业务评价：公司去年的ROIC为7%，资本回报率一般。去年的净利率为6.99%，算上全部成本后，公司 产品或服务的附加值一般。从历史年报数据统计来看，公司近10年来中位数ROIC为8.67%，中位投资回 报一般，其中最惨年份2018年的ROIC为-4.85%，投资回报极差。公司历史上的财报相对一般，公司上 市来已有年报27份，亏损年份1次，需要仔细研究下有无特殊原因。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 128.61亿 | 120.64 Z | -6.20 | | 归母净利润(元) | 11.11亿 | 11.55 Z | 3.92 | | 扣非净利润(元) | 10.89 Z | 11.3亿 | 3.81 | | 货币资金(元) | 35.55 Z | 43.59 Z | 22.62 | | 应收账款(元) | 93.73亿 | 96.3亿 | 2.74 | | 有息负债(元) | 96.24亿 | 96.37 亿 | 0.13 | | 毛利率 | 46.78% | 48.18% | 3.00 | | ...

医药生物/化学制药 人福医药（600079.SH） 业绩表现稳健，创新实力逐步显现 2025 年 08 月 28 日 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 20.41 | | 一年最高最低(元) | 25.90/15.68 | | 总市值(亿元) | 333.14 | | 流通市值(亿元) | 314.96 | | 总股本(亿股) | 16.32 | | 流通股本(亿股) | 15.43 | | 近 3 个月换手率(%) | 82.87 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 人福医药 沪深300 相关研究报告 《业绩表现稳健，重整归核持续推进 —公司信息更新报告》-2025.5.7 《三个产品首次纳入医保，有望贡献 业绩新增量—公司信息更新报告》 -2024.12.2 人福医药归核重整，创新价值有待发掘 招商创科目前已强势入主人福医药，宜昌人福奠定公司基本盘，持续加码口服剂 型研发与疼痛管理等应用场景拓展，为业绩带来新增量。公司大力布局创新管线 ...

Group 1 - The company reported a 6.2% decline in revenue for the first half of 2025, totaling 12.064 billion yuan, while net profit attributable to shareholders increased by 3.92% to 1.155 billion yuan [1] - Subsidiary Yichang Renfu is the largest designated research and production base for anesthetic drugs in Asia, holding over 60% of the domestic market share for anesthetic drugs and maintaining leading market positions for several core anesthetic and psychiatric products [1] - Subsidiary Gedian Renfu is a leading domestic enterprise in the field of sexual health hormone drugs, with the highest global market share for progesterone raw materials and leading positions for other raw materials such as finasteride and budesonide [1] Group 2 - Gedian Renfu has registered and sold raw material products in over 60 countries and regions, and its formulation product line includes unique varieties such as compound mifepristone tablets [1] - The company is actively promoting a full industry chain layout for sexual health hormone drugs, with several products like abiraterone acetate tablets and dienogest tablets launched in recent years [1]

Core Viewpoint - The company reported a revenue of 12.064 billion yuan and a net profit of 1.155 billion yuan for the first half of 2025, showing a year-on-year growth of 3.92% in net profit despite a 6.20% decline in revenue due to structural reforms in the pharmaceutical industry and a focus on optimizing business structure [1] Group 1: Financial Performance - The company achieved a revenue of 12.064 billion yuan, with a net profit attributable to shareholders of 1.155 billion yuan, reflecting a year-on-year increase of 3.92% [1] - The company's net profit excluding non-recurring items was 1.130 billion yuan, up 3.81% from the previous year [1] - Revenue decreased by 6.20% compared to the same period last year, primarily due to structural reforms in the pharmaceutical industry and the company's focus on optimizing its business structure [1] Group 2: Core Business Development - The company's pharmaceutical subsidiaries continued to cultivate key products, maintaining stable growth in core business areas [2] - In the anesthetics sector, the company is the largest dedicated R&D and production base in Asia, with significant growth in products like injection-grade remifentanil and others [2] - The company is a leading player in the domestic market for sex hormone drugs, with a global market share of 1st for progesterone raw materials and a strong presence in various therapeutic areas [2] Group 3: Challenges and Strategies - The pharmaceutical commercial sector faced industry-wide challenges, including significant price reductions from national procurement policies [3] - The company is positioning itself as a regional medical service provider, accelerating the development of new business formats such as professional pharmacies and leveraging logistics automation to reduce costs [3] Group 4: Innovation and Global Expansion - The company is focused on a dual strategy of innovation and global expansion, with a commitment to building a competitive product portfolio [4] - The company has established R&D centers in multiple locations, including the U.S. and Germany, with over 2,000 personnel dedicated to various drug development projects [4] - In the first half of 2025, the company invested over 700 million yuan in R&D, with 14 new products approved, enhancing its product pipeline [4] Group 5: International Market Position - The company has developed a collaborative market presence across the U.S., Europe, and Africa, although it faces challenges in the U.S. generics market due to local competition [5] - The company is actively disposing of non-core assets to concentrate resources on its core business areas [5] Group 6: Financial Health and Future Outlook - The company improved its capital structure, reducing its debt ratio from 43.32% to 43.00%, which supports its innovation and international expansion efforts [6] - The company demonstrated strong strategic resilience and operational flexibility in the face of industry pressures, with expectations for further market position consolidation through innovation and internationalization [6]

Policy Developments - The State Council aims to develop the China (Jiangsu) Pilot Free Trade Zone into a globally influential biopharmaceutical industry hub, with a plan that includes 18 key tasks for integrated innovation across the entire industry chain by 2030 [1] Drug Approvals - China Resources Double Crane announced that its subsidiaries received drug registration certificates for three products, which will enhance the company's product line and market competitiveness [2] - Tianyao Pharmaceutical's subsidiary received a drug registration certificate for a new eye drop product, which is expected to positively impact the company's domestic market expansion and performance [3] Financial Reports - China National Pharmaceutical Group reported a revenue of 17.076 billion yuan for the first half of 2025, a decrease of 6.71% year-on-year, with a net profit of 294 million yuan, down 16.19% [4] - Jiahe Meikang reported a revenue of 219 million yuan for the first half of 2025, a decline of 27.22%, resulting in a net loss of 116 million yuan [5] - Renfu Pharmaceutical reported a revenue of 12.064 billion yuan, a decrease of 6.20%, but a net profit increase of 3.92% to 1.155 billion yuan [6] Investment Activities - Tibet Pharmaceutical plans to invest 60 million USD in Accuredit Therapeutics Limited, acquiring a 40.82% stake, focusing on gene editing technologies [7] Industry Developments - The first long-acting injection for infertility treatment has been approved, providing a more efficient and convenient option for patients compared to traditional daily injections [8] - A study revealed a protein linked to infertility and cancer, suggesting potential new treatment avenues for both conditions [9] Shareholder Actions - Dabo Medical announced a plan for a shareholder to reduce their stake by up to 2% of the company's shares [10] - Kangchen Pharmaceutical's executive plans to sell up to 87,500 shares due to personal financial needs [11]

Core Insights - The company reported a revenue of 12.064 billion yuan and a net profit of 1.155 billion yuan for the first half of 2025, with a year-on-year profit growth of 3.92% despite a revenue decrease of 6.20% compared to the same period last year [1][2] Financial Performance - The revenue decline is attributed to structural reforms in the pharmaceutical payment sector and the company's focus on optimizing its business structure through a "core focus" strategy [1] - The company's debt ratio improved from 43.32% at the beginning of the reporting period to 43.00%, indicating enhanced capital structure and operational efficiency [2] Business Development - The company continues to cultivate key products across its pharmaceutical subsidiaries, maintaining stable growth in core business areas [1] - In the anesthetics sector, the company is recognized as Asia's largest dedicated research and production base for anesthetic drugs, advancing clinical applications across multiple departments [1] R&D Progress - The company invested over 700 million yuan in R&D during the reporting period, with 14 new products and 21 specifications approved, covering various fields including neurological and hormonal drugs [1][2] - Significant progress was made in the development of biopharmaceuticals, with a new drug nearing market launch [2] International Expansion - The company has established a collaborative development framework across three major markets: the United States, Europe, and Africa [2] Strategic Focus - The company is actively disposing of non-core assets and streamlining operations to concentrate resources on its core segments, aligning with its goals of expanding credit, reducing costs, and optimizing structure [2]

公司代码：600079 公司简称：人福医药 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 √适用 □不适用 人福医药集团股份公司 关于召开2025年 第四次临时股东会的通知 ■ 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 ...

Core Viewpoint - The company reported a slight increase in net profit despite a decrease in revenue, indicating effective management strategies amidst industry challenges [1][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.064 billion yuan and a net profit attributable to shareholders of 1.155 billion yuan, representing a year-on-year growth of 3.92% [1]. - The company's operating revenue decreased by 6.2% year-on-year, primarily due to structural reforms in the pharmaceutical payment sector and the implementation of a "core focus" strategy [1]. - The net profit and net profit after deducting non-recurring items both increased, demonstrating the effectiveness of cost control and management optimization [1]. Group 2: Business Development - The company continues to cultivate key products in its pharmaceutical industrial subsidiaries, with stable growth in core business areas [1]. - In the anesthetics sector, the company has made significant progress in clinical applications, with products like injectable fentanyl and remimazolam showing rapid growth [1]. - The company holds the largest global market share for progesterone raw materials and leads in market share for other raw materials like finasteride and budesonide [1]. Group 3: R&D and Innovation - The company has established R&D centers in multiple locations, including Wuhan, St. Louis, New York, and Aachen, with a research team exceeding 2,000 people [3]. - In the first half of 2025, R&D expenses exceeded 700 million yuan, with 14 new products approved across various therapeutic areas [3]. - The company is transitioning from a focus on generic drugs to innovative drug development, with significant progress in biopharmaceuticals [3]. Group 4: Market Strategy - The company is adapting to industry challenges by expanding into e-commerce and OTC channels, particularly in the specialty drug sector [2]. - The pharmaceutical commercial sector continues to face challenges due to national procurement policies, which have significantly reduced profits in the distribution chain [2]. - The company is enhancing its regional medical service capabilities and developing new business models like professional pharmacies and hospital-side stores [2]. Group 5: Financial Health - The company's asset-liability ratio decreased from 43.32% at the beginning of the reporting period to 43.00%, supporting its innovation and international expansion efforts [4].

（原标题：人福医药：2025年上半年归母净利润与扣非净利润实现双增） 经济观察网 程久龙 实习生 刘轩宇 8月27日晚间，人福医药（600079.SH）披露了2025半年度业绩报 告。报告期内，公司实现营业收入120.64亿元，归属于上市公司股东的净利润11.55亿元，同比增长 3.92%，归属于上市公司股东的扣非净利润11.30亿元，较上年同期增长3.81%。 财报显示，公司营业收入较上年同期减少6.20%，主要系医药行业支付端结构性改革影响以及公司落 实"归核聚焦"工作，持续优化业务结构所致。在此背景下，公司通过精细化管理、薪酬体系优化、控制 负债规模并降低融资成本等方式，实现归母净利润以及扣非净利润双增。 核心业务稳健发展 财报显示，报告期内，人福医药各医药工业子公司持续培育重点品种，核心业务保持稳定增长。在麻醉 药领域，宜昌人福作为亚洲最大的麻醉药品定点研发生产基地，持续推进多科室临床应用工作。其注射 用盐酸瑞芬太尼、注射用苯磺酸瑞马唑仑、盐酸羟考酮缓释片等产品实现较快增长，进一步巩固其市场 领先地位。 创新研发与全球布局双轮驱动 在巩固现有业务优势的同时，人福医药也正积极谋划未来发展新蓝图。报告期内 ...

证券日报网讯 8月27日晚间，人福医药发布公告称，公司续聘大信会计师事务所（特殊普通合伙）为公 司2025年度财务报告审计机构及内部控制审计机构。 （文章来源：证券日报） ...