国海证券研报指出，达仁堂核心产品收入增长稳健，看好公司长期成长性。考虑速效救心丸在心脑血管 领域渗透率提升空间较大，二线梯队产品具有独家医保优势中长期增长可期，首次覆盖，给予"买入"评 级。2025年上半年，公司实现营业收入26.51亿元，其中公司工业主营收入26.45亿元，同比增长 0.87%；公司速效救心丸销售额（含税）11.28亿元，同比增长5.45%；清咽滴丸销售额（含税）2.89亿 元，同比增长52.28%。公司积极推动达仁堂速效救心公益行动，对清咽滴丸开展宣传爱嗓活动，同时 对京万红、胃肠安丸开展"皮肤健康主题动销项目"、"达仁堂·胃肠健康中国行"等活动。加速拓展新零 售，公司以B2C、O2O双轮驱动开辟增长新路径。 ...

Group 1 - The report highlights that Kaiyin Technology achieved a year-on-year increase in net profit of 11.75% in the first half of 2025, despite a slight decline in revenue [3][4] - The company reported a revenue of 5.66 billion yuan in H1 2025, with a net profit of 0.47 billion yuan, indicating a strong performance in profitability [4][5] - The company is increasing its R&D investment, with a total of 71.41 million yuan in H1 2025, which is expected to support the launch of innovative products [5] Group 2 - Dingyang Technology reported a revenue of 2.79 billion yuan in H1 2025, representing a year-on-year growth of 24.61%, and a net profit of 0.77 billion yuan, up 31.54% [6][7] - The company’s high-end products saw a revenue increase of 71.92%, with high-end products now accounting for 30% of total revenue [7][8] - The overall gross margin for Dingyang Technology was 60.06%, with a net margin increase to 27.57% [8] Group 3 - Baiya Co. achieved a revenue of 17.64 billion yuan in H1 2025, a 15.12% increase year-on-year, with a net profit of 1.88 billion yuan, up 4.64% [9][10] - The company is focusing on optimizing its product structure and expanding its offline channels, which have shown steady growth despite challenges in online sales [10][11] - The gross margin for Baiya Co. was 53.24%, with a net margin of 10.66% [11][12] Group 4 - Darentang reported a revenue of 26.51 billion yuan in H1 2025, a decrease of 33.15%, but a significant net profit increase of 193.08% to 19.28 billion yuan due to asset transfers [13][14] - The company’s core product sales, particularly the fast-acting heart-saving pill, showed robust growth, with sales reaching 11.28 billion yuan [14][15] - Darentang is actively expanding its retail presence and promoting new retail strategies to drive growth [15] Group 5 - The automotive industry saw a 14.7% year-on-year increase in passenger car wholesale sales in July 2025, with a total of 228.7 million units sold [17][19] - The new Wanjie M7 model is set to launch in September 2025, indicating ongoing innovation in the automotive sector [18][19] - The report suggests a positive outlook for the automotive sector, driven by policies supporting vehicle upgrades and a shift towards high-end and intelligent vehicles [20] Group 6 - Beite Technology reported a revenue of 11.13 billion yuan in H1 2025, a 15% increase year-on-year, with a net profit of 0.55 billion yuan, up 45% [22][23] - The company is focusing on cost reduction and efficiency improvements, which have positively impacted its profitability [23][24] - Beite Technology is expanding its global production capacity, particularly in the robotics sector, which is expected to contribute significantly to future growth [24][25] Group 7 - Geely Automobile achieved a revenue of 150.28 billion yuan in H1 2025, a 26.5% increase, with a core net profit of 66.6 billion yuan, up 101.7% [26][27] - The company is launching several new models in the second half of 2025, which is expected to boost sales further [28][29] - Geely's strategy includes integrating its resources with Zeekr to enhance operational efficiency and reduce costs [29][30] Group 8 - Jingfeng Mingyuan reported a revenue of 7.31 billion yuan in H1 2025, with a net profit of 15.76 million yuan, marking a significant turnaround [32][33] - The company’s high-performance computing power supply and motor drive chips have seen substantial growth, contributing to improved profitability [33][34] - Jingfeng Mingyuan is planning to acquire Yichong Technology to enhance its product offerings and market competitiveness [35][36] Group 9 - China Hongqiao reported a revenue of 81.04 billion yuan in H1 2025, a 10.1% increase, with a net profit of 12.36 billion yuan, up 35% [39][40] - The growth in revenue is attributed to increased sales and prices of aluminum and alumina products [40][41] - The company plans to repurchase shares worth at least 3 billion HKD, reflecting confidence in its long-term prospects [41][42]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][4]. Core Insights - The company's core product revenue shows steady growth, with self-operated profit growth outpacing industrial revenue. In the first half of 2025, the company achieved operating revenue of 2.651 billion yuan, with industrial main revenue growing by 0.87% year-on-year. Sales of its key product, the "Suxiao Jiuxin Wan," reached 1.128 billion yuan, up 5.45% year-on-year, while "Qingyan Diban" sales surged by 52.28% to 289 million yuan [3][4]. - The company is actively enhancing brand promotion and expanding new retail channels. Initiatives include public welfare actions for "Suxiao Jiuxin Wan" and various promotional activities for other products, leveraging a B2C and O2O dual-driven growth strategy [3][4]. - The medical division is advancing consensus guidelines to promote hospital terminal development, with significant training and development efforts for key products in the cardiovascular and urological fields [3][4]. Financial Performance Summary - For the first half of 2025, the company reported a net profit attributable to shareholders of 1.928 billion yuan, a year-on-year increase of 193.08%, primarily due to a tax-adjusted net gain of 1.308 billion yuan from the transfer of equity in a joint venture [3][4]. - The report forecasts revenue for 2025-2027 to be 4.966 billion, 5.776 billion, and 6.770 billion yuan, respectively, with net profits of 2.169 billion, 1.012 billion, and 1.271 billion yuan, respectively. The corresponding price-to-earnings ratios are projected to be 16, 34, and 27 times [3][5].

事件： 公司发布2025 年中报， 2025H1 公司实现营收26.51 亿元（yoy-33.15%），实现归母净利润19.28 亿元（yoy+193.08%），实现扣非归母净利润5.96 亿元（yoy-5.93%）；其中2025Q2 公司实现营收11.95 亿元（yoy-36.40%），实现归母净利润15.53 亿元（yoy+474.49%），实现扣非归母净利润2.21 亿元 （yoy-14.51%）。 工业板块表现稳健，2025H1 内生利润增长13%。2025H1 公司实现营收26.51 亿元（yoy-33.15%），实 现归母净利润19.28 亿元（yoy+193.08%），实现扣非归母净利润5.96 亿元（yoy-5.93%）。收入端下滑 主要系公司在2024年末将旗下全资子公司天津中新医药全部股权作价，以增资形式并入津药太平医药有 限公司，医药商业板块从公司合并范围内剥离，今年不再确认其收入。2025H1 工业主营收入26.45 亿元 （yoy+0.87%）。归母净利润同比增加，主要是由于转让中美天津史克制药有限公司12%的股权实现税 后净收益13.08 亿元。扣非归母净利润同比减少，主要是由于自 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [4][16]. Core Insights - The company reported a significant increase in net profit for the first half of 2025, achieving a net profit of 1.928 billion yuan, a year-on-year increase of 193.08%, despite a revenue decline of 33.15% [2][3]. - The revenue drop is attributed to the divestment of its wholly-owned subsidiary, which removed its revenue from the consolidated financial statements [2]. - The company's gross margin improved to 74.67%, up 24.74 percentage points year-on-year, due to structural optimization following the divestment [3]. Financial Performance Summary - For 2025H1, the company achieved a revenue of 2.651 billion yuan, with a net profit of 1.928 billion yuan and a non-recurring net profit of 596 million yuan [2]. - The industrial segment showed resilience with a revenue of 2.645 billion yuan, reflecting a year-on-year growth of 0.87% [2]. - The company’s sales expenses, management expenses, and R&D expenses for 2025H1 were 1.021 billion yuan, 186 million yuan, and 62 million yuan, respectively, showing a decrease in sales and management expenses [3]. Future Projections - The company is projected to achieve revenues of 4.89 billion yuan, 5.39 billion yuan, and 5.863 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of -33%, 10%, and 9% [8]. - Expected net profits for the same period are 2.162 billion yuan, 985 million yuan, and 1.029 billion yuan, with year-on-year growth rates of -3%, -54%, and 4% [8].

数据显示，截至2025年7月31日，中证中药指数(930641)前十大权重股分别为云南白药(000538)、片仔癀 (600436)、同仁堂(600085)、东阿阿胶(000423)、华润三九(000999)、白云山(600332)、吉林敖东 (000623)、众生药业(002317)、以岭药业(002603)、佐力药业(300181)，前十大权重股合计占比54.58%。 中药ETF(159647)，场外联接A：016891；联接C：016892；联接I：022881。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 截至2025年8月18日 09:54，中证中药指数(930641)强势上涨1.62%，成分股天士力(600535)上涨8.03%， 新天药业(002873)上涨7.01%，达仁堂(600329)上涨6.07%，众生药业(002317)，康缘药业(600557)等个股 跟涨。中药ETF(159647)上涨1.53%，最新价报1.06元。 东吴证券指出，创新药产业已现拐点：现阶段的中国创新药在政策和研发两端都完成了厚积薄发。政策 端，《全链条支持创新药发展实施方案》在支付端、 ...

8月15日主力资金净流出3894.88万元，占流通市值0.16%。近五日主力资金累计净流入1675.55万元，占 流通市值0.07%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 达仁堂8月15日报收44.30元，较前一交易日下跌0.45元，跌幅1.01%。盘中最高触及45.00元，最低下探 42.85元，成交金额达6.45亿元。 公司隶属于中药行业，以现代中药为核心业务，拥有速效救心丸、京万红软膏等国宝级中药品种。业务 涵盖中药材种植、药品研发制造及零售等领域，形成完整医药产业链。目前拥有599个药品批准文号， 营销网络覆盖全国并拓展国际市场。 消息面上，达仁堂8月14日披露的半年报显示，2025年上半年实现营业收入26.51亿元，归属于上市公司 股东的净利润19.28亿元，同比增长193.08%。业绩增长主要来源于转让中美天津史克制药12%股权实现 的13.08亿元税后净收益。核心产品速效救心丸销售额达11.28亿元，同比增长5.45%；清咽滴丸销售额 2.89亿元，同比增长52.28%。 ...

同时，公司加速拓展新零售版图，按照"内容即货架"的思路，集团以B2C、O2O双轮驱动开辟增长新路 径，打通线上投放和线下引流链路,提高产品可及性，提高流量转化率。报告期，公司启动O2O"风火 轮"计划，依托美团等平台优化服务，及时满足百姓需求。电商旗舰店不断升级，上新玄归滴丸、舒脑 欣滴丸、华山参滴丸、养胃片、小儿健肾片、童宝乐片等8个独家产品和1个大健康品，GMV不断突 破。 中证报中证网讯（王珞）8月14日晚间，达仁堂（600329）（600329）发布2025年半年度报告。报告期 内，公司实现营业收入26.51亿元；实现归属于上市公司股东的净利润19.28亿元，同比增长193.08%， 主要为转让中美天津史克制药有限公司12%的股权实现税后净收益13.08亿元；基本每股收益2.50元。 在国际业务方面，多地注册工作有序推进，公司进一步拓展国际市场准入，今年已取得9个产品国际注 册证书。为提高渠道的管控，已上线境外电商平台。由单一订单合作向长期战略合作转变，发挥品牌优 势与渠道资源共创发展。 达仁堂介绍，公司以现代中药统领经营发展，打造了特色鲜明的医药工业矩阵，以达仁堂、隆顺榕、乐 仁堂、六中药、京万红等 ...

8月14日盘后，百年老字号中药企业达仁堂（600329）（600329.SH）披露半年度报告。2025年上半 年，公司实现营业收入26.51亿元，归母净利润19.28亿元，同比正增长193.08%，扣非净利润5.96亿元。 近年来，达仁堂持续聚焦中成药主业，据披露，报告期内达仁堂出售了天津史克12%股权，取得处置净 收益约13.08亿元，两次合计出售天津史克25%股权后，本报告期不再确认该联营公司投资收益，若剔 除2024年同期约1.06亿元投资收益影响，2025年上半年公司扣非净利润同比正增长达12.86%。 2024年，达仁堂还推动了旗下天津中新医药的股权变更，本报告期，公司不再直接持有该标的股权，公 司业务结构更加清晰，表观经营效率和资产负债情况更加扎实，不考虑报告期前后对中新医药的收入确 认变化，上半年公司工业主营收入26.45亿元，同比增长0.87%。 作为"百年老字号"品牌，达仁堂以品牌引领为核心，上半年开展了一系列品牌活动，成功强化巩固了达 仁堂大国品牌形象。据披露，截至2025年年中，公司已累计注册商标1319件，为品牌建设提供了坚实基 础，并通过大国品牌项目登陆央视，在各媒介渠道持续曝光，品 ...

证券日报网讯 8月14日晚间，达仁堂发布公告称，2025年半年度公司实现营业收入2，650，519，061.55 元，同比下降33.15%；归属于上市公司股东的净利润为1，927，622，964.41元，同比增长193.08%。 （文章来源：证券日报） ...