Open Source Securities: Otorgar una calificación de compra a Healthy Yuan

Open Source Securities Co., Ltd. Yu Ruyi and Liu Yi recently conducted research on Health Yuan and published a research report titled “Company Information Update Report: Product Structure Continues to Optimize, Innovation Drug Development Accelerates,” giving Health Yuan a Buy rating.

Health Yuan (600380)

Product structure continues to optimize, innovation drug development accelerates; maintain the “Buy” rating

The company achieved revenue of 15.216 billion yuan in 2025 (year-on-year -2.58%, following the year-on-year comparable basis); net profit attributable to shareholders was 1.336 billion yuan (-3.68%); non-recurring net profit attributable to shareholders was 1.307 billion yuan (-0.94%). The company’s gross margin in 2025 was 62.44% (-0.25pct); net profit margin was 18.83% (-0.27pct). In 2025, the company’s revenue from chemical pharmaceutical preparations was 7.286 billion yuan (-5.64%), and from API intermediates was 4.709 billion yuan (-5.76%). Traditional Chinese medicine preparations were 1.686 billion yuan (+14.47%). Diagnostic reagent equipment was 657 million yuan (-8.56%). Health food was 516 million yuan (+36.96%). Biological products were 201 million yuan (+17.50%). The share of the company’s respiratory innovative drug revenue in overall respiratory sector revenue has already exceeded 25%; the product structure continues to optimize, and the effectiveness of its innovation-driven transformation is gradually becoming evident. Given that the promotion of the company’s new products still requires time, we reduce the company’s net profit attributable to shareholders for 2026–2028 to 1.401/1.532/1.713 billion yuan (from the prior forecast of 1.568/1.715 billion yuan), with EPS of 0.77/0.84/0.94 yuan per share. With the current stock price, the corresponding PE is 14.6/13.4/12.0 times. We are optimistic about the company’s innovation-driven transformation advantages and maintain the “Buy” rating.

Focusing on a full-in-disease-type matrix for respiratory diseases, multiple breakthroughs in R&D innovation

The company makes multiple breakthroughs in R&D innovation, introducing advanced technologies such as OPENCLAW to push AI from decision assistance toward scenario-based execution. The company’s first Class 1 drug, mapicirsa vez? (mapicirsa vez), was approved for commercialization in 2025, officially delivering commercial realization in the influenza track; the pediatric dry suspension formulation of mapicirsa vez? (mapicirsa vez) has initiated Phase 3 clinical trials, expanding into the pediatric influenza sub-segment market; the TSLP monoclonal antibody has initiated Phase 1 clinical trials, providing a new treatment option for domestic moderate-to-severe COPD. The PREP inhibitor, MABA inhalation solution, and the Nav1.8 inhibitor, all globally first-in-class (FIC), are steadily progressing with Phase 2 studies; the next-generation ICS has been successfully approved for clinical trials; PDE4 inhibitors and DPP1 inhibitors are in preclinical stages. For overseas markets, the company’s inhalation formulation production line passed the Malaysia PIC/SGMP inspection, obtaining an “access pass” to international markets; it plans to acquire the Vietnam IMP pharmaceutical company to further expand its business footprint in Southeast Asia; in addition, the API plant in Indonesia in cooperation with Kalbe has fully initiated the Phase 1 ground-breaking construction project. Moreover, the company insists on combining cash dividends and share buybacks to share growth dividends with investors. In 2025, the company repurchased and canceled nearly 0.5 billion yuan; it plans to distribute dividends of 2.20 yuan per 10 shares (cash dividend year-on-year +10%). With high dividend payouts and buybacks stacked with innovation-driven transformation strength, the company’s valuation is expected to see further improvement.

Risk notice: risks of industry policy changes, risks related to new drug R&D, risks of fluctuations in the supply and prices of raw materials, etc.

The latest details of profit forecasts are as follows:

The above content is compiled by Securities Star from publicly available information and generated by an AI algorithm (BeiXinSuanBei 310104345710301240019), and does not constitute an investment recommendation.