Core Insights - The company reported a revenue of 2,099,205,515.81 yuan for the first half of 2025, reflecting a year-on-year growth of 10.14% [2] - The net profit attributable to shareholders reached 474,385,806.53 yuan, marking a year-on-year increase of 14.85% [2] Financial Performance - Revenue for the first half of 2025: 2,099.21 million yuan, up 10.14% compared to the previous year [2] - Net profit for the same period: 474.39 million yuan, an increase of 14.85% year-on-year [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a revenue of 2.099 billion yuan in H1 2025, representing a year-on-year increase of 10.14%. The net profit attributable to the parent company was 474 million yuan, up 14.85% year-on-year [3][4] - The acquisition of 90% of Yingu Pharmaceutical is expected to enhance the company's competitiveness and create a second growth curve, contributing 99 million yuan in revenue and 13 million yuan in net profit post-acquisition [4][5] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 831 million yuan, 955 million yuan, and 1.069 billion yuan respectively, with corresponding EPS of 1.47 yuan, 1.68 yuan, and 1.89 yuan [3][7] Financial Performance Summary - In H1 2025, the gross margin was 81.33%, an increase of 5.29 percentage points, while the net margin was 22.67%, up 0.99 percentage points [3] - The company’s revenue is projected to grow from 3.311 billion yuan in 2023 to 5.079 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.8% [7][9] - The projected P/E ratios for 2025, 2026, and 2027 are 15.8, 13.8, and 12.3 respectively, indicating a favorable valuation trend [7][9]

Group 1 - The core viewpoint of the report is that Guojin Securities has given a "buy" rating to Lingrui Pharmaceutical (600285.SH, latest price: 23.25 yuan) [2] - The acquisition of Yingu Pharmaceutical is expected to empower the long-term development of Lingrui Pharmaceutical [2] - The new indication for the phenyl ring quaternary ammonium nasal spray is anticipated to enhance sales potential [2]

据Wind数据统计显示，8月20日，养老金现身9只个股前十大流通股东，合计持股1.09亿股，合计持股市 值达19.92亿元。海油发展、蓝晓科技、华峰铝业持股数量居前，养老金分别持有0.52亿股、0.21亿股、 0.10亿股。从养老金持股市值来看，蓝晓科技、海油发展、羚锐制药排名居前，持股市值分别为10.46亿 元、2.13亿元、1.97亿元。 (本文来自第一财经) 截至8月20日，养老金二季度共现身32只个股前十大流通股东，合计持股2.86亿股，合计持股市值达68.9 亿元。其中，6只个股持股数量超千万，海油发展、宏发股份、深圳机场持股数量居前，养老金分别持 有0.52亿股、0.28亿股、0.24亿股。从养老金持股行业分布来看，主要集中在化工、机械、电气设备， 分别有4只、3只、3只。 ...

（文章来源：每日经济新闻） 羚锐制药（SH 600285，收盘价：23.17元）8月19日晚间发布半年度业绩报告称，2025年上半年营业收 入约20.99亿元，同比增加10.14%；归属于上市公司股东的净利润约4.74亿元，同比增加14.85%；基本 每股收益0.836元，同比增加14.21%。 ...

Section 1: Important Notes - The semi-annual report summary is derived from the full semi-annual report, and investors are encouraged to read the complete report for a comprehensive understanding of the company's operational results, financial status, and future development plans [1][1][1] - The company's board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, and they bear individual and joint legal responsibility for any false records, misleading statements, or significant omissions [1][1][1] - All directors attended the board meeting [1] - The semi-annual report has not been audited [1] - There are no profit distribution plans or capital reserve conversion plans approved by the board during the reporting period [1] Section 2: Company Overview - Company profile and basic information are provided [2][2] - Key financial data is presented in RMB [2][2] - The top 10 shareholders' shareholding situation is detailed [2][2] - There are no applicable details regarding preferred shareholders or changes in controlling shareholders [2][2] - There are no applicable details regarding the existence of bonds as of the report approval date [2][2] Section 3: Important Matters - The company is required to disclose significant changes in operational conditions during the reporting period, as well as any matters that have had or are expected to have a significant impact on the company's operations [3][3]

瑞财经 刘治颖 8月19日，羚锐制药(SH600285)发布2025年半年度报告，营收净利双增。 报告期内，羚锐制药实现营业收入20.99亿元，较上年同期增长10.14%；归属于上市公司股东的净利润4.74亿元，较上年同期增长14.85%。 据瑞财社查阅，羚锐制药董事长、总经理熊伟是一名80后，年薪百万。 熊伟，男，1984年12月生，EMBA，曾任上海复星医药产业发展有限公司市场营销部总经理助理，河南羚锐制药股份有限公司市场部总监、贴膏 剂销售部副总经理、副总经理等职。现任羚锐制药董事长、总经理。 东方财富数据显示，2020年至2024年，熊伟薪酬分别为160.2万元、177.2万元、177.3万元、180.5万元、183.5万元。 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 2024-12-31 | | | --- | --- | --- | --- | --- | | ■ 熊伟 160.2万 | 177.2万 | 177.3万 | 180.5万 | 183.5万 | | 行业平均 73.17万 | 83.81万 | 97.35万 | 119.3 ...

8月19日，羚锐制药公告，2025年上半年营业收入20.99亿元，同比增长10.14%，归母净利润4.74亿元， 同比增长14.85%。基本每股收益0.836元／股，同比增长14.21%。 （文章来源：新京报） ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides basic information about Henan Lingrui Pharmaceutical Co, Ltd, including its name, legal representative, contact details, and stock information - The company's basic information includes its name, legal representative, address, and stock code (600285.SH)[13](index=13&type=chunk)[14](index=14&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved steady performance growth, with notable increases in revenue, net profit, and operating cash flow during the reporting period Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2,099,205,515.81 RMB | 1,906,007,173.30 RMB | 10.14% | | **Net Profit Attributable to Shareholders** | 474,385,806.53 RMB | 413,032,842.54 RMB | 14.85% | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items)** | 442,499,140.75 RMB | 394,092,027.35 RMB | 12.28% | | **Net Cash Flow from Operating Activities** | 355,587,506.75 RMB | 290,599,216.93 RMB | 22.36% | | **Total Assets (Period-end)** | 5,572,227,469.60 RMB | 5,016,843,207.73 RMB | 11.07% | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (RMB/Share)** | 0.836 | 0.732 | 14.21% | | **Diluted Earnings Per Share (RMB/Share)** | 0.834 | 0.728 | 14.56% | | **Weighted Average Return on Equity (%)** | 14.65% | 13.89% | Increase of 0.76 ppt | [Non-recurring Profit and Loss Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled RMB 31.89 million, primarily from investment gains, government grants, and asset disposals - Non-recurring profit and loss for the period totaled **RMB 31.89 million**, mainly from entrusted investment gains, government grants, and asset disposals[24](index=24&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Industry and Core Business](index=7&type=section&id=I.%20Industry%20and%20Core%20Business%20during%20the%20Reporting%20Period) The company operates in the pharmaceutical manufacturing industry, focusing on health consumer goods and prescription drugs for chronic diseases - The company operates in the pharmaceutical manufacturing sector, focusing on two main areas: **health consumer goods** (orthopedics, pediatrics) and **prescription drugs** (cardiovascular, allergic rhinitis)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - The company possesses a diverse product portfolio, including exclusive products like Tongluo Qutong Plaster and Peiyuan Tongnao Capsules, and market-leading products like the "Two Tigers" series[29](index=29&type=chunk)[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) The company achieved steady growth in H1 2025, driven by innovation, digital transformation, and the successful acquisition of Yingu Pharmaceutical - The company strengthened R&D innovation through internal efforts and collaborations, with its Class 1 innovative drug, Benhuanquinium Bromide Nasal Spray, receiving approval for a new indication for the common cold[38](index=38&type=chunk) - The company advanced intelligent manufacturing and digital transformation, enhancing operational efficiency through production line upgrades, smart warehousing, and integrated information systems[40](index=40&type=chunk)[41](index=41&type=chunk) - The company completed the acquisition of a **90% stake in Yingu Pharmaceutical**, establishing a second growth curve; Yingu contributed **RMB 98.78 million in revenue** and **RMB 13.23 million in net profit** during the period[44](index=44&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=III.%20Core%20Competitiveness%20Analysis%20during%20the%20Reporting%20Period) The company's core competitiveness is built on its advantages in products, branding, marketing, and intelligent manufacturing - **Product Advantage**: The company has over 100 products in more than ten dosage forms, with exclusive national medical insurance products like Tongluo Qutong Plaster and Peiyuan Tongnao Capsules holding leading market positions[45](index=45&type=chunk) - **Brand Advantage**: The company employs a "1+N" brand strategy, with the core "Lingrui®" brand supported by sub-brands like "Two Tigers®" and "Little Antelope®" to enhance brand influence[46](index=46&type=chunk)[47](index=47&type=chunk) - **Marketing Advantage**: A nationwide marketing network covers OTC, primary care, and clinical channels, enhanced by a developing digital marketing system to improve channel efficiency[47](index=47&type=chunk) - **Intelligent Manufacturing Advantage**: The company leads with the integration of intelligence and industrialization, achieving full-process automated control and earning national recognition as a "Smart Manufacturing Demonstration Factory"[48](index=48&type=chunk) [Analysis of Key Operations](index=15&type=section&id=IV.%20Key%20Operations%20during%20the%20Reporting%20Period) Operating expenses increased significantly due to market expansion and R&D investment, while the acquisition of Yingu Pharmaceutical impacted the balance sheet [Analysis of Changes in Financial Statement Items](index=15&type=section&id=1.%20Analysis%20of%20Changes%20in%20Financial%20Statement%20Items) Selling, general & administrative, and R&D expenses all saw double-digit growth, reflecting increased investment in market expansion, integration, and innovation Changes in Key Financial Statement Items | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **Selling Expenses** | 994,497,354.35 | 854,905,590.92 | 16.33% | | **General & Administrative Expenses** | 106,577,838.90 | 83,629,248.98 | 27.44% | | **R&D Expenses** | 63,060,862.63 | 47,189,927.33 | 33.63% | | **Net Cash Flow from Investing Activities** | -928,658,991.26 | -609,063,902.67 | N/A | [Analysis of Assets and Liabilities](index=16&type=section&id=1.%20Assets%20and%20Liabilities) Total assets grew 11.07%, driven by the acquisition of Yingu Pharmaceutical, which increased goodwill and intangible assets while decreasing cash reserves - **Cash and cash equivalents** at period-end were **RMB 532 million**, a **decrease of 56.66%** from the beginning of the period, primarily due to the payment for the acquisition of Yingu Pharmaceutical[52](index=52&type=chunk) - **Goodwill** at period-end was **RMB 482 million**, generated from the acquisition of Yingu Pharmaceutical during the period[52](index=52&type=chunk) - **Short-term borrowings** at period-end were **RMB 457 million**, a significant **increase of 1272.41%** from the beginning of the period, mainly due to an increase in discounted notes payable[52](index=52&type=chunk) [Investment Analysis](index=17&type=section&id=1.%20Overall%20Analysis%20of%20External%20Equity%20Investments) The company's primary investment was the acquisition of a 90% stake in Yingu Pharmaceutical for RMB 703.91 million using its own funds - During the reporting period, the company acquired a **90% equity stake in Yingu Pharmaceutical for RMB 704 million** in a major equity investment that has been completed[56](index=56&type=chunk)[58](index=58&type=chunk) - The company participated as a limited partner in two private equity funds, subscribing to Zhuhai Jinyiming Equity Investment Fund (RMB 100 million contributed) and Xiamen Jinyixing Equity Investment Fund (RMB 50 million contributed)[60](index=60&type=chunk) [Risk Analysis](index=21&type=section&id=(I)%20Potential%20Risks) The company faces risks from policy changes, quality control, raw material price volatility, and the inherent uncertainties of R&D - **Policy Risks**: Ongoing healthcare reforms, including centralized procurement and medical insurance payment reforms, pose higher requirements for the company's business model and management[66](index=66&type=chunk) - **Raw Material Price Fluctuation Risk**: The prices of traditional Chinese medicinal materials are subject to factors like industrial policies, natural conditions, and market supply and demand, which could impact operating costs[67](index=67&type=chunk) - **R&D and Innovation Risk**: New drug development is characterized by high investment, high risk, and long cycles, and is subject to uncertainties in technology, approval, and policy[67](index=67&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Mr Wu Xizhen stepped down as Deputy General Manager due to a work arrangement but remains a director and a member of the nomination committee - Due to a work arrangement, **Mr Wu Xizhen resigned from the position of Deputy General Manager** but will continue to serve in his roles on the Board of Directors[71](index=71&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=23&type=section&id=III.%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company launched new restricted stock and employee stock ownership plans in 2024, while the 2021 plan was completed and terminated - **2024 Restricted Stock Incentive Plan**: **1.25 million shares were granted to 9 participants**, with the grant registration completed in January 2025[74](index=74&type=chunk)[75](index=75&type=chunk) - **2024 Employee Stock Ownership Plan**: **189 employees participated**, subscribing to **1,956,325 shares**, with the transfer completed in January 2025[76](index=76&type=chunk) - **2021 Employee Stock Ownership Plan**: All shares held under this plan have been sold, and the plan has been terminated[76](index=76&type=chunk) [Significant Matters](index=25&type=section&id=Section%205%20Significant%20Matters) [Material Related-Party Transactions](index=26&type=section&id=X.%20Material%20Related-Party%20Transactions) The company's related-party purchases in the first half of the year amounted to RMB 5.75 million, against an annual forecast of RMB 22.5 million Related-Party Transactions (H1 2025) | Transaction Type | Related Party | Amount (RMB) | | :--- | :--- | :--- | | Purchase of Goods | Henan Lvda Camellia Oil Co, Ltd | 3,702,600 | | Purchase of Goods | Xinyang Daqi Tea Co, Ltd | 506,700 | | Purchase of Goods | Beijing Lingrui Health Materials Co, Ltd | 1,543,700 | [Share Capital Changes and Shareholder Information](index=29&type=section&id=Section%206%20Share%20Capital%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=29&type=section&id=I.%20Changes%20in%20Share%20Capital) Total share capital remained unchanged, but the implementation of a new equity incentive plan increased the number of restricted shares by 1.25 million - Due to the implementation of an equity incentive plan, the company **added 1.25 million restricted shares**, while the total share capital remained unchanged[87](index=87&type=chunk)[88](index=88&type=chunk) [Shareholder Information](index=30&type=section&id=(II)%20Top%20Ten%20Shareholders%20and%20Top%20Ten%20Holders%20of%20Unrestricted%20Shares%20at%20the%20End%20of%20the%20Reporting%20Period) The company had 33,843 shareholders, with Henan Lingrui Group Co, Ltd as the largest shareholder and a diversified institutional investor base - As of the end of the reporting period, the total number of shareholders was **33,843**[92](index=92&type=chunk) Top 5 Shareholders | Shareholder Name | Shares Held at Period-end | Ownership (%) | | :--- | :--- | :--- | | Henan Lingrui Group Co, Ltd | 121,817,898 | 21.48 | | New China Life Insurance Co, Ltd - Traditional - General Insurance Product | 10,169,577 | 1.79 | | Hong Kong Securities Clearing Company Ltd | 9,828,567 | 1.73 | | Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Advantage Selected Flexible Allocation Mixed Fund | 8,692,190 | 1.53 | | Basic Pension Insurance Fund Portfolio 15022 | 8,680,484 | 1.53 | [Bond-related Matters](index=33&type=section&id=Section%207%20Bond-related%20Matters) [Corporate Bonds](index=33&type=section&id=I.%20Corporate%20Bonds%20(including%20Enterprise%20Bonds)%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible bonds - The company has **no outstanding corporate bonds**, enterprise bonds, non-financial enterprise debt financing instruments, or convertible bonds[102](index=102&type=chunk) [Financial Report](index=34&type=section&id=Section%208%20Financial%20Report) [Financial Statements](index=34&type=section&id=II.%20Financial%20Statements) This section presents the unaudited consolidated and parent company financial statements for the first half of 2025 [Company Profile and Basis of Financial Statement Preparation](index=54&type=section&id=III.%20Company%20Profile) The financial statements are prepared on a going concern basis, with the RMB as the functional currency and a calendar year-end - The company was established through the restructuring of Henan Lingrui Pharmaceutical Co, Ltd and was listed on the Shanghai Stock Exchange on October 18, 2000; the ultimate controlling person is Mr Xiong Wei[136](index=136&type=chunk) - The financial statements are prepared on a **going concern basis**, with no significant uncertainties identified regarding the company's ability to continue as a going concern[137](index=137&type=chunk)[138](index=138&type=chunk) [Significant Accounting Policies and Estimates](index=54&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section outlines the key accounting policies and estimates used, covering areas such as revenue recognition, financial instruments, and R&D expenses - Financial instruments are classified into three categories based on business models and cash flow characteristics, with an **expected credit loss model** applied for impairment[169](index=169&type=chunk)[184](index=184&type=chunk) - **Revenue is recognized** when the customer obtains control of the related goods or services, in accordance with the new revenue standards[262](index=262&type=chunk) - **R&D expenditures** are distinguished between research and development phases, with development-phase expenses capitalized as intangible assets if criteria are met[240](index=240&type=chunk)[241](index=241&type=chunk) [Notes to Consolidated Financial Statement Items](index=89&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed breakdowns and explanations for major items on the consolidated financial statements, including assets, liabilities, and equity - **Cash and cash equivalents** at period-end were **RMB 532 million**, a **decrease of 56.66%** from the beginning of the period, mainly due to the payment for the acquisition of Yingu Pharmaceutical[52](index=52&type=chunk)[290](index=290&type=chunk) - The carrying amount of **accounts receivable** at period-end was **RMB 523 million**, with an allowance for doubtful accounts of RMB 29.79 million, primarily aged within one year[299](index=299&type=chunk)[302](index=302&type=chunk) - The original value of **goodwill** was **RMB 490 million**, of which **RMB 482 million** was generated from the acquisition of Yingu Pharmaceutical during the current period[370](index=370&type=chunk) [Changes in the Scope of Consolidation](index=141&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) The scope of consolidation changed due to the acquisition of a 90% stake in Yingu Pharmaceutical and the deregistration of a subsidiary - A business combination not under common control occurred, with the company acquiring a **90% equity stake in Yingu Pharmaceutical for RMB 703.91 million in cash** on the acquisition date of February 18, 2025[471](index=471&type=chunk)[472](index=472&type=chunk) - The acquisition of Yingu Pharmaceutical resulted in the recognition of **goodwill amounting to RMB 482.02 million**[472](index=472&type=chunk) - The subsidiary "Xinyang Lingrui Good Taste Co, Ltd" was deregistered during the reporting period[478](index=478&type=chunk)[479](index=479&type=chunk)

北京商报讯（记者 丁宁）8月19日晚间，羚锐制药（600285）披露2025年半年报显示，公司上半年实现 营业收入20.99亿元，同比增长10.14%；归属净利润为4.74亿元，同比增长14.85%。 羚锐制药表示，报告期内，公司完成对银谷制药90%股权的收购，推进在外用制剂领域的全面布局，进 一步提升公司整体竞争力。银谷制药纳入公司合并报表范围后，实现营业收入9877.7万元，净利润 1322.6万元。 ...