速增长，受益于品牌数字营销体系建设，板块实现营业收入6.97 亿元，同 比增长53.91%。 原料药及中间体板块整体保持相对稳定，实现营业收入20.25 亿元，同比下降2.63%。其中，7-ACA 价 格呈现稳定增长态势，美罗培南原料药受价格下滑，市场竞争加剧等因素影响，收入有所下滑。 丽珠单抗（持股54.52%）较去年同期减亏 3.18 亿元。丽珠单 ...