北京同仁堂股份有限公司 2025 年半年度报告 公司代码：600085 公司简称：同仁堂 北京同仁堂股份有限公司 2025 年半年度报告 1 / 172 北京同仁堂股份有限公司 2025 年半年度报告 重要提示 一、 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，并承担法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张朝华、主管会计工作负责人潘宝侠及会计机构负责人（会计主管人员）王燕 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 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 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在本报告中详细 描述了存在的风险事项，请查阅本报告第三节"管理层讨论 ...

Core Viewpoint - The company is actively transforming the traditional Chinese medicine industry through scientific and standardized practices, showcasing its capabilities in national strategic research and innovation [1][3]. Group 1: Research and Development Initiatives - The company has been approved as the leading unit for a national pharmacopoeia standard research project, focusing on the "Guiding Principles for the Determination of Biological Activity of Traditional Chinese Medicine" [1]. - The project aims to establish a "component-activity-efficacy" evaluation system to enhance quality control in traditional Chinese medicine, addressing common industry challenges [1][3]. - The innovative drug "Qi Shen Granules," a completely new type of traditional Chinese medicine, has successfully completed Phase II clinical production and is intended for chronic heart failure treatment [3]. Group 2: Quality Control and Standards - The company has implemented three new group standards for traditional Chinese medicine traceability in collaboration with the China Traditional Chinese Medicine Association [3]. - The company has achieved CNAS accreditation for its testing centers, indicating compliance with international standards and enhancing its competitive edge in both domestic and international markets [4][7]. - The focus on "zero defect quality management" is reinforced by high-quality inspection levels and ongoing improvements in laboratory standardization [4]. Group 3: Future Directions - The company plans to continue driving high-quality development through a dual-engine strategy of "quality" and "innovation," increasing resource investment to enhance its core competitiveness [7].

同 仁堂集团中药全程质量追溯服务平台 看着电脑端湖南地区一道陡然增长的红线，省区负责人提交发货申请——"长沙周边药店的京制牛黄解 毒片销量近期快速增长，增幅达到两成"。 安宫牛黄丸、六味地黄丸、西黄丸、京制牛黄解毒片、感冒清热颗粒……这是同仁堂科技赢下市场份额 与消费者口碑的"硬通货"。而数据资产也正迅速跃升为企业的核心战略资源与价值增长引擎。 2025年以来，公司深化数智化战略，将数据链深度嵌入从田间到终端的全价值链：药材种植、精益生 产、精准营销……驱动决策智能化，赋能精细化管理，显著提升运营效率与质量管控水平。同仁堂"修 合无人见，存心有天知"的制药古训，正以新的形态延续。 这或许正是传统与现代最理想的相遇：技术没有替代智慧，而是让匠心看得更远。 溯源体系构筑品质壁垒 数据监管赋能种植全链条 在种植环节，企业借助现代溯源技术，围绕药材种植基地建设开展智能化监管，目前企业已经有40余个 中药材品种纳入同仁堂集团搭建的追溯系统，点开查询页面，选择种植基地与种植品种——种植面积、 地块名称、种源信息、施肥与浇水次数、农药与化肥的种类和添加量、采收时间与数量、质检结果、仓 储数据、运输配送数据……甚至连农户的联 ...

非遗技艺在同仁堂集团薪火相传 8月20日，第一届"同仁堂杯"职工职业技能竞赛暨2025年同仁堂集团级非遗传承人选拔赛在北京同仁堂股份公司同仁堂制药厂大兴分厂正式拉开帷幕。首先 开展的是中药理论知识和同仁堂文化理论考试，随后三天，传统制药技艺比赛、中药鉴别比赛等以实操为主、竞争更加激烈的赛事也陆续开展。 实现高质量发展，离不开高技能人才的坚实支撑。党的二十大报告提出"加快建设国家战略人才力量"。中共中央办公厅、国务院办公厅印发的《关于加强新 时代高技能人才队伍建设的意见》中明确，到"十四五"时期末，技能人才规模不断壮大、素质稳步提升、结构持续优化、收入稳定增加，技能人才占就业人 员的比例达到30%以上，高技能人才占技能人才的比例达到1/3。 一直以来，作为大健康产业的重要板块，中医药行业在守正创新、寻求高质量发展的过程中，把培养高技能人才作为重中之重。其中，有着350余年悠久历 史的中医药龙头企业中国北京同仁堂（集团）有限责任公司（以下简称"同仁堂集团"）在此方面进行了诸多广泛而深入的实践。 近日，同仁堂集团举行的一场技能大赛不仅将重视人才、岗位建功的浓厚氛围推向高潮，同时也为职工提供了更好施展才华的舞台和持续 ...

机构：中金公司 研究员：朱言音/夏璐/张琎 1H25 业绩符合我们预期 公司公布2025 年上半年业绩：收入7.62 亿港元，同比+14.6%，归母净利润2.35 亿港元，对应每股盈利 0.28 港元，同比+6.9%，符合我们预期。 发展趋势 香港市场恢复良好增长态势，积极拓展销售渠道。根据公司公告，1H25，公司中国香港市场收入为4.3 亿港币，同比+30.3%，主要由于香港门店增加产品群销售，公司积极进行香港线下门店改造，全方位 换新零售终端风貌。1H25，公司中国内地市场收入为1.2 亿港币，同比+1.4%；公司海外市场收入2.1 亿 港币，同比-2.6%，主要由于汇率等原因。根据公告，公司积极拓展线下和线上销售渠道，与中免国际 签署战略合作探索国际市场发展。此外，公司积极进行包装更新，例如红景天胶囊及蓝莓红景天胶囊， 提升产品市场吸引力。 2025 年上半年，销售费用率同步下降。根据公司公告，2025 年上半年，公司毛利率为60.8%，同比-7.2 个百分点；公司销售费用率为13.5%，同比-5.9 个百分点，主要由于零售终端的相关费用以及营销推广 活动减少；管理费用率为11.6%，同比+0.4 个百 ...

Core Viewpoint - Tongrentang Technology is focusing on a large variety cluster strategy to drive high-quality growth in the traditional Chinese medicine industry, particularly in high-growth areas such as respiratory, cardiovascular, and tonic products by leveraging core products and refined channel management [1][3]. Group 1: Market Focus and Product Strategy - The domestic traditional Chinese medicine market is concentrated, with over 60% of the market share held by five major categories: respiratory medications (22.3%), cardiovascular medications (18.1%), digestive medications (15.7%), tonic medications (14.5%), and exclusive specialty medications (9.4%) [3]. - Tongrentang Technology is developing a product matrix that includes core products such as the Six Flavor Rehmannia Pill series, Kidney Qi Pill series, Xihuang Pill, and Jingzhi Niuhuang Jiedu Pian, achieving significant sales growth: 48% for Six Flavor Rehmannia Pill series, 20% for Kidney Qi Pill series, and 4% for Jingzhi Niuhuang Jiedu Pian compared to the same period last year [3][5]. - The company is breaking away from reliance on single blockbuster products by constructing a six-dimensional growth engine that targets specific user groups and channels, allowing over 200 traditional Chinese medicine products to find their effective market segments [5][7]. Group 2: Sales Performance and Marketing Strategies - In the first half of the year, Tongrentang Technology achieved sales exceeding 100 million RMB for four products, with 28 products generating sales between 10 million and 100 million RMB, and 10 products between 5 million and 10 million RMB, establishing a robust growth moat [7]. - The company is implementing differentiated marketing strategies for its "mid-line product group," which includes 35 products with broad market potential, and is focusing on optimizing terminal control and enhancing channel capabilities for its "royal medicine products" [7][8]. - The sales of health products, particularly the Ejiao cake, have seen a remarkable increase of 286% year-on-year, indicating successful expansion in the health sector [7]. Group 3: Future Plans and Product Development - In the second half of the year, Tongrentang Technology plans to continue precise strategies around its product matrix to enhance operational quality, with increased investments in commercial channels for core products like Jingzhi Niuhuang Jiedu Pian and Xihuang Pill [8]. - The company aims to define product positioning and target demographics for high-potential products like "Royal Medicine 300 Years," focusing on sustainable development and activating growth engines [8].

面对市场日益激烈的竞争态势，2025年上半年，北京同仁堂科技发展股份有限公司（以下简称"同仁堂 科技"）深化营销体系改革，以"六控"重塑渠道架构，提升营销动能与产品获利能力，构建起了抵御市 场波动的韧性屏障。 渠道"六控"：优质供给匹配高效流通 零售终端同质化厮杀，同仁堂科技将营销渠道的深化变革定为破局核心。开年伊始，企业提出了以控渠 道、控终端等六项内容在内的针对性措施。 技梳理渠道资源，提升营销动能 图说：同仁堂科 而对于这些改革措施，感触最深的恐怕莫过于各级经销商。同仁堂科技以开发能力、管控水平、区位优 势三维指标重构合作体系，筛选优质经销商作为开拓市场的"尖兵"，全面整合经销商渠道效能。 针对核心一级商与重点终端连锁客户，企业一方面在品种供应上予以优先保障，在营销资源和政策上给 予重点倾斜，确保合作伙伴的获利能力。与此同时，持续强化经销商动态管理机制，通过数据直连体 系，加大对品种流向、流速等关键指标的实时监控，建立常态化监督与动态化考核体系，严格规范渠道 准入与退出机制，确保经销商队伍的质量与活力。 终端突围构筑渠道壁垒 在医保政策调整、药店分级分类管理持续深化的背景下，终端市场已成为企业竞争的"红 ...

其他情况 根据公司公告，2025年上半年，公司毛利率为60.8%，同比-7.2个百分点；公司销售费用率为13.5%，同比-5.9个百分点，主要由于零售终端的相关费用以及营销推广活动减少；管理费用率为 责任编辑：史丽君 根据公司公告，2025年上半年，公司应付账款周转天数同比下降37天至35天；公司积极宣传同仁堂中医药产品和文化，积极投身各项中医药文化推广活动中去。该行认为，公司有望通过深化研 中金发布研报称，考虑同仁堂国药（03613）下半年费用投入，维持跑赢行业评级，考虑到公司积极拓展线上与线下销售渠道，持续丰富销售网络布局，该行维持目标价10.50港币，对应2025 中金主要观点如下： 香港市场恢复良好增长态势，积极拓展销售渠道 根据公司公告，1H25，公司中国香港市场收入为4.3亿港币，同比+30.3%，主要由于香港门店增加产品群销售，公司积极进行香港线下门店改造，全方位换新零售终端风貌。1H25，公司中国内 2025年上半年，销售费用率同步下降 ...

Core Insights - The core viewpoint of the articles highlights the impressive sales performance of Tongrentang Technology's product cluster, particularly the Liuwei Dihuang Wan, which saw a sales revenue increase of approximately 47.99% year-on-year [1][3]. Group 1: Sales Performance - Liuwei Dihuang Wan leads the urinary and kidney supplement product cluster, driving significant sales growth for related products such as Jinkui Shenqi Wan (19.55% increase) and others achieving double-digit growth [1][3]. - The market demand for these products is fueled by lifestyle changes leading to increased issues related to kidney deficiency, as well as a growing elderly population experiencing related symptoms [3]. Group 2: Product Characteristics - Liuwei Dihuang Wan's formulation is based on the work of Song Dynasty physician Qian Yi, featuring a balanced combination of six key herbs that work synergistically [3]. - The unique formulation, high-quality ingredients, and advanced manufacturing techniques of Tongrentang provide strong support for the effectiveness of these products [3]. Group 3: Marketing and Distribution Strategy - Tongrentang Technology has implemented targeted marketing strategies and operational policies to enhance product visibility in the market, focusing on community engagement through initiatives like the "flag-planting action" [4]. - The company has expanded its market coverage to 31 provinces, reaching nearly 3,000 retail chains [4]. - A differentiated promotional strategy has been developed for products like Liuwei Dihuang Wan, utilizing popular social media platforms to engage younger consumers and achieve significant market share growth [6]. Group 4: Future Plans - In the second half of the year, Tongrentang Technology plans to continue strengthening its product cultivation and precise strategies for building its major product cluster matrix, aiming for high-quality growth in performance [6].

中金发布研报称，考虑同仁堂（600085）国药(03613)下半年费用投入，维持跑赢行业评级，考虑到公 司积极拓展线上与线下销售渠道，持续丰富销售网络布局，该行维持目标价10.50港币，对应2025 年/2026年16.4倍/14.9倍P/E，较当前股价有10.3%的上行空间。公司公布2025年上半年业绩：收入7.62亿 港元，同比+14.6%，归母净利润2.35亿港元，对应每股盈利0.28港元，同比+6.9%，符合该行预期。 中金主要观点如下： 香港市场恢复良好增长态势，积极拓展销售渠道 根据公司公告，1H25，公司中国香港市场收入为4.3亿港币，同比+30.3%，主要由于香港门店增加产品 群销售，公司积极进行香港线下门店改造，全方位换新零售终端风貌。1H25，公司中国内地市场收入 为1.2亿港币，同比+1.4%，海外市场收入2.1亿港币。根据公告，公司积极拓展线下和线上销售渠道， 与中免国际签署战略合作探索国际市场发展。此外，公司积极进行包装更新，例如红景天胶囊及蓝莓红 景天胶囊，提升产品市场吸引力。 2025年上半年，销售费用率同步下降 根据公司公告，2025年上半年，公司毛利率为60.8%，同比-7. ...