Core Insights - Huahai Pharmaceutical (600521) reported a decline in both revenue and net profit for the first three quarters of 2025 [1] Financial Performance - The company's operating revenue for the first three quarters was 6.409 billion yuan, representing a year-on-year decrease of 11.57% [1] - The net profit attributable to shareholders was 380 million yuan, showing a significant year-on-year decline of 63.12% [1]

Financial Performance - The company's operating revenue for the current period is CNY 1,892,528,117.08, a decrease of 10.70% compared to the same period last year[2] - The total profit for the current period is CNY 6,295,768.92, reflecting a significant decline of 98.23% year-on-year[2] - The net profit attributable to shareholders of the listed company is CNY -29,131,278.90, down 110.30% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is CNY -93,373,752.00, a decrease of 134.88% year-on-year[2] - Net profit for the first three quarters of 2025 was CNY 373,930,103.93, a decrease of 64.0% compared to CNY 1,037,247,794.71 in the same period of 2024[18] - Operating profit for the first three quarters of 2025 was CNY 555,157,968.34, down 57.8% from CNY 1,316,952,527.66 in the previous year[18] - Total comprehensive income for the first three quarters of 2025 was CNY 373,586,191.74, a decrease of 63.8% compared to CNY 1,031,127,531.22 in 2024[18] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.26, down from CNY 0.71 in the same period of 2024[18] Cash Flow - The net cash flow from operating activities for the current period is CNY 282,748,959.61, down 51.21% compared to the same period last year[2] - Cash flow from operating activities generated a net amount of CNY 652,386,672.14, down 65.3% from CNY 1,877,383,787.13 in the same period of 2024[21] - In the first three quarters of 2025, the net cash flow from operating activities was approximately $873.87 million, a decrease of 34% compared to $1.32 billion in the same period of 2024[32] - The company reported a total cash inflow from operating activities of approximately $4.86 billion in 2025, down from $5.27 billion in 2024[32] Assets and Liabilities - The total assets at the end of the reporting period amount to CNY 21,152,691,595.40, an increase of 4.40% from the end of the previous year[2] - Current assets as of September 30, 2025, totaled CNY 8,647,950,847.31, an increase from CNY 8,483,148,001.25 at the end of 2024[12] - Total assets reached CNY 21,152,691,595.40 as of September 30, 2025, compared to CNY 20,261,354,969.92 at the end of 2024[14] - Total liabilities increased to CNY 11,553,106,592.99 from CNY 11,241,320,819.01 in the previous year[14] - The total current liabilities rose to CNY 4.84 billion as of September 30, 2025, compared to CNY 4.49 billion at the end of 2024, reflecting an increase of about 7.8%[26] Shareholder Equity - The equity attributable to shareholders of the listed company is CNY 9,509,925,669.11, up 6.88% from the end of the previous year[2] - Shareholders' equity rose to CNY 9,599,585,002.41 as of September 30, 2025, compared to CNY 9,020,034,150.91 at the end of 2024[14] - The total owner's equity reached CNY 13.85 billion as of September 30, 2025, compared to CNY 12.55 billion at the end of 2024, representing an increase of about 10.4%[27] Research and Development - The company is actively promoting its third strategic transformation, focusing on "generic collaboration - global operations - value upgrade" strategy, which has led to a significant increase in R&D expenses by approximately 54% year-on-year[6] - Research and development expenses increased to CNY 829,481,556.27, up 20.7% from CNY 687,452,738.14 in the previous year[18] - Research and development expenses increased to CNY 350.26 million in the first three quarters of 2025, up from CNY 292.00 million in the same period of 2024, marking an increase of approximately 20%[28] Inventory and Operating Costs - The company reported a significant increase in inventory, which stood at CNY 3,813,635,900.31 as of September 30, 2025, compared to CNY 3,413,419,932.83 at the end of 2024[12] - Operating costs included CNY 2,454,250,665.30 for cost of goods sold, down from CNY 2,705,990,778.14 in the same period last year, indicating a reduction of 9.2%[16] - The company's inventory as of September 30, 2025, was CNY 2.44 billion, up from CNY 2.31 billion at the end of 2024, indicating an increase of about 5.7%[25] Investment and Financing Activities - Investment activities resulted in a net cash outflow of CNY 1,109,362,292.91, compared to a net outflow of CNY 1,185,287,884.07 in the same period of 2024[21] - Financing activities generated a net cash inflow of CNY 357,193,072.64, contrasting with a net outflow of CNY 606,211,733.26 in the previous year[23] - Cash inflow from financing activities totaled approximately $3.30 billion in 2025, up from $2.61 billion in 2024[33] Financial Ratios and Margins - The gross margin for the raw material drug business remains relatively stable at approximately 48.45% during the reporting period[7]

Core Viewpoint - Huahai Pharmaceutical reported a decline in both revenue and net profit for the third quarter and the first three quarters of the year, indicating ongoing financial challenges for the company [1]. Financial Performance Summary - In the third quarter, the company achieved revenue of 1.893 billion yuan, a year-on-year decrease of 10.70% [1]. - The net loss attributable to shareholders for the third quarter was 29.13 million yuan, representing a year-on-year decline of 110.30% [1]. - For the first three quarters, the company reported total revenue of 6.409 billion yuan, down 11.57% year-on-year [1]. - The net profit attributable to shareholders for the first three quarters was 380 million yuan, a decrease of 63.12% compared to the previous year [1].

Core Insights - A total of 490 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of October 29 [1] - The stock with the longest continuous net outflow is Zhongju Gaoxin, with 31 days of outflows, followed by Hengshen New Materials with 21 days [1] - The largest total net outflow amount is from China Merchants Bank, with a cumulative outflow of 3.093 billion yuan over 12 days [1] Group 1: Stocks with Longest Net Outflows - Zhongju Gaoxin has seen net outflows for 31 days, with a total outflow of 559 million yuan and a cumulative decline of 6.91% [1] - Hengshen New Materials has recorded net outflows for 21 days, totaling 197 million yuan, with a decline of 9.80% [3] - China Merchants Bank has the highest net outflow amount of 3.093 billion yuan over 12 days, with a net outflow ratio of 6.98% and a cumulative increase of 1.65% [1] Group 2: Other Notable Stocks - Guotai Junan has experienced net outflows for 10 days, amounting to 1.877 billion yuan, with a net outflow ratio of 7.89% and a cumulative increase of 2.70% [1] - Shengbang Co. has seen net outflows for 12 days, totaling 1.826 billion yuan, with a net outflow ratio of 9.52% and a cumulative decline of 10.65% [1] - Huajian Group has recorded net outflows for 6 days, with a total outflow of 1.713 billion yuan and a significant decline of 40.29% [1] Group 3: Stocks with Significant Outflow Ratios - Jianan Intelligent has the highest net outflow ratio at 14.74%, with a decline of 2.98% over the past 5 days [1] - Other notable stocks with high outflow ratios include Huayi Development at 11.91% and Pianzaihuang at 11.84% [1] - The overall trend indicates a significant outflow of funds from various sectors, reflecting investor sentiment and market conditions [1]

| | | 浙江华海药业股份有限公司 关于"华海转债"预计触发转股价格向下修正的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●根据《上海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》 规定，"上市公司应当在预计触发转股价格修正条件的 5 个交易日前及时披露提示 性公告。"自 2025 年 10 月 16 日至 2025 年 10 月 29 日，公司股票在连续 30 个交易 日中已有 10 个交易日的收盘价低于当期转股价格的 80%，预计触发转股价格向下 修正条件。若触发条件，公司将于触发条件当日召开董事会审议决定是否修正转股 价格，并及时履行信息披露义务。 一、可转债上市发行概况 根据中国证券监督管理委员会《关于核准浙江华海药业股份有限公司公开发行 可转换公司债券的批复》（证监许可[2020]2261 号），公司于 2020 年 11 月 2 日公 开发行了 1,842.60 万张可转换公司债券（以下简称"可转债"），每张面值 100.00 元，发行总额 184,260.0 ...

Core Insights - The oral disintegrating tablet (ODT) market in China is experiencing significant growth due to advancements in pharmaceutical technology and increasing consumer demand for convenient and efficient drug formulations [1][8] - The market size for oral disintegrating tablets in China is projected to reach 1.159 billion yuan in 2024 and is expected to grow to 1.230 billion yuan in 2025 [1][8] Industry Overview - Oral disintegrating tablets are a drug formulation that dissolves quickly in the mouth, offering advantages such as ease of use, rapid absorption, high bioavailability, and fewer side effects [4] - These tablets are particularly suitable for children, the elderly, and patients with swallowing difficulties, making them ideal for emergency medications and various therapeutic areas [4][6] Market Dynamics - The demand for oral disintegrating tablets is driven by the aging population in China, with the elderly population expected to reach 219.69 million by the end of 2024, reflecting a year-on-year increase of 1.35% [6] - Approximately 50% of individuals have difficulty swallowing traditional tablets and capsules, highlighting the need for formulations that dissolve without water [6] Industry Chain - The industry chain for oral disintegrating tablets includes upstream raw materials (active pharmaceutical ingredients, super disintegrants, binders, sweeteners), midstream production, and downstream sales channels (medical institutions, pharmacies, e-commerce) [7] Competitive Landscape - The market features competition from both domestic and foreign companies, with notable domestic players like Kanghong Pharmaceutical, Huahai Pharmaceutical, and Kelun Pharmaceutical, as well as foreign firms like Pfizer and Eli Lilly [9] Development Trends - Continuous technological innovation is expected, focusing on new formulation techniques and excipient applications to enhance drug solubility and stability [11] - The trend towards personalized medicine may lead to the development of oral disintegrating tablets tailored for specific patient demographics, such as children and the elderly [12][13] - Strengthening industry integration will be crucial, with a focus on building a complete ecosystem around oral disintegrating tablets, including raw material supply, production improvements, and market promotion [14]

股票简称：华海药业 股票代码：600521 公告编号：临 2025-111 号 浙江华海药业股份有限公司 关于公司产品拟中选第十一批全国药品集中采购的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2025 年 10 月 27 日—10 月 28 日，浙江华海药业股份有限公司（以下简称"华海 药业"或"公司"）参加了国家组织药品联合采购办公室（以下简称"联采办"）组 织的第十一批全国药品集中采购的投标工作，公司 4 个产品拟中选本次集中采购，现 将相关情况公告如下： | 股票简称: | 华海药业 | | --- | --- | | 债券简称: | 华海转债 | 债券简称：华海转债 债券代码：110076 公司 2025 年半年度营业收入的 0.32%。 2、阿戈美拉汀片 2025 年 3 月，公司收到国家药品监督管理局核准签发的阿戈美拉汀片《药品注册 证书》。因该产品于 2025 年 3 月获批，因此截至 2025 年上半年末，公司该产品在国 内市场未产生销售。 3、尼麦角林片 | 产品名称 | 适应症 | 规格 ...

Core Viewpoint - Huahai Pharmaceutical's stock has shown mixed performance in recent months, with a year-to-date increase of 9.76% but a decline of 13.74% over the past 20 days, indicating volatility in investor sentiment and market conditions [1][2]. Financial Performance - For the first half of 2025, Huahai Pharmaceutical reported a revenue of 4.516 billion yuan, a year-on-year decrease of 11.93%, and a net profit attributable to shareholders of 409 million yuan, down 45.30% year-on-year [2]. - Cumulatively, the company has distributed 2.989 billion yuan in dividends since its A-share listing, with 1.016 billion yuan distributed over the past three years [3]. Stock Market Activity - As of October 28, Huahai Pharmaceutical's stock price was 19.34 yuan per share, with a market capitalization of 28.957 billion yuan. The stock experienced a trading volume of 224 million yuan and a turnover rate of 0.78% [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on September 9, where it recorded a net buy of -531.011 million yuan [1]. Shareholder Information - As of September 19, the number of shareholders for Huahai Pharmaceutical increased by 28.47% to 67,300, while the average number of circulating shares per person decreased by 22.16% to 21,624 shares [2]. - Among the top ten circulating shareholders, China Europe Medical Health Mixed A (003095) is the third largest, holding 33.2468 million shares, an increase of 12.2339 million shares from the previous period [3].

关于获得药品注册证书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江华海药业股份有限公司（以下简称"公司"）于近日收到国家药品监督管 理局（以下简称"国家药监局"）核准签发的卡格列净片的《药品注册证书》，现将 相关情况公告如下： 一、药品的基本情况 药品名称：卡格列净片 剂型：片剂 规格：100mg（按 C₂₄H₂₅FO₅S 计） 申请事项：药品注册（境内生产） 注册分类：化学药品 4 类 申请人：浙江华海药业股份有限公司 药品批准文号：国药准字 H20255777 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品符 合药品注册的有关要求，批准注册，发给药品注册证书。 二、药品其他相关情况 卡格列净片适应症：1、本品与盐酸二甲双胍联用：当单独使用盐酸二甲双胍 血糖控制不佳时，可与盐酸二甲双胍联合使用，配合饮食和运动改善成人2型糖尿 病患者的血糖控制；2、本品与盐酸二甲双胍和磺脲类药物联用：当联用盐酸二甲 双胍和磺脲类药物血糖控制不佳时，可与盐酸二甲双胍和磺脲类药物联合使用，配 合饮食和运动改 ...

Core Viewpoint - Huahai Pharmaceutical has received approval from the National Medical Products Administration for the registration certificate of Canagliflozin tablets, which can be used in combination with Metformin and Sulfonylureas to improve blood sugar control in adults with type 2 diabetes [1] Company Summary - The approved Canagliflozin tablets can be used alone or in combination with Metformin when blood sugar control is inadequate with Metformin alone [1] - The product can also be used in conjunction with Metformin and Sulfonylureas when blood sugar control remains inadequate with the combination of Metformin and Sulfonylureas [1] Industry Summary - The approval of Canagliflozin tablets highlights the ongoing development and regulatory progress in the diabetes treatment sector, particularly for type 2 diabetes management [1]