During the reporting period, Haisen Pharmaceutical achieved operating revenue of 532,259,379.46 yuan, an increase of 12.88% compared to 471,510,162.35 yuan in the same period last year, with revenue scale continuing to expand and reaching a record high.
From the revenue structure, performance across various business segments was differentiated:
Raw material drug business revenue of 471,804,791.39 yuan, accounting for 88.64% of total revenue, up 14.87% year-on-year, is the core driver of revenue growth, mainly benefiting from increased international market share and significant growth in overseas customer demand;
Intermediates business revenue of 46,454,234.61 yuan, accounting for 8.73%, slightly down 0.80% year-on-year, maintaining overall stability;
Preparations business revenue of 11,359,863.55 yuan, accounting for 2.13%, down 2.53% year-on-year, mainly due to the company actively reducing production to digest inventory and avoid backlog.
Regionally, domestic revenue was 242,028,010.96 yuan, a year-on-year increase of 3.21%; overseas revenue was 290,231,368.50 yuan, a significant increase of 22.46% year-on-year. The effectiveness of international business expansion is evident, especially in emerging markets such as India, Indonesia, and Bangladesh, with notable performance improvements, and closer cooperation with clients in Europe and America.
Net Profit Analysis
In 2025, the company realized net profit attributable to shareholders of listed companies of 135,879,665.78 yuan, an increase of 10.87% from 122,557,731.65 yuan last year, with profit scale expanding in tandem.
After deducting share-based payment impacts, net profit was 156,582,544.22 yuan, up 22.14% year-on-year, indicating strong profitability of the company’s main business. The growth rate of net profit is slightly lower than that of revenue, mainly due to increased costs such as share incentive expenses and R&D investments.
Non-recurring Profit and Loss (Non-Recurring Profit) Analysis
Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 128,101,268.76 yuan, up 9.79% from 116,677,414.94 yuan last year. Non-recurring gains and losses mainly include government subsidies, financial income, etc. The total non-recurring gains and losses for this period amounted to 7,778,397.02 yuan, with limited impact on net profit. The growth of non-recurring net profit reflects a steady improvement in the company’s core business profitability.
Basic Earnings Per Share (EPS) Analysis
Basic earnings per share were 0.91 yuan/share, up 10.98% from 0.82 yuan/share last year. The increase in EPS mainly benefited from net profit growth, while the company’s share capital increased due to capital reserve transfers and restricted stock grants, somewhat diluting EPS. Nonetheless, the growth in net profit still drove EPS to achieve double-digit growth.
Non-recurring EPS Analysis
Non-recurring earnings per share were 0.85 yuan/share, up 10.39% from 0.77 yuan/share last year, consistent with the trend of non-recurring net profit growth, reflecting that after excluding non-recurring gains and losses, the company’s core business has increased earnings per share.
Overall Expense Analysis
In 2025, the company’s total period expenses amounted to 87,073,026.81 yuan, a substantial increase of 65.24% from 52,694,457.48 yuan last year, mainly driven by share-based incentives, R&D investments, and external sales commissions.
Expense Item
2025 Amount (Yuan)
2024 Amount (Yuan)
Year-on-Year Change
Selling Expenses
16,199,675.79
12,350,194.59
31.17%
Management Expenses
37,032,877.28
30,708,432.11
20.60%
Financial Expenses
-5,020,411.11
-18,133,698.24
72.31%
R&D Expenses
38,860,884.85
27,779,529.02
39.89%
Selling Expenses Analysis
Selling expenses amounted to 16,199,675.79 yuan, up 31.17%. The growth mainly stems from two factors: first, increased share-based incentive costs, which were 2,695,534.92 yuan this period, compared to 743,258.75 yuan in the same period last year; second, increased export commissions, which were 2,632,181.91 yuan, compared to 1,073,583.30 yuan last year. As overseas markets expand, the growth in export business has driven commission expenses higher. Additionally, marketing promotion and exhibition expenses have also increased to support market development.
Management Expenses Analysis
Management expenses were 37,032,877.28 yuan, up 20.60%. The increase mainly results from higher share-based incentive costs and salary expenses: share-based incentives in management were 6,249,489.58 yuan, compared to 1,698,276.12 yuan last year; salary expenses were 16,670,201.13 yuan, compared to 13,900,094.33 yuan last year. The company has recruited mid-to-high level talents, raising overall employee compensation. Moreover, expenses for intermediary consulting and other management-related costs have increased to improve corporate governance and management levels.
Financial Expenses Analysis
Financial expenses were -5,020,411.11 yuan, a decrease of 72.31% (expenses narrowed). This is mainly due to declining interest rates leading to reduced interest income; interest income was 5,682,222.20 yuan this period, down from 15,413,428.75 yuan last year, significantly reducing financial expenses. Additionally, foreign exchange gains/losses for this period amounted to 51,862.96 yuan, compared to -3,324,441.27 yuan last year, with increased exchange gains also impacting financial expenses.
R&D Expenses Analysis
R&D expenses totaled 38,860,884.85 yuan, up 39.89%, accounting for 7.30% of operating revenue, up from 5.89% last year by 1.41 percentage points. The growth in R&D investment mainly results from increased share-based incentives and salary expenses: R&D share-based incentives were 8,969,170.06 yuan, compared to 2,595,796.13 yuan last year; R&D personnel salaries were 17,680,440.16 yuan, compared to 15,133,341.18 yuan last year. Additionally, material costs, depreciation, and amortization have increased. The company continues to increase R&D efforts in areas such as antiviral, antidepressant, and lipid-lowering drugs, with a total of 20 projects under research, including 4 new projects, laying a foundation for future product layout.
R&D Personnel Situation Analysis
In 2025, the company’s R&D personnel numbered 125, a 31.58% increase from 95 last year. The proportion of R&D staff rose from 14.33% to 17.73%. In terms of educational background, 90 R&D personnel hold bachelor’s degrees or above, a 50% increase; 20 hold master’s degrees, up 5.26%; 2 hold doctoral degrees, up 100%. The number of R&D staff with technical secondary education or below has decreased, with the overall educational structure continuously optimized.
Regarding age distribution, 61 R&D personnel are under 30 years old, a 41.86% increase; 38 are aged 30-40, up 26.67%. The R&D team is becoming younger, injecting fresh blood for innovation. The increase in R&D personnel quantity and quality is mainly due to the commissioning of the R&D building for the company’s fundraising projects and the operation of the Haisen Research Institute, along with the company’s implementation of the “Fifteen-Five” R&D-driven strategy, intensifying talent recruitment and training.
Cash Flow Overall Analysis
In 2025, the company’s net increase in cash and cash equivalents was -134,472,817.61 yuan, compared to a net inflow of 97,693,633.66 yuan last year. Cash flow shifted from net inflow to net outflow, mainly due to a significant increase in cash outflows from investing activities.
Cash Flow Item
2025 Amount (Yuan)
2024 Amount (Yuan)
Change (YoY)
Net cash flow from operating activities
177,453,591.02
167,156,275.90
+6.16%
Net cash flow from investing activities
-297,245,354.31
-61,747,643.81
-381.39%
Net cash flow from financing activities
-15,594,048.20
-10,391,175.00
-50.07%
Operating Activities Cash Flow Analysis
Net cash flow from operating activities was 177,453,591.02 yuan, up 6.16%. The cash inflow from operating activities was 422,864,128.55 yuan, an increase of 9.38%, mainly due to higher cash received from sales of goods and services, along with a tax refund of 12,593,342.98 yuan last year with no comparable item this year. Cash outflows for operating activities were 245,410,537.53 yuan, up 11.83%, mainly due to increased payments for purchasing goods, services, employee wages, and related expenses, driven by expanded business scale and higher employee compensation.
Investing Activities Cash Flow Analysis
Net cash flow from investing activities was -297,245,354.31 yuan, a sharp decrease of 381.39%, with a significant increase in net outflows. The main reasons include increased investment in financial products, with cash paid for investments totaling 2,088,000,000.00 yuan this period, compared to 370,000,000.00 yuan last year; also, cash paid for fixed assets, intangible assets, and other long-term assets was 152,263,155.87 yuan, compared to 64,748,175.31 yuan last year, reflecting increased capital expenditures for new plant construction and technological upgrades.
Financing Activities Cash Flow Analysis
Net cash flow from financing activities was -15,594,048.20 yuan, a decrease of 50.07%. Cash received from financing was 3,580,726.80 yuan, mainly from restricted stock grants; cash paid for dividends, profit distribution, or interest was 17,451,010.00 yuan, compared to 34,000,000.00 yuan last year. Additionally, cash paid for other financing-related activities was 1,723,765.00 yuan, mainly for lease liability repayments.
Potential Risks Analysis
(1) Product Concentration Risk
The company’s main products are Aluminum Sulfate, Amphenicol, Atorvastatin Calcium, and PHBA, with relatively high product concentration. If market competition and demand for these key products change unfavorably—such as competitors launching substitutes or market demand shrinking—it could adversely affect the company’s operations.
(2) Raw Material Supply and Price Fluctuation Risks
The company’s raw material procurement is relatively concentrated. Although alternative suppliers exist, changes in relationships with core suppliers could impact raw material stability and cost competitiveness. Moreover, complex international situations may cause significant fluctuations in raw material prices, and if the company cannot pass cost pressures downstream, profitability will be affected.
(3) Risks of Funded Projects Not Meeting Expectations
The feasibility of the company’s fundraising projects is based on industry policies, technological levels, and market conditions at the time. During implementation, changes in industry policies, development trends, or market environment may lead to actual benefits diverging from estimates or failure to achieve planned objectives.
(4) Safety Production and Environmental Risks
The company’s production involves flammable, explosive, and toxic substances, with complex processes and strict safety and environmental controls. Although no major safety or environmental accidents occurred during the reporting period, future accidents could lead to production stoppages, penalties, and other impacts on operations.
(5) Exchange Rate Fluctuation Risks
The company’s export revenue is mainly settled in USD, so exchange rate fluctuations can generate exchange gains or losses, affecting earnings. A significant appreciation of the RMB could compress profit margins on exported products.
(6) Risks Related to Amphenicol Product Policies
In 2020, the National Medical Products Administration (NMPA) took measures such as halting production, sales, and use of Amphenicol injections. Some foreign countries also impose restrictions. If further restrictions are implemented domestically or internationally, the company’s raw material drug business for Amphenicol could be adversely affected.
(7) R&D Failure Risks
Pharmaceutical R&D involves long cycles, complex processes, and high costs, with many uncertainties related to technology, market demand, and policies. There is a risk that R&D efforts may not meet expectations, potentially delaying or preventing new product launches and impacting future performance.
Chairman’s Pre-tax Compensation for the Period
Chairman Wang Shiyue received a pre-tax remuneration of 799,400 yuan during the period, mainly composed of base and performance pay, reflecting his leadership contribution to the company’s development.
General Manager’s Pre-tax Compensation for the Period
General Manager Ai Lin received a pre-tax remuneration of 877,500 yuan, higher than the chairman’s, mainly due to his responsibility for daily operations and management, as well as his background in R&D supporting technological innovation. Compensation aligns with responsibilities and contributions.
Deputy General Managers’ Pre-tax Compensation for the Period
Deputy General Manager Lou Yanjun received 641,800 yuan; Zhang Shengquan received 749,400 yuan; Wu Yangkuan received 190,700 yuan. Wu Yangkuan’s remuneration is based on less than a full year of service (appointed August 2025). Lou Yanjun and Zhang Shengquan, as senior deputies responsible for core business areas like production and sales, are compensated according to their roles and contributions.
Financial Director’s Pre-tax Compensation for the Period
Financial Director Pan Aijuan received 570,200 yuan, responsible for financial management and capital operations, with compensation reflecting her responsibilities and professional contribution, ensuring stable financial operations.
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Disclaimer: Market risks exist; investments should be cautious. This article is automatically generated by an AI model based on third-party databases and does not represent Sina Finance’s opinions. All information herein is for reference only and does not constitute personal investment advice. Please refer to official announcements for actual data. For inquiries, contact biz@staff.sina.com.cn.
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ハイセン薬業2025年報解読：売上高12.88％増の53.2億元、財務費用は前年比72.31％増
Operating Revenue Analysis
During the reporting period, Haisen Pharmaceutical achieved operating revenue of 532,259,379.46 yuan, an increase of 12.88% compared to 471,510,162.35 yuan in the same period last year, with revenue scale continuing to expand and reaching a record high.
From the revenue structure, performance across various business segments was differentiated:
Regionally, domestic revenue was 242,028,010.96 yuan, a year-on-year increase of 3.21%; overseas revenue was 290,231,368.50 yuan, a significant increase of 22.46% year-on-year. The effectiveness of international business expansion is evident, especially in emerging markets such as India, Indonesia, and Bangladesh, with notable performance improvements, and closer cooperation with clients in Europe and America.
Net Profit Analysis
In 2025, the company realized net profit attributable to shareholders of listed companies of 135,879,665.78 yuan, an increase of 10.87% from 122,557,731.65 yuan last year, with profit scale expanding in tandem.
After deducting share-based payment impacts, net profit was 156,582,544.22 yuan, up 22.14% year-on-year, indicating strong profitability of the company’s main business. The growth rate of net profit is slightly lower than that of revenue, mainly due to increased costs such as share incentive expenses and R&D investments.
Non-recurring Profit and Loss (Non-Recurring Profit) Analysis
Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 128,101,268.76 yuan, up 9.79% from 116,677,414.94 yuan last year. Non-recurring gains and losses mainly include government subsidies, financial income, etc. The total non-recurring gains and losses for this period amounted to 7,778,397.02 yuan, with limited impact on net profit. The growth of non-recurring net profit reflects a steady improvement in the company’s core business profitability.
Basic Earnings Per Share (EPS) Analysis
Basic earnings per share were 0.91 yuan/share, up 10.98% from 0.82 yuan/share last year. The increase in EPS mainly benefited from net profit growth, while the company’s share capital increased due to capital reserve transfers and restricted stock grants, somewhat diluting EPS. Nonetheless, the growth in net profit still drove EPS to achieve double-digit growth.
Non-recurring EPS Analysis
Non-recurring earnings per share were 0.85 yuan/share, up 10.39% from 0.77 yuan/share last year, consistent with the trend of non-recurring net profit growth, reflecting that after excluding non-recurring gains and losses, the company’s core business has increased earnings per share.
Overall Expense Analysis
In 2025, the company’s total period expenses amounted to 87,073,026.81 yuan, a substantial increase of 65.24% from 52,694,457.48 yuan last year, mainly driven by share-based incentives, R&D investments, and external sales commissions.
Selling Expenses Analysis
Selling expenses amounted to 16,199,675.79 yuan, up 31.17%. The growth mainly stems from two factors: first, increased share-based incentive costs, which were 2,695,534.92 yuan this period, compared to 743,258.75 yuan in the same period last year; second, increased export commissions, which were 2,632,181.91 yuan, compared to 1,073,583.30 yuan last year. As overseas markets expand, the growth in export business has driven commission expenses higher. Additionally, marketing promotion and exhibition expenses have also increased to support market development.
Management Expenses Analysis
Management expenses were 37,032,877.28 yuan, up 20.60%. The increase mainly results from higher share-based incentive costs and salary expenses: share-based incentives in management were 6,249,489.58 yuan, compared to 1,698,276.12 yuan last year; salary expenses were 16,670,201.13 yuan, compared to 13,900,094.33 yuan last year. The company has recruited mid-to-high level talents, raising overall employee compensation. Moreover, expenses for intermediary consulting and other management-related costs have increased to improve corporate governance and management levels.
Financial Expenses Analysis
Financial expenses were -5,020,411.11 yuan, a decrease of 72.31% (expenses narrowed). This is mainly due to declining interest rates leading to reduced interest income; interest income was 5,682,222.20 yuan this period, down from 15,413,428.75 yuan last year, significantly reducing financial expenses. Additionally, foreign exchange gains/losses for this period amounted to 51,862.96 yuan, compared to -3,324,441.27 yuan last year, with increased exchange gains also impacting financial expenses.
R&D Expenses Analysis
R&D expenses totaled 38,860,884.85 yuan, up 39.89%, accounting for 7.30% of operating revenue, up from 5.89% last year by 1.41 percentage points. The growth in R&D investment mainly results from increased share-based incentives and salary expenses: R&D share-based incentives were 8,969,170.06 yuan, compared to 2,595,796.13 yuan last year; R&D personnel salaries were 17,680,440.16 yuan, compared to 15,133,341.18 yuan last year. Additionally, material costs, depreciation, and amortization have increased. The company continues to increase R&D efforts in areas such as antiviral, antidepressant, and lipid-lowering drugs, with a total of 20 projects under research, including 4 new projects, laying a foundation for future product layout.
R&D Personnel Situation Analysis
In 2025, the company’s R&D personnel numbered 125, a 31.58% increase from 95 last year. The proportion of R&D staff rose from 14.33% to 17.73%. In terms of educational background, 90 R&D personnel hold bachelor’s degrees or above, a 50% increase; 20 hold master’s degrees, up 5.26%; 2 hold doctoral degrees, up 100%. The number of R&D staff with technical secondary education or below has decreased, with the overall educational structure continuously optimized.
Regarding age distribution, 61 R&D personnel are under 30 years old, a 41.86% increase; 38 are aged 30-40, up 26.67%. The R&D team is becoming younger, injecting fresh blood for innovation. The increase in R&D personnel quantity and quality is mainly due to the commissioning of the R&D building for the company’s fundraising projects and the operation of the Haisen Research Institute, along with the company’s implementation of the “Fifteen-Five” R&D-driven strategy, intensifying talent recruitment and training.
Cash Flow Overall Analysis
In 2025, the company’s net increase in cash and cash equivalents was -134,472,817.61 yuan, compared to a net inflow of 97,693,633.66 yuan last year. Cash flow shifted from net inflow to net outflow, mainly due to a significant increase in cash outflows from investing activities.
Operating Activities Cash Flow Analysis
Net cash flow from operating activities was 177,453,591.02 yuan, up 6.16%. The cash inflow from operating activities was 422,864,128.55 yuan, an increase of 9.38%, mainly due to higher cash received from sales of goods and services, along with a tax refund of 12,593,342.98 yuan last year with no comparable item this year. Cash outflows for operating activities were 245,410,537.53 yuan, up 11.83%, mainly due to increased payments for purchasing goods, services, employee wages, and related expenses, driven by expanded business scale and higher employee compensation.
Investing Activities Cash Flow Analysis
Net cash flow from investing activities was -297,245,354.31 yuan, a sharp decrease of 381.39%, with a significant increase in net outflows. The main reasons include increased investment in financial products, with cash paid for investments totaling 2,088,000,000.00 yuan this period, compared to 370,000,000.00 yuan last year; also, cash paid for fixed assets, intangible assets, and other long-term assets was 152,263,155.87 yuan, compared to 64,748,175.31 yuan last year, reflecting increased capital expenditures for new plant construction and technological upgrades.
Financing Activities Cash Flow Analysis
Net cash flow from financing activities was -15,594,048.20 yuan, a decrease of 50.07%. Cash received from financing was 3,580,726.80 yuan, mainly from restricted stock grants; cash paid for dividends, profit distribution, or interest was 17,451,010.00 yuan, compared to 34,000,000.00 yuan last year. Additionally, cash paid for other financing-related activities was 1,723,765.00 yuan, mainly for lease liability repayments.
Potential Risks Analysis
(1) Product Concentration Risk
The company’s main products are Aluminum Sulfate, Amphenicol, Atorvastatin Calcium, and PHBA, with relatively high product concentration. If market competition and demand for these key products change unfavorably—such as competitors launching substitutes or market demand shrinking—it could adversely affect the company’s operations.
(2) Raw Material Supply and Price Fluctuation Risks
The company’s raw material procurement is relatively concentrated. Although alternative suppliers exist, changes in relationships with core suppliers could impact raw material stability and cost competitiveness. Moreover, complex international situations may cause significant fluctuations in raw material prices, and if the company cannot pass cost pressures downstream, profitability will be affected.
(3) Risks of Funded Projects Not Meeting Expectations
The feasibility of the company’s fundraising projects is based on industry policies, technological levels, and market conditions at the time. During implementation, changes in industry policies, development trends, or market environment may lead to actual benefits diverging from estimates or failure to achieve planned objectives.
(4) Safety Production and Environmental Risks
The company’s production involves flammable, explosive, and toxic substances, with complex processes and strict safety and environmental controls. Although no major safety or environmental accidents occurred during the reporting period, future accidents could lead to production stoppages, penalties, and other impacts on operations.
(5) Exchange Rate Fluctuation Risks
The company’s export revenue is mainly settled in USD, so exchange rate fluctuations can generate exchange gains or losses, affecting earnings. A significant appreciation of the RMB could compress profit margins on exported products.
(6) Risks Related to Amphenicol Product Policies
In 2020, the National Medical Products Administration (NMPA) took measures such as halting production, sales, and use of Amphenicol injections. Some foreign countries also impose restrictions. If further restrictions are implemented domestically or internationally, the company’s raw material drug business for Amphenicol could be adversely affected.
(7) R&D Failure Risks
Pharmaceutical R&D involves long cycles, complex processes, and high costs, with many uncertainties related to technology, market demand, and policies. There is a risk that R&D efforts may not meet expectations, potentially delaying or preventing new product launches and impacting future performance.
Chairman’s Pre-tax Compensation for the Period
Chairman Wang Shiyue received a pre-tax remuneration of 799,400 yuan during the period, mainly composed of base and performance pay, reflecting his leadership contribution to the company’s development.
General Manager’s Pre-tax Compensation for the Period
General Manager Ai Lin received a pre-tax remuneration of 877,500 yuan, higher than the chairman’s, mainly due to his responsibility for daily operations and management, as well as his background in R&D supporting technological innovation. Compensation aligns with responsibilities and contributions.
Deputy General Managers’ Pre-tax Compensation for the Period
Deputy General Manager Lou Yanjun received 641,800 yuan; Zhang Shengquan received 749,400 yuan; Wu Yangkuan received 190,700 yuan. Wu Yangkuan’s remuneration is based on less than a full year of service (appointed August 2025). Lou Yanjun and Zhang Shengquan, as senior deputies responsible for core business areas like production and sales, are compensated according to their roles and contributions.
Financial Director’s Pre-tax Compensation for the Period
Financial Director Pan Aijuan received 570,200 yuan, responsible for financial management and capital operations, with compensation reflecting her responsibilities and professional contribution, ensuring stable financial operations.
Click to view the original announcement>>
Disclaimer: Market risks exist; investments should be cautious. This article is automatically generated by an AI model based on third-party databases and does not represent Sina Finance’s opinions. All information herein is for reference only and does not constitute personal investment advice. Please refer to official announcements for actual data. For inquiries, contact biz@staff.sina.com.cn.
Massive information, precise analysis, all on Sina Finance APP
Editor: Xiaolang Kuaibao