Financial Report Express | Hundreds of billions in revenue can't prevent net profit decline, Hisun Pharmaceutical targets formulations and pet tracks

Ask AI · What impact will the exit of the second-largest shareholder have on the transformation?

On April 8, Haisun Pharmaceutical released its 2025 financial report. While revenue continued to break through the 10 billion-yuan scale, the company’s net profit fell 10.06% year-on-year. Haisun Pharmaceutical attributed the decline in net profit to the recognition of a large amount of non-recurring gains in 2024 due to the bond repurchase related to the sale of its convertible bonds. In terms of specific business segments, due to consecutive growth in both sales and performance in recent years, formulation products and the pet business have become key areas that Haisun Pharmaceutical will focus on for its future transformation and layout.

According to the financial report, during the reporting period, Haisun Pharmaceutical’s revenue continued to remain at a high level, reaching 10.55 billion yuan, up 2.03% year-on-year. Its net profit was 541 million yuan, down 10.06% year-on-year. This is also the first time Haisun Pharmaceutical has seen a decline in net profit since 2019, aside from the net loss of over 93 million yuan in 2023.

Founded in 1956, Haisun Pharmaceutical’s main businesses currently cover the entire value chain of R&D, production, and sales, as well as vertical integration of APIs and formulations. The company focuses on multi-industry development such as chemical drugs, biological drugs, and animal drugs, while also expanding into emerging markets such as the big health industry and health aesthetics.

Looking at specific business segments, the pharmaceutical formulation products and animal drugs business have become key sources of Haisun Pharmaceutical’s revenue. In the 2025 revenue composition, operating revenue excluding distribution business was 7.551 billion yuan, up 6.36% from 7.1 billion yuan in the same period last year. This was mainly because the company’s pharmaceutical formulation and animal drug products achieved solid growth. Among them, in recent years, the company’s formulation business has been steadily expanding its production-and-sales scale year by year, becoming the main source of revenue and profit. During the reporting period, pharmaceutical formulations generated revenue of 4.736 billion yuan, up 3.25 billion yuan year-on-year, mainly due to factors such as the company’s focus on innovative drugs and branded generics, and accelerating the layout of multi-channel pharmaceutical e-commerce matrices. Key products such as mitomycin for injection and Haibo Mabu tablets (Seas-M) saw increases in revenue year-on-year. In the animal drugs product segment, this business achieved revenue of 523 million yuan in 2025, up 117 million yuan year-on-year. The animal drugs business structure also shifted toward higher-value tracks, with its strategic focus centering on the pet medicines field, and pet business revenue growing by over 50% year-on-year.

It is precisely because Haisun Pharmaceutical has tasted “success” in these two areas that it plans to further increase its expansion and layout. The company disclosed in its annual report that, while it continues to strengthen businesses such as pharmaceutical formulations, it is also committed to establishing an industry-leading position for the pet health and animal protection segment. The animal protection (pet) business will expand from animal medicines into the broader animal health field, aiming to build a leading domestic brand in the animal protection and health track.

Currently, Haisun Pharmaceutical’s second-largest shareholder is about to exit. In January of this year, Haisun Pharmaceutical issued an announcement stating that its second-largest shareholder, Zhejiang International Trade Group Co., Ltd. (hereinafter referred to as Guomao Group), plans to transfer all of the 72.673907 million shares of Haisun Pharmaceutical it directly holds through a method of public solicitation and transfer by agreement. This number is approximately 6.06% of the company’s total share capital, and all are shares for which there are no lock-up sales restrictions (unrestricted tradable shares). After the completion of this public solicitation transfer, Guomao Group will no longer directly hold shares in Haisun Pharmaceutical. As of now, this transfer matter has obtained pre-approval from the Zhejiang Provincial State-owned Assets Supervision and Administration Commission, and the transfer price is not lower than 10.34 yuan per share.

Beijing News reporter Zhang Xiulan

Editor Wang Lu

Proofreader Mu Xiangtong