Core Insights - As of August 20, pension funds have appeared as major shareholders in 9 stocks, holding a total of 109 million shares valued at 1.992 billion yuan [1] - The top three stocks by pension fund holdings are Haiyou Development, Lanxiao Technology, and Huafeng Aluminum, with holdings of 52 million shares, 21 million shares, and 10 million shares respectively [1] - In terms of market value, Lanxiao Technology, Haiyou Development, and Lingrui Pharmaceutical lead with values of 1.046 billion yuan, 213 million yuan, and 197 million yuan respectively [1] Summary by Category Pension Fund Holdings - In Q2, pension funds were major shareholders in 32 stocks, holding a total of 286 million shares valued at 6.89 billion yuan [1] - Six stocks had holdings exceeding 10 million shares, with Haiyou Development, Hongfa Shares, and Shenzhen Airport being the most significant, holding 52 million shares, 28 million shares, and 24 million shares respectively [1] Industry Distribution - Pension fund holdings are primarily concentrated in the chemical, machinery, and electrical equipment sectors, with 4, 3, and 3 stocks respectively [1]

（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)

Core Viewpoint - Lingrui Pharmaceutical (600285) reported a revenue of 2.099 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.14%, and a net profit attributable to shareholders of 474 million yuan, up 14.85% year-on-year [1] Financial Performance - The company achieved a revenue of 2.099 billion yuan in the first half of 2025, marking a 10.14% increase compared to the previous year [1] - The net profit attributable to shareholders reached 474 million yuan, representing a 14.85% year-on-year growth [1] Strategic Developments - During the reporting period, the company completed the acquisition of 90% equity in Yingu Pharmaceutical, enhancing its comprehensive layout in the external preparation field [1] - Following the consolidation of Yingu Pharmaceutical into its financial statements, the subsidiary generated a revenue of 98.77 million yuan and a net profit of 13.226 million yuan [1]

Core Viewpoint - Lingrui Pharmaceutical (600285.SH) reported a revenue of 2.099 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.14% [1] - The net profit attributable to shareholders reached 474 million yuan, marking a year-on-year increase of 14.85% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 442 million yuan, up by 12.28% year-on-year [1] - Basic earnings per share stood at 0.836 yuan [1] Financial Performance - Revenue for the reporting period: 2.099 billion yuan, up 10.14% year-on-year [1] - Net profit attributable to shareholders: 474 million yuan, up 14.85% year-on-year [1] - Net profit after deducting non-recurring gains and losses: 442 million yuan, up 12.28% year-on-year [1] - Basic earnings per share: 0.836 yuan [1]

Core Insights - The company reported a revenue of 2.099 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.14% [1] - The net profit attributable to shareholders reached 474 million yuan, marking a year-on-year increase of 14.85% [1] - The basic earnings per share stood at 0.836 yuan [1] Financial Performance - Revenue: 2.099 billion yuan, up 10.14% year-on-year [1] - Net Profit: 474 million yuan, up 14.85% year-on-year [1] - Earnings per Share: 0.836 yuan [1]

格隆汇8月19日丨羚锐制药(600285.SH)公布2025年半年度报告，报告期实现营业收入20.99亿元，同比增 长10.14%；归属于上市公司股东的净利润4.74亿元，同比增长14.85%；归属于上市公司股东的扣除非经 常性损益的净利润4.42亿元，同比增长12.28%；基本每股收益0.836元。 ...