盈利能力边际修复，费用结构优化。1）盈利能力：25H1 公司毛利率39.8%（-1.3pct）、主因集采降价 及收入结构变化影响，2Q 环比改善（2Q25 42.6% VS1Q25 36.9%），净利率7.5%（+0.9pct）、2Q 环比 亦有所改善（2Q25 7.8% VS1Q25 7.1%），扣非净利率4.5%（同比持平）；2）25H1 公司销售费用率 24.1%（-3.4pct），管理费用率5.2%（+1.0pct），研发费用率1.3%（+0.2pct）；3）现金流稳健：经营 活动现金流净额2.19 亿元。 投资建议：考虑到集采执行及渠道改革进展，我们下调盈利预测，预计公司25-27 年归母净利润预测为 6.0/7.0/8.5 亿元（25-27 年前值7.2/8.6/10.4 亿元），同比增速为-7.1%/+17%/+20%。参考行业可比公司估 值，给予公司25 年20x 目标PE，对应目标价15.9 元，维持"推荐"评级。 风险提示：产品销售和推广不及预期，渠道改革进度不及预期，整合不及预期。 母公司及商业表现稳健，工业端子公司阶段承压。25H1 母公司收入5.7 亿元（+7.5%）、主因2Q 集采 ...

Core Viewpoint - Kunming Pharmaceutical Group is undergoing a reform phase, focusing on the silver-haired health sector while facing internal and external pressures, with a goal to accumulate conditions for long-term development [1][2] Financial Performance - For the first half of 2025, the company reported revenue of 3.351 billion yuan and a net profit attributable to shareholders of 198 million yuan, with a non-recurring net profit of 151 million yuan [1] Business Strategy - The company is accelerating strategic collaboration in chronic disease management, integrating resources and teams between Huaren Shenghuo and the 777 division, leading to a recovery in sales of its Xuesaitong oral series and injectable Xuesaitong (freeze-dried) in Q2 [1] - In the premium traditional Chinese medicine sector, the company is focusing on the "Kun Traditional Medicine 1381" initiative, emphasizing core products like Shenling Baizhu Powder and Shugan Granules to enhance market penetration [1] R&D and Innovation - The company is committed to the "healthy aging" strategy, focusing on plant-based and natural medicines, and has established a comprehensive R&D system covering innovative drugs, generic drugs, and secondary development drugs [2] - The Yunnan Province Sanqi Research Institute has been approved as a new type of R&D institution for 2024, aiming to overcome technical barriers in the Sanqi industry and support core products [2] Global Expansion - In the first half of the year, the company submitted 90 overseas registration applications and received approval for 7 product numbers, with its Xuesaitong preparations gaining market access in 15 countries [2] - The company has secured its first global fund procurement order for Dihydroartemisinin Piperaquine Tablets and held promotional events for the 777 Xuesaitong series in the US, Germany, and Vietnam [2] Future Outlook - The company aims to leverage the support from Huaren Sanjiu and its newly constructed business model to deepen its focus on chronic diseases and aging, striving for steady development amid emerging opportunities [2]

Core Viewpoint - The article highlights the transformation of Kunming Pharmaceutical Group's subsidiary, Kunzhongyao 1381, from a traditional pharmacy established in 1381 to a modern enterprise that embodies the unique value of traditional Chinese medicine in the context of an aging population [1][6]. Group 1: Heritage and Tradition - Kunzhongyao 1381 has a 600-year history that reflects the evolution from a local pharmacy to a national-level intangible cultural heritage enterprise, showcasing the enduring significance of traditional Chinese medicine [1][2]. - The company relies on the "Dian Nan Ben Cao," a significant pharmacological text, as a foundational reference for product development, documenting the use of 458 local medicinal materials [2]. - The traditional preparation methods of Chinese medicine, recognized as a national intangible cultural heritage, are preserved and integrated into the production processes, ensuring the quality and efficacy of their products [2]. Group 2: Innovation and Modernization - The company is adapting ancient wisdom to meet contemporary health needs, focusing on the emotional well-being of the elderly by modernizing classic formulas like Xiaoyao San into products such as Shugan Granules [3]. - Kunzhongyao has established a standardized planting base across multiple provinces, ensuring a reliable supply of authentic medicinal materials, which supports the preservation of traditional preparation techniques [3]. Group 3: Brand Strategy and Market Positioning - At the 2025 Health Industry Conference, Kunzhongyao 1381 announced a new brand positioning aimed at upgrading its brand and innovating its product line, emphasizing the integration of cultural heritage with high-quality Chinese medicine [4]. - The company is strategically positioned as a leader in the silver economy, aligning its offerings with the growing demand for chronic disease management and health maintenance among the elderly [6]. Group 4: Future Outlook - The Chinese government's policies promoting the use of traditional medicine in elder care create opportunities for Kunzhongyao to deepen its involvement in the silver economy [6]. - The company plans to leverage its century-old brand influence through a three-phase development strategy, focusing on establishing brand recognition, expanding high-quality product offerings, and promoting its brand globally [6].

金融界消息 截至2025年8月19日收盘，昆药集团（600422）报收于14.59元，下跌0.68%，换手率 2.69%，成交量20.40万手，成交金额2.99亿元。 资金流向方面，今日主力资金净流入1166.35万元，占比成交额3.9%。其中，超大单净流入198.64万 元、占成交额0.66%，大单净流入967.71万元、占成交额3.23%，中单净流出流入4516.81万元、占成交 额15.09%，小单净流出5683.17万元、占成交额18.98%。 通过天眼查大数据分析，昆药集团股份有限公司共对外投资了45家企业，参与招投标项目5000次，知识 产权方面有商标信息222条，专利信息465条，此外企业还拥有行政许可355个。 来源：金融界 昆药集团最新一期业绩显示，截至2025中报，公司营业总收入33.51亿元、同比减少11.68%，归属净利 润1.98亿元，同比减少26.88%，扣非净利润1.51亿元，同比减少5.57%，流动比率1.776、速动比率 1.475、资产负债率46.51%。 天眼查商业履历信息显示，昆药集团股份有限公司，成立于1995年，位于昆明市，是一家以从事医药制 造业为主的企业。企业注 ...

Core Viewpoint - The article highlights the transformation of Kunming Pharmaceutical Group's subsidiary, Kunzhongyao 1381, from a traditional pharmacy established in 1381 to a modern enterprise that embodies the unique value of traditional Chinese medicine in the context of an aging population [1][6]. Group 1: Heritage and Tradition - Kunzhongyao 1381 has a 600-year history that reflects the evolution from a local pharmacy to a national intangible cultural heritage enterprise, showcasing the enduring significance of traditional Chinese medicine [1][2]. - The company relies on the "Dian Nan Ben Cao," a comprehensive herbal medicine text, as a foundational reference for product development, documenting the use of 458 local medicinal materials [2]. - The preservation of traditional manufacturing techniques, recognized as a national intangible cultural heritage, is crucial for maintaining the quality and efficacy of Kunzhongyao's products [2]. Group 2: Innovation and Modernization - The company is adapting ancient formulas to meet contemporary health needs, exemplified by the development of "Shu Gan Granules," which addresses emotional health issues in the elderly [3]. - Kunzhongyao has established a standardized cultivation network across multiple provinces, ensuring a reliable supply of authentic medicinal materials for its products [3]. - The brand is undergoing a strategic transformation, focusing on brand upgrading and product innovation, with a new positioning that emphasizes the integration of heritage and modernity [4]. Group 3: Market Strategy and Future Outlook - The Chinese government's policies promoting the use of traditional medicine in elder care create opportunities for Kunzhongyao to engage deeply in the silver economy [6]. - The company aims to leverage its century-old brand influence through a three-phase development plan, focusing on establishing brand recognition, expanding high-quality product offerings, and promoting global brand presence [6]. - The ongoing commitment to blending traditional practices with modern demands positions Kunzhongyao as a leader in the silver health market, responding to the growing need for chronic disease management and wellness among the elderly [5][6].

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is driven by a positive cycle of capital pricing and industrial implementation under policy guidance, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The expectation of interest rate cuts by the Federal Reserve is highlighted, with predictions of two cuts in September and December, although there is caution regarding overly optimistic market pricing [2] Fixed Income Market - The fixed income market has shown a "desensitization" to fundamental data, with the yield on 10-year government bonds rising to 1.745% despite disappointing economic indicators [4] - The report notes that structural policy tools may replace total monetary policies as the main line of easing in the third quarter [4] Company Performance - 瑞芯微 (Rockchip) reported a significant revenue increase of 63.85% year-on-year in H1 2025, with a net profit growth of 190.61%, driven by strong performance in AIoT products [8] - 禾赛科技 (Hesai Technology) achieved a revenue increase of 53.9% year-on-year in Q2 2025, with a net profit growth of 161.2%, supported by strong demand for ADAS and robotics [9] - 道通科技 (Dautong Technology) reported a revenue increase of 27.3% year-on-year in H1 2025, driven by advancements in digital repair and energy solutions [10] Industry Trends - The report emphasizes the growth potential in the AI and robotics sectors, with companies like 禾赛科技 and 瑞芯微 leading in their respective fields [9][8] - The demand for 3D vision technology is highlighted as a key growth driver for 奥比中光 (Orbbec), with expected rapid revenue growth in the coming years [20] Investment Ratings - The report maintains a "buy" rating for several companies, including 瑞芯微, 禾赛科技, and 道通科技, based on their strong performance and growth prospects in innovative sectors [8][9][10]

越过 3700 点，市场越来越不安分。过去十年就四次站上这点位，三次还是 2021 年的事。概率这么低，不少人稍微有点波动就慌得不行。 但说实话，最糟的是来回吃亏。原因很简单：大多人就看个涨跌，根本不懂交易背后到底想干嘛，就好比最近市场上有件有趣的事。7月24日成立的信澳优 势行业混合基金，短短三周净值就飙升9.14%；8月初成立的招商科技智选基金，一周内净值上涨9.06%。这速度，比外卖小哥送餐还快。 次新基金跑步进场，一方面是后面新基金多，慢了就被人抢盘了；另一方面，亚太方面资金潮涌向我们，最近明显加速了，这只要看印度孟买股市最近的表 现就清楚了。孟买股市上次大跌，就是在A股9.24行情开始的时候。 另外7月底，印度央行发布数据显示，2025年5月，印度净外国直接投资（FDI）仅为3500万美元，环比暴跌99%，同比暴跌98%。可见全球的配置又变了。 一、赢家通吃的残酷现实 这是个「赢家通吃」的年代。指数可以牛市，但很多人的账户却可能是熊市，甚至牛市亏得更多。就像参加一场自助餐，机构拿着VIP金卡大快朵颐，散户 却只能排队等残羹冷炙。 2025年的A股行情，本质是一轮又一轮的机构抱团表演。年初的机器人，二 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 was under pressure due to multiple factors, including delayed execution of national traditional Chinese medicine procurement policies and stricter regulatory policies in retail pharmacies. However, the company is continuously pushing forward with channel reforms and product positioning to enhance competitiveness [8] - The company achieved a revenue of 3.351 billion yuan in H1 2025, a decrease of 11.68% year-on-year, and a net profit attributable to shareholders of 198 million yuan, down 26.88% [8] - The report anticipates a potential improvement in performance in the second half of 2025 as procurement policies are gradually executed, which may lead to increased sales of key products [8] Financial Summary - Total revenue forecast for 2023A is 8,430 million yuan, with a projected decline to 8,127 million yuan in 2025E, followed by a recovery to 8,998 million yuan in 2026E and 9,970 million yuan in 2027E [1] - Net profit attributable to shareholders is expected to decrease from 648.08 million yuan in 2024A to 616.87 million yuan in 2025E, before rising to 742.91 million yuan in 2026E and 896.67 million yuan in 2027E [1] - The latest diluted EPS is projected to be 0.81 yuan in 2025E, with a P/E ratio of 18.03 [1] Market Data - The closing price of the company's stock is 14.69 yuan, with a market capitalization of approximately 11,119.97 million yuan [5] - The company's price-to-book ratio is 2.13, and the asset-liability ratio stands at 46.51% [6][5] Operational Strategy - The company is focusing on enhancing the brand positioning of its core products and expanding its sales channels, particularly in the emotional health market [8] - The ongoing channel reform aims to shift from a decentralized sales model to a more concentrated commercial system, which is expected to lay a foundation for high-quality development in the future [8]

开源证券8月18日发布研报称，给予昆药集团（600422.SH，最新价：14.7元）买入评级。评级理由主要 包括：1）积极参与全国集采，2025H2集采速度有望加快；2）渠道攻坚以破求立，融合进入关键阶 段。风险提示：市场及政策变化风险、产品销售不及预期、新品研发不及预期。 （文章来源：每日经济新闻） ...

报告期内，富国天惠精选成长混合型证券投资基金（LOF）和富国研究精选灵活配置混合型证券投资基 金合计减持13,585,200股；广发医疗保健股票型证券投资基金减持2,548,100股。 南方财经8月18日电，昆药集团上半年营收33.51亿元，同比下滑11.68%；归母净利润1.98亿元，同比下 降26.88%。核心业务承压，主因全国中成药集采执行延迟、零售药店整合加速及医保控费政策压制院 外需求。 ...