□本报记者 王宇露 上周市场上涨，中证新华社民族品牌工程指数上涨1.63%，报1706.67点。中际旭创、信立泰、科沃斯等 成分股上周表现强势；2025年以来，信立泰、药明康德、科沃斯等成分股涨幅居前。展望后市，机构认 为，基本可以确定上证指数已经站稳3500点，当前多头力量强劲，继续给予市场"积极"评价，结构上预 计资金高低切换特征延续，板块间或保持轮动。 多只成分股表现强势 展望后市，星石投资表示，短期看，基本可以确定上证指数已经站稳3500点，个股表现活跃，市场赚钱 效应增加，有望带动场外资金流入。在流动性较为充裕的背景下，资金交投情绪不弱，叠加市场可能会 提前博弈政策预期，当前多头力量强劲，继续给予股市"积极"评价。结构上看，当前个股估值表现仍存 在分化，预计资金高低切换特征或延续，板块间或保持轮动，各个板块均有机会。 中期视角下，参照历史经验，星石投资认为当前或处于新一轮牛市的开端。随着国内政策持续发力以稳 定经济增长，基本面的好转，尤其是内生动能的增强，将是后续股市进一步上涨的动能。基本面推动的 股价上涨将更加扎实、更具有持续性。 高信百诺投资表示，目前已进入上市公司业绩发布时间窗口，业绩对于个股 ...

达仁堂近期发布2025年中期业绩预告，预计2025年上半年实现归属于母公司所有者的净利润18.40亿元 到20亿元，同比增加180%到204%；预计实现归属于母公司所有者的扣除非经常性损益的净利润5.6亿元 到6.2亿元，同比减少12%到2%。归母净利润大增主要系出售联营公司中美天津史克制药有限公司（简 称"天津史克"）获得税后净利润13.1亿元；扣非净利润下滑主要系本期不再确认其联营公司投资收益。 天津史克曾为达仁堂贡献了稳定的现金流和利润，出售天津史克主要系合资协议到期，此举带来丰厚收 益、净利润大增的背后，是达仁堂业绩增长乏力、重营销轻研发、产品多次陷质量问题。 合作到期，清仓天津史克 天津史克成立于1987年，是中国最早的中外合资药企之一，旗下拥有新康泰克、芬必得、百多邦等多个 知名品牌，长期占据感冒药、止痛药、外用药等市场的领先地位。此前，其股东构成为达仁堂持有其 25%股份、Haleon UK Services Limited【简称赫力昂（英国）】持有其55%股份、达仁堂控股股东天津 市医药集团有限公司（简称"医药集团"）持有其20%股份。 连续两年一期营收下滑 两次出售均为达仁堂带来了丰厚的收益 ...

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 [4][17]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.84 to 2.00 billion yuan in the first half of 2025, representing a year-on-year growth of 180% to 204%. However, the non-net profit attributable to shareholders is projected to decline by 12% to 2% [2][3]. - The increase in net profit is primarily due to the sale of a 12% stake in a joint venture, generating a disposal gain of 1.54 billion yuan, with a net profit after tax of 1.31 billion yuan [2]. - The company has successfully developed the "Jing Wan Hong Skin Factor," transforming traditional Chinese medicine into effective skincare ingredients, launching the "Jing Wan Hong Comfort and Resilience Skin" series [3]. Financial Summary - The company's revenue for 2023 is projected at 8,222 million yuan, with a year-on-year growth rate of -0.3%. The revenue is expected to decline to 4,890 million yuan in 2025, with a significant drop of 33.1% [1][9]. - The net profit attributable to shareholders for 2023 is estimated at 987 million yuan, with a year-on-year growth of 14.5%. However, it is expected to decrease to 2,162 million yuan in 2025, reflecting a decline of 3% [1][9]. - The company's return on equity (ROE) is projected to be 14.6% in 2023, increasing to 28.2% in 2024, but declining to 10.9% by 2026 [1][9]. - The earnings per share (EPS) for 2023 is expected to be 1.28 yuan, increasing to 2.89 yuan in 2024, and then decreasing to 1.28 yuan in 2026 [1][9]. Product Development - The company is focusing on skin wound repair, with the Jing Wan Hong ointment as a key product, and is expanding into the functional skincare market [3]. - The newly launched Jing Wan Hong Comfort and Resilience Skin series includes cream, mask, and spray, catering to diverse consumer needs and has successfully completed regulatory filings [3].

Performance Forecast - The company expects a net profit attributable to shareholders of 1.84 billion to 2 billion yuan for the first half of 2025, representing an increase of 1.18228 billion to 1.34228 billion yuan compared to the same period last year, which is a year-on-year increase of 180% to 204% [2][4] - The expected net profit excluding non-recurring gains and losses is projected to be 560 million to 620 million yuan, which is a decrease of 73.83 million to 13.83 million yuan compared to the same period last year, reflecting a year-on-year decrease of 12% to 2% [3][4] Previous Year Performance - In the same period last year, the total profit was 747.6489 million yuan, and the net profit attributable to shareholders was 657.7193 million yuan, with a net profit excluding non-recurring gains and losses of 633.8312 million yuan [3] Reasons for Performance Increase - The significant increase in net profit is primarily due to the sale of a 12% stake in the joint venture Tianjin SmithKline Beecham Pharmaceuticals Co., Ltd. to Helion (China) Co., Ltd. and Haleon CH SARL, resulting in a disposal gain of 1.54 billion yuan. The company will not recognize investment income from this joint venture in the current period, which previously contributed 110 million yuan to investment income [3][4]

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts H1 2025 net profit attributable to shareholders to significantly increase due to one-time gains, while core business net profit is expected to decline 2025 H1 Performance Forecast | Indicator | 2025 H1 Forecast | YoY Change | YoY Growth Rate | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | 1.84 billion CNY - 2.00 billion CNY | Increase of 1.182 billion CNY - 1.342 billion CNY | +180% to +204% | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items)** | 560 million CNY - 620 million CNY | Decrease of 13.83 million CNY - 73.83 million CNY | -2% to -12% | - The data contained in this performance forecast has not been audited by a certified public accountant[5](index=5&type=chunk) [Prior Period Operating Performance and Financial Status](index=2&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) This section reviews H1 2024 financial performance, including net profit attributable to shareholders, non-recurring adjusted net profit, and earnings per share 2024 H1 Operating Performance | Indicator (2024 H1) | Amount | | :--- | :--- | | Net Profit Attributable to Owners of Parent Company | 657.72 million CNY | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 633.83 million CNY | | Earnings Per Share | 0.85 CNY | [Primary Reasons for Performance Increase in Current Period](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Performance%20Increase%20in%20Current%20Period) The significant increase in net profit is attributed to a one-time gain from an equity sale, while the decline in core net profit is due to the cessation of associate investment income - The substantial increase in net profit attributable to shareholders is primarily due to the sale of a 12% equity stake in associate company Sino-American Tianjin SmithKline Pharmaceutical Co., Ltd., realizing a post-tax net profit of **1.31 billion CNY**[7](index=7&type=chunk) - Net profit excluding non-recurring items decreased year-over-year, mainly because investment income from Tianjin SmithKline is no longer recognized after the equity sale, whereas this income was **110 million CNY** in the prior year period[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company highlights that the performance forecast is a preliminary, unaudited estimate, though no significant uncertainties are identified - This performance forecast is a preliminary calculation by the company's finance department and has not been audited by a certified public accountant, but the company believes there are no significant uncertainties[8](index=8&type=chunk) [Other Explanatory Matters](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) Investors are advised that the forecast data is preliminary, and final accurate financial figures will be based on the official 2025 semi-annual report - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report, and investors are reminded to be aware of investment risks[9](index=9&type=chunk)[10](index=10&type=chunk)

Core Viewpoint - The company expects a significant increase in net profit for the first half of 2025 compared to the same period last year, while the net profit excluding non-recurring gains and losses is projected to decrease slightly [1] Group 1: Profit Expectations - The company anticipates a net profit attributable to shareholders of the parent company between 1.84 billion to 2 billion yuan for the first half of 2025, representing an increase of 1.182 billion to 1.342 billion yuan year-on-year, which corresponds to a growth of 180% to 204% [1] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between 560 million to 620 million yuan, indicating a decrease of 73.83 million to 138.3 million yuan year-on-year, which translates to a decline of 12% to 2% [1]

证券代码：600329 证券简称：达仁堂 编号：临 2025-026 号 近日，公司已收到该转让股权交易的全部价款，天津史克的工商 变更登记手续已经完成。至此，本次交易已完成，公司不再持有天津 史克的股权。 特此公告。 津药达仁堂集团股份有限公司董事会 2025 年 6 月 28 日 1 津药达仁堂集团股份有限公司 关于公司转让中美天津史克制药有限公司 12%股权 交易完成的公告 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法律责任。 一、交易概述 公司分别于 2025 年 4 月 14 日召开 2025 年第二次董事会、2025 年 6 月 9 日召开 2025 年第一次临时股东大会，会议审议通过了"公 司转让所持有中美天津史克制药有限公司（以下简称"天津史克"） 12%股权暨签订《股权转让协议》的议案"。具体内容详见公司于 2025 年 4 月 16 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于转让参股公司股权的交易公告》（公告编号：临 2025-014 号）。 二、交易进展 ...

证券代码：600329 证券简称：达仁堂 公告编号：2025-025 号 津药达仁堂集团股份有限公司 2024年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利1.28元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/3 | － | 2025/7/4 | 2025/7/4 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/3 | － | 2025/7/4 | 2025/7/4 | 四、 分配实施办法 1. 实施办法 公司 A 股股东的红利（除天津市医药集团有限公司外）委托中国结算上海分公司通过其 资金清算系统向股权登记日上海 ...

Group 1 - Daren Tang has experienced a continuous decline for 9 trading days, with a cumulative drop of -6.10% [1] - The company is listed under Tianjin Pharmaceutical Group and operates as an A+S share company [1] - Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of Daren Tang, having reduced its holdings in the first quarter of this year [1] Group 2 - The year-to-date return for Daren Tang is -0.12%, ranking 1693 out of 3426 in its category [2] - The performance comparison shows that the average return for similar funds is 1.83% year-to-date, while the CSI 300 index has a return of -1.96% [2] - The fund's performance over the past week, month, and three months shows declines of -1.43%, 1.03%, and -4.21% respectively [2] Group 3 - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who holds master's degrees in Mathematical Finance and Computer Science from US universities [3][4] - Luo Wenjie has extensive experience in quantitative analysis and has held various managerial positions within Southern Fund since 2008 [3][4] - The total assets under management for Luo Wenjie amount to 122.258 billion yuan, with a return of 105.99% during her tenure [4]

Core Points - The company held its fourth board meeting of 2025 on June 20, with all 9 directors present, complying with legal requirements [1] - The board approved related party transactions, including a share custody agreement with Tianjin Pharmaceutical Asset Management Co., Ltd. and a lease agreement with Tianjin Pharmaceutical Taiping Co., Ltd. [1][2] - The board appointed Zhao Liyang as the company's securities affairs representative, with a background in management and experience in various pharmaceutical companies [2]