浙江医药股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 投资者可于 2025 年 9 月 12 日(星期五)至 9 月 18 日(星期四)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 board@zmc-china.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 浙江医药股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 经营成果、财务状况，公司计划于 2025 年 9 月 19 日（星期五）9:30-10:30 举 行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 证券代码：600216 证券简称：浙江医药 公告编号：2025-036 公司董事、总裁王红卫先生，独立董事裘益政先生，财务总监李齐融女士， 董事会秘书邵旻之先生。 一、说明会类型 本次投资者说明会以视频结合网 ...

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 芬太尼 | 0.65 | 兵装重组概念 | -7.44 | | BC电池 | 0.39 | 国产航母 | -5.45 | | 青蒿素 | 0.17 | 军工信息化 | -4.97 | | 光刻胶 | 0.10 | 成飞概念 | -4.76 | | 重组蛋白 | 0.03 | 军民融合 | -4.67 | | 石墨电极 | 0.02 | 大飞机 | -4.10 | | HJT电池 | -0.23 | 中船系 | -4.07 | | 光刻机 | -0.25 | 航空发动机 | -3.87 | | 减肥药 | -0.27 | 商业航天 | -3.71 | | 创新药 | -0.43 | 卫星导航 | -3.59 | 资金面上看，今日青蒿素概念板块获主力资金净流出0.58亿元，其中，3股获主力资金净流入，净流入 资金居首的是百花医药，今日主力资金净流入1.09亿元，净流入资金居前的还有华润双鹤、浙江医药 等，主力资金分别净流入1416.28万元、579.44万元。 （原标题：青蒿素概念涨0.17 ...

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [5][19]. Core Views - The company's profitability has significantly increased year-on-year, with a notable rise in net profit driven by the life nutrition products segment [2][11]. - The vitamin industry is expected to continue its upward trend, benefiting from increased market demand and price fluctuations [4][11]. - The company is implementing cost reduction and efficiency improvement measures across its two main segments to enhance competitiveness and support future growth [10][11]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 4.323 billion, a decrease of 1.87% year-on-year, while net profit increased by 113.52% to 673 million [1][2]. - The overall gross margin for the first half of 2025 was 39.82%, an increase of 4.43 percentage points compared to the same period in 2024 [2]. - The life nutrition products segment generated a revenue of 2.034 billion, a slight increase of 0.58% year-on-year, with a gross margin of 54.95%, up 15.41 percentage points [4][10]. Cash Flow and Financial Ratios - The net cash flow from operating activities for the first half of 2025 was 798 million, a significant increase of 281.20% year-on-year [3]. - The company’s cash and cash equivalents at the end of the period stood at 2.709 billion, an increase of 84.43% year-on-year [3]. - The projected earnings per share (EPS) for 2025 is 1.16, with corresponding P/E ratios of 13.5, 9.9, and 9.2 for the years 2025, 2026, and 2027 respectively [11].

Summary of Zhejiang Medicine Co. Ltd. Conference Call Company Overview - **Company**: Zhejiang Medicine Co. Ltd. - **Industry**: China Healthcare - **Ticker**: 600216.SS - **Market Cap**: Rmb15,078.5 million - **Current Share Price**: Rmb15.68 (as of August 27, 2025) - **Price Target**: Rmb18.00, representing a 15% upside potential Key Financial Highlights - **1H25 Revenue**: Rmb4,323 million, a decrease of 1.9% YoY - **1H25 Earnings**: Rmb673 million, an increase of 113.5% YoY - **2Q25 Revenue**: Rmb2,067 million, a decrease of 4.1% YoY - **2Q25 Earnings**: Rmb264 million, an increase of 28.5% YoY - **Nutrition Segment Revenue**: Increased by 0.6% YoY, with gross margin expanding by 15.4 percentage points to 55.0% [9][2][3] - **Formulations Segment Revenue**: Declined by 5.2% YoY to Rmb2,223 million, with gross margin contracting by 5.8 percentage points to 26.6% [3] Industry Dynamics - **Vitamin Prices**: The company continues to benefit from elevated vitamin prices due to a global supply disruption caused by a fire at BASF's Ludwigshafen plant in July 2024. This incident led to a significant increase in Chinese export prices for vitamins A and E, which rose by 9% and 76% YoY, respectively [2][9]. - **Export Tonnage**: Despite the price increases, export tonnage for vitamins A and E declined by 5% and 16% YoY, indicating potential supply chain challenges [2]. Risks and Opportunities - **Upside Risks**: - Prolonged global supply shortages could continue to benefit the company - Strong clinical data from oncology biologics and new product launches, such as next-generation antibiotics [11]. - **Downside Risks**: - Full resumption of European supply for vitamins could lead to price competition - Price cuts on antibiotics in China by the government could impact margins [11]. Valuation Metrics - **P/E Ratio**: Expected to be 13.1 for FY25 - **P/BV Ratio**: 1.4 - **ROE**: 12.1% for FY25 - **EV/EBITDA**: 6.5 for FY25 - **Free Cash Flow Yield**: 5.6% for FY25 [6]. Conclusion Zhejiang Medicine Co. Ltd. is navigating a complex landscape characterized by fluctuating vitamin prices and supply chain disruptions. While the company has shown strong earnings growth, particularly in its nutrition segment, it faces challenges in its formulations segment. The outlook remains cautiously optimistic, with potential upside from ongoing supply shortages and new product developments, but risks from competitive pricing and regulatory changes persist.

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but a significant increase in net profit, indicating strong operational efficiency despite market challenges [4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 4.32 billion yuan, a year-on-year decrease of 1.9%, while net profit attributable to shareholders reached 673 million yuan, a year-on-year increase of 113.5% [4]. - In Q2 2025, the company recorded revenue of 2.07 billion yuan, down 4.1% year-on-year and 8.3% quarter-on-quarter, with net profit of 264 million yuan, up 28.5% year-on-year but down 35.4% quarter-on-quarter [4]. Group 2: Product Pricing and Market Conditions - Vitamin prices remained high, contributing to a significant year-on-year increase in Q2 performance, despite a quarter-on-quarter decline [5]. - In Q2 2025, the average market price for domestic Vitamin A was 75 yuan/kg (down 14% year-on-year, down 38% quarter-on-quarter), Vitamin E was 107 yuan/kg (up 53% year-on-year, down 21% quarter-on-quarter), and biotin was 33.5 yuan/kg (down 7% year-on-year, down 3% quarter-on-quarter) [5]. Group 3: Research and Development Initiatives - The company has been increasing its investment in R&D, with expenditures of 749 million yuan in 2024 and 314 million yuan in H1 2025 [6]. - New product approvals include the injectable Daptomycin and the successful completion of facility inspections by the FDA, indicating a robust pipeline for future growth in the pharmaceutical sector [6]. - The company is actively expanding its pharmaceutical business through new product development and regulatory approvals, enhancing future profitability [6].

Financial Performance - Zhejiang Medicine reported total revenue of 4.323 billion yuan for the first half of 2025, a decrease of 1.87% year-on-year [1] - The net profit attributable to shareholders reached 673 million yuan, an increase of 113.52% year-on-year [1] - The gross profit margin improved to 39.82%, up 12.5% year-on-year, while the net profit margin increased to 14.45%, up 149.25% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 557 million yuan, accounting for 12.88% of revenue, a decrease of 24.4% year-on-year [1] - The company reported a significant increase in operating cash flow per share to 0.83 yuan, up 281.2% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 84.42% to 2.709 billion yuan due to higher sales collections [1] - Accounts receivable rose by 13.57% to 1.585 billion yuan, indicating a potential concern regarding receivables management [1] - The company’s total liabilities increased by 13% to 905.1 million yuan [1] Investment and Returns - The return on invested capital (ROIC) for the previous year was 9.14%, indicating average capital returns [8] - The average earnings per share (EPS) forecast for 2025 is 1.14 yuan, with analysts expecting a net profit of 1.092 billion yuan [8] Shareholder Information - Several funds have newly entered the top ten shareholders of Zhejiang Medicine, indicating growing interest from institutional investors [9]

Core Insights - Zhejiang Pharmaceutical (600216.SH) reported a total operating revenue of 4.323 billion yuan, ranking 13th among disclosed peers [1] - The net profit attributable to shareholders reached 673 million yuan, ranking 7th among disclosed peers, with a year-on-year increase of 358 million yuan, representing a 113.52% growth compared to the same period last year [1] - The net cash inflow from operating activities was 798 million yuan, ranking 6th among disclosed peers, with a year-on-year increase of 589 million yuan, reflecting a 281.20% growth compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 19.80%, ranking 31st among disclosed peers, a decrease of 0.65 percentage points compared to the same period last year [3] - The latest gross profit margin is 39.82%, an increase of 4.42 percentage points year-on-year, marking two consecutive years of growth [3] - The latest return on equity (ROE) is 6.00%, ranking 20th among disclosed peers, with an increase of 2.83 percentage points compared to the same period last year [3] Earnings Per Share and Turnover - The diluted earnings per share (EPS) is 0.70 yuan, ranking 11th among disclosed peers, with an increase of 0.37 yuan year-on-year, representing a 112.12% growth compared to the same period last year [3] - The latest total asset turnover ratio is 0.31 times, ranking 14th among disclosed peers [3] - The latest inventory turnover ratio is 1.20 times, ranking 39th among disclosed peers [3] Shareholder Structure - The number of shareholders is 65,500, with the top ten shareholders holding 489 million shares, accounting for 50.88% of the total share capital [3] - The largest shareholder is Xinchang Changxin Investment Development Co., Ltd., holding 21.65% of the shares [3] - Other significant shareholders include Guotou High-tech Investment Co., Ltd. (15.61%) and Hong Kong Central Clearing Limited (7.41%) [3]

公募基金方面，本期较上一期持股增加的公募基金共计1个，即南方中证1000ETF，持股增加占比达 0.12%。本期较上一季度持股减少的公募基金共计1个，即创新药，持股减少占比达0.22%。本期较上一 季度新披露的公募基金共计2个，包括南华丰睿量化选股混合A、南华丰元量化选股混合A。本期较上一 季未再披露的公募基金共计16个，主要包括招商量化精选股票发起式A、招商中证1000指数增强A、嘉 实沪深300指数研究增强A、西部利得中证1000指数增强A、招商中证1000增强策略ETF等。 2025年8月26日，浙江医药(600216.SH)发布2025年半年度报告。截至2025年8月25日，共有12个机构投 资者披露持有浙江医药A股股份，合计持股量达4.60亿股，占浙江医药总股本的47.89%。其中，前十大 机构投资者包括新昌县昌欣投资发展有限公司、国投高科技投资有限公司、香港中央结算有限公司、仙 居县产业投资发展集团有限公司、上海银行股份有限公司-银华中证创新药产业交易型开放式指数证券 投资基金、招商银行股份有限公司-南方中证1000交易型开放式指数证券投资基金、中欧价值精选混合 A、长信医疗保健混合(LOF)A、 ...

Core Viewpoint - Zhejiang Medicine's 1H25 performance met market expectations, with a revenue of 4.323 billion yuan, a year-on-year decrease of 1.87%, and a net profit attributable to shareholders of 673 million yuan, corresponding to an earnings per share of 0.70 yuan, reflecting a year-on-year increase of 113.5% [1] Financial Performance - In 1H25, the life nutrition products segment generated revenue of 2.034 billion yuan, a year-on-year increase of 0.58%, with a gross margin increase of 15.41 percentage points to 54.95% [1] - The pharmaceutical segment reported revenue of 2.223 billion yuan, a year-on-year decline of 5.2%, with a gross margin decrease of 5.8 percentage points to 26.58% [1] - In 2Q25, revenue was 2.067 billion yuan, with year-on-year and quarter-on-quarter declines of 4.1% and 8.3%, respectively; net profit attributable to shareholders was 264 million yuan, with year-on-year growth of 28.5% but a quarter-on-quarter decline of 35.4% [1][2] Market Trends - Prices of vitamins A and E are gradually returning to normal levels, with recent market prices at 64 yuan/kg and 66 yuan/kg, significantly lower than the peak prices in 3Q24; average prices in 2Q25 were 73.7 yuan/kg and 104.4 yuan/kg, reflecting quarter-on-quarter declines of 34% and 23% [3] - The pharmaceutical manufacturing segment is actively addressing sales pressure and rising cost risks, with subsidiaries focusing on product quality improvement, cost reduction, and R&D advancements [3] Profit Forecast and Valuation - The profit forecast for 2025/26 remains unchanged, with the current stock price corresponding to a price-to-earnings ratio of 14.4/14.3x; the target price has been raised by 12% to 18.5 yuan, indicating a 13% upside potential [4]

Group 1 - Shangrong Medical has decided to terminate its "High-end Medical Consumables Industrialization Project" and will use the remaining raised funds, estimated at 360 million yuan, to permanently supplement working capital, pending shareholder approval [1] - The termination of the project highlights previous strategic missteps, and the company needs to accurately position itself and explore new business opportunities to avoid continued weak performance [1] Group 2 - Zhejiang Medicine reported a net profit of approximately 670 million yuan for the first half of 2025, a year-on-year increase of 113.5%, despite a slight revenue decline of 1.9% to about 4.32 billion yuan [2] - The significant profit increase is attributed to rising demand and prices in the life nutrition product segment, but the company needs to address the revenue decline and progress in innovative drug development to maintain growth [2] Group 3 - Shutaishen reported a revenue decline of 31% to 126 million yuan for the first half of 2025, with a net loss of 24.64 million yuan, worsening from a loss of 342,000 yuan in the same period last year [3] - The revenue drop and increased losses are primarily due to the impact of centralized procurement, medical insurance policies, and market competition on core products, with reduced R&D investment and no commercialization of innovative drugs [3] Group 4 - Huaxia Eye Hospital achieved a net profit of 280 million yuan in the first half of 2025, a year-on-year growth of 6.2%, with total revenue of 2.139 billion yuan, up 4.3% [4] - The growth in revenue and profit is driven by strong performance in refractive and posterior segment projects, although cataract project revenue has declined; the company shows resilience and potential for steady development through increased R&D investment [4]