- 2025,07,14
On July 13, sincerity Pharmaceutical (603811) released a pre increase announcement for the first half of the year. In the first half of 2025, the company is expected to achieve a net profit attributable to the parent of 107million yuan to 119million yuan, an increase of 40% to 55% year on year; It is expected to achieve net profit deduction of 106million yuan to 113million yuan, with a year-on-year increase of 47.4% to 57.4%. As for the main reasons for the pre increase in performance, the announcement pointed out that on the one hand, the company's sales of joint drugs continued to grow, and on the other hand, the loss of loss making subsidiaries in the previous year was reduced.
Glucosamine hydrochloride capsules (hereinafter referred to as "ammonia sugar") is the company's main product and one of the main driving forces for performance growth in the first half of the year. The company's national procurement of ammonia sugar expired in October 2023, and then the company actively communicated with provincial institutions in succession. In 2024, the company achieved the renewal of national procurement of 30 provinces in the country, and realized the continuous expansion of the market share of ammonia sugar with the support of increased investment at the sales level. In 2024, the company's income from joint drugs increased by 23.41% year-on-year, reaching 502million yuan. By the first quarter of 2025, the growth trend will continue, and the income from joint drugs increased by 49.62% year-on-year, reaching 143million yuan.
The continuous growth of sales not only comes from the continued bidding and marketing investment of national procurement, but also reflects the multiple advantages of sincere pharmaceutical in this product. At the performance presentation meeting in June this year, the company pointed out that sincerity pharmaceutical is the main integrated manufacturer of raw material pharmaceutical preparations of domestic ammonia sugar, which has four advantages, including the product positioning advantage of focusing on the bone and joint health of the middle-aged and elderly, the market position advantage brought by the double approval of the production of raw material pharmaceutical preparations, the product price advantage of self-produced raw material pharmaceutical to ensure the cost and quality, and the location advantage brought by Dongtou District of Wenzhou City, which is rich in marine resources. It is reported that the company's ammonia sugar is prepared by hydrolysis of chitin, which is often extracted from crab shell and shrimp shell. Sincerity pharmaceutical is located on many islands in Dongtou District, which can give full play to the economic value of the sea.
It is worth mentioning that the company makes full use of marine resources to shape the competitiveness of related products, which is highly consistent with the policy's emphasis on "marine economy". In March 2025, the government work report first mentioned "deep sea technology". In early July, the sixth meeting of the central financial and Economic Commission also clearly emphasized the development of emerging industries such as marine biomedicine and biological products. As the first listed company deeply engaged in marine biomedicine in Zhejiang Province, the ammonia sugar products of sincere pharmaceutical are a positive response to the policy guidance.
Moreover, focusing on marine biomedicine, sincere pharmaceutical has actively promoted the construction of 1000 ton super fish oil EPA production capacity project with the construction of "two strong and one large project" as the core. It is understood that 97% high-purity EPA is the first lipid lowering EPA drug approved by FDA, and the market is in short supply. The company pointed out that at present, the infrastructure of the great health industrial park has been completed, the review of high-purity EPA preparations is nearing the end, and the approval of high-purity EPA API is also in full swing preparation. After the production capacity is reached, the company will have an integrated supply chain of fish oil raw materials and preparations, and the whole industry chain mode from raw materials to health food and drugs, which is conducive to the growth of the company's performance.
The 2025 employee stock ownership plan (Draft) is also disclosed simultaneously with the performance forecast. According to the disclosure, the holders of this plan include the company's directors (excluding independent directors), senior management, middle and senior management, core technology (business) backbone, outstanding young talents of the company, and other personnel that the company's board of Directors believes need to be encouraged, with a total of no more than 228 people. The total amount of raised funds does not exceed about 48.2864 million yuan, the transfer price is 5.02 yuan/share, and the shareholding scale does not exceed about 9.6188 million shares, accounting for about 2.94% of the total share capital.
The draft sets the assessment year as three fiscal years from 2025 to 2027, with 2024 as the base period to assess the operating income or deduct non net profit. Among them, the growth rates of revenue assessment targets in 2025, 2026 and 2027 are 30%, 55% and 85%, and the growth rates of non net profit assessment targets are 35%, 65% and 100%, and the unlocking ratios are 40%, 30% and 30%, respectively. The company pointed out that the implementation of the ESOP aims to establish and improve the benefit sharing mechanism of employees and shareholders, improve the cohesion of employees and the competitiveness of the company, fully mobilize the enthusiasm and creativity of the company's middle and senior managers and employees, accelerate the high-quality development of the company, and ensure the realization of the company's development strategy and business objectives.
Source: Securities Times