Investment Rating - The report maintains a rating of "Add" for the company [4] Core Views - The company achieved revenue and net profit growth in H1 2025, with revenue reaching 779 million yuan and net profit at 77 million yuan, representing year-on-year increases of 18.14% and 28.95% respectively [2] - Continuous improvement in internal controls and significant cash flow enhancement were noted, with operating cash flow net amounting to 246 million yuan, a year-on-year increase of 51.65% [2] - The company is focusing on "growth" as a primary objective across its business lines, emphasizing the enhancement of operational capabilities to support this growth [2] Financial Performance Summary - Revenue projections for 2025-2027 are 1.44 billion yuan, 1.67 billion yuan, and 1.94 billion yuan, with corresponding net profits of 136 million yuan, 156 million yuan, and 188 million yuan, indicating year-on-year growth rates of 82.6%, 14.8%, and 20.4% respectively [8] - The company reported a return on equity (ROE) of 6.2% in 2023, projected to rise to 9.7% by 2027 [9] - The earnings per share (EPS) is expected to increase from 0.18 yuan in 2023 to 0.38 yuan in 2027 [9] Business Segment Performance - Traditional Chinese medicine segment achieved revenue of 522 million yuan in H1 2025, a year-on-year increase of 14.66% [7] - The premium Chinese medicine segment reported revenue of 175 million yuan, up 9.66% year-on-year, with a total of 505 terminal stores as of H1 2025 [7] - The health wine segment saw significant growth, with revenue reaching 26 million yuan, a year-on-year increase of 57.18% [7] Research and Development - The company increased its R&D expenditure to 21 million yuan in H1 2025, a 15.5% increase year-on-year, and is collaborating with top research institutions to enhance clinical research and product development [3]

加强品牌势能驱动 公司深度挖掘并厘清品牌优势，围绕"广誉远国药，养生精品药"的品牌战略定位，就核心产品的治疗领 域和产品优势立体化定位，明确发展方向。 尤其是在品牌建设方面，公司强化"文化引领"作用，高度重视文化传承与挖掘工作，依托"广誉远中医 药文化研究院"平台，与山西大学合作，开展编纂"广誉远史料集成"等工作，丰富品牌建设素材，非遗 技艺研究工程稳步推进，确保非遗技艺得到完整记录、传承与发扬，筑牢品牌文化根基。 公司携手中央广电总台推出《"智"药传承，广誉远扬》节目，并通过《健康中国说》栏目持续强化公司 老字号品牌的公信力和影响力，增加消费者对品牌文化的深刻认知。另外，还持续进行高铁专列冠名、 积极协办并深度参与乌镇健康大会、西鼎会、海南国际康养产业博览会等行业盛会，积极提升行业站位 和影响力。 广誉远（600771）8月18日披露2025年半年报，公司实现营业收入7.79亿元，同比增长18.14%；归母净 利润为7685.71万元，同比增长28.95%；扣非净利润为6799.86万元，同比增加21.76%，基本每股收益 0.16元。值得关注的是，公司上半年经营活动产生的现金流达到2.46亿元，同比增长5 ...

Core Insights - In the first half of 2025, Guangyuyuan reported operating revenue of 779 million yuan, a year-on-year increase of 18.14%, and a net profit attributable to shareholders of 76.86 million yuan, up 28.95% from the previous year [1][2]. Financial Performance - The total revenue for the reporting period was 779,283,565.11 yuan, compared to 659,600,175.82 yuan in the same period last year [2]. - The total profit for the period was 86,627,032.40 yuan, an increase from 72,856,582.84 yuan year-on-year [2]. - The net profit attributable to shareholders was 76,857,103.56 yuan, up from 59,603,051.33 yuan [2]. - The net profit excluding non-recurring gains and losses was 67,998,647.44 yuan, compared to 55,844,967.55 yuan last year, reflecting a growth of 21.76% [2]. Product Segmentation - Traditional Chinese medicine revenue reached 522 million yuan, a year-on-year increase of 14.66%, with a gross margin of 69.42%, down 7.34% [3][4]. - Premium Chinese medicine generated 175 million yuan in revenue, up 9.66%, with a gross margin of 79.38%, a decrease of 1.67 percentage points [3][4]. - Health wine revenue was 25.67 million yuan, showing a significant growth of 57.18%, with a gross margin of 51.97%, an increase of 0.89 percentage points [3][4]. Strategic Focus - Guangyuyuan emphasized a growth-oriented strategy centered on developing a high-quality traditional Chinese medicine industry chain, supported by the "1541" strategic framework, focusing on product quality, channel strength, technological foundation, and brand essence [1][2].

Core Viewpoint - Guangyuyuan's 2025 semi-annual report indicates strong growth in revenue and net profit, driven by traditional Chinese medicine and health wine businesses, amidst a competitive market environment [1][2][4] Financial Performance - The company achieved a revenue of 779 million yuan, a year-on-year increase of 18.14% [1] - Net profit attributable to shareholders reached 76.86 million yuan, up 28.95% year-on-year [1] - The non-recurring net profit attributable to shareholders was 67.99 million yuan, reflecting a 21.76% increase [1] Business Segments - Traditional Chinese medicine generated revenue of 522 million yuan, growing by 14.66%, with a gross margin of 69.42% [2] - Health wine business revenue surged to 25.67 million yuan, marking a significant increase of 57.18% [2] Market Strategy - The company is focusing on a "full industry chain" strategy to enhance high-quality Chinese medicine production, emphasizing product quality, channel development, technological innovation, and brand strength [2][3] - Guangyuyuan has expanded its sales channels, adding 43 new terminal stores, bringing the total to 505 nationwide [2] Research and Development - R&D investment reached 20.72 million yuan, a 15.50% increase, supporting the "integration of production, learning, research, and application" strategy [3] - Collaborations with top research institutions aim to advance clinical research and the development of classic formulas [3] Market Response - Positive market feedback is reflected in the increase of shareholding among the top ten shareholders, with seven choosing to increase their stakes [3] - This shareholder behavior indicates confidence in the company's performance and strategic direction, particularly in light of revenue and profit growth [3] Overall Assessment - Guangyuyuan demonstrates characteristics of "high-quality growth and strategic deepening," with short-term performance driven by revenue and profit increases, while facing long-term challenges related to gross margin pressure and high valuation [4] - The company aims to leverage its brand strength and proprietary formulas to capture market share amid increasing industry concentration [4]

公司现有丸剂、散剂、片剂、硬胶囊剂、颗粒剂、合剂、酒剂及煎膏剂（膏滋）8 种剂型，104个药品 注册批件、1个保健品注册批件、1个食品许可批件、1个白酒许可批件、264个国内商标和28项专利技 术。 分产品看，传统中药、精品中药和养生酒上半年分别实现收入5.22亿、1.75亿和2567.38万元。 近日，广誉远发布2025 年半年度报告。披露上半年营收增长18.14%至7.79亿元，归属净利提高28.95% 至7685.71万元。 公告表示，净利增长主要是公司以"增长"为锚点，围绕"全产业链打造高品质中药"发展战略和"1541"战 略框架，坚持"产品为纲、渠道为王、科技为本、品牌为魂"的发展思路，举全公司之力强化、支持与服 务经营工作，以卓越经营成效推动公司持续稳健增长。 （企业公告） ...

广誉远2025半年报 ...

Group 1 - The core viewpoint of the announcement is the assurance of the board of directors regarding the authenticity, accuracy, and completeness of the content, with legal responsibility for any false statements or omissions [2][3] - The board meeting was held on August 18, 2025, with all six directors present, complying with the relevant regulations of the Company Law and Articles of Association [2] - The 2025 semi-annual report and summary were approved by the board of directors after review by the audit committee, with unanimous support from all voting directors [2]

Core Viewpoint - Guangyuyuan Traditional Chinese Medicine Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, reflecting a robust growth strategy and market positioning in the traditional Chinese medicine sector [2][13]. Company Overview and Financial Indicators - The company achieved an operating income of 779.28 million yuan, a year-on-year increase of 18.14% compared to 659.60 million yuan in the same period last year [2]. - The total profit reached 86.63 million yuan, up 18.90% from 72.86 million yuan in the previous year [2]. - The net profit attributable to shareholders was 76.86 million yuan, representing a 28.95% increase from the previous year [13]. - The company's total assets amounted to 2.45 billion yuan, with net assets attributable to shareholders at 1.65 billion yuan, reflecting a 7.83% increase [2]. Business Operations - The company primarily engages in the production and sale of traditional Chinese medicine products, categorized into three main segments: traditional Chinese medicine, premium Chinese medicine, and health wine [6]. - Guangyuyuan has a rich history, being one of the oldest traditional Chinese medicine brands, with core products recognized as national intangible cultural heritage [6]. - The company employs a dual procurement strategy, utilizing both tender and direct purchasing methods to ensure quality and cost-effectiveness in raw material sourcing [6]. Market Strategy and Growth - The company is focused on a "1541" strategic framework aimed at enhancing product quality and market penetration, with a strong emphasis on brand development and cultural heritage [13]. - Guangyuyuan has expanded its retail presence, adding 43 new stores, bringing the total to 505 by the end of June 2025 [13]. - The company is leveraging digital transformation to integrate online and offline sales channels, enhancing customer experience and operational efficiency [13]. Industry Context - The pharmaceutical manufacturing industry is undergoing significant transformation, driven by government policies aimed at improving quality and safety standards in traditional Chinese medicine [6]. - Recent regulatory changes are expected to enhance the market environment, promoting fair pricing and transparency in drug procurement [11]. - The industry is also witnessing a shift towards high-quality development, with an emphasis on innovation and internationalization of traditional Chinese medicine [6][8].

Core Viewpoint - Guangyuyuan Traditional Chinese Medicine Co., Ltd. reported significant growth in its financial performance for the first half of 2025, with increases in revenue, profit, and net assets compared to the previous year [1][2]. Financial Performance - Total assets reached approximately 2.45 billion RMB, an increase of 7.83% from the end of the previous year [1]. - Net assets attributable to shareholders increased by 4.90% to approximately 1.65 billion RMB [1]. - Operating revenue for the period was approximately 779.28 million RMB, reflecting an 18.14% increase compared to 659.60 million RMB in the same period last year [1]. - Total profit rose by 18.90% to approximately 86.63 million RMB, up from 72.86 million RMB [1]. - Net profit attributable to shareholders increased by 28.95% to approximately 76.86 million RMB, compared to 59.60 million RMB in the previous year [1]. - The net cash flow from operating activities was approximately 246.06 million RMB, a significant increase of 51.65% from 162.26 million RMB [1]. - The weighted average return on equity improved to 4.78%, up by 0.87 percentage points from 3.91% [1]. Shareholder Information - The largest shareholder, Shennong Technology Group Co., Ltd., holds 15.17% of the shares, amounting to approximately 74.23 million shares [2]. - Other notable shareholders include Jiang Shibo with 1.67% (approximately 8.19 million shares) and Hong Kong Central Clearing Limited with 1.15% (approximately 5.62 million shares) [2]. - The total number of shareholders as of the report date was 63,497 [1].

证券代码：600771 证券简称：广誉远 编号：临 2025-014 《公司 2025 年半年度报告及摘要》已经董事会审计委员会审议通过，同意提交公 司董事会审议。 表决情况：同意 6 票，反对 0 票，弃权 0 票。 特此公告。 广誉远中药股份有限公司董事会 二〇二五年八月十八日 广誉远中药股份有限公司 第八届董事会第十六次会议决议公告 特别提示 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。 广誉远中药股份有限公司（以下简称"公司"）第八届董事会第十六次会议于 2025 年 8 月 8 日以电话、邮件及其他网络通讯方式向全体董事发出通知，于 2025 年 8 月 18 日以通讯方式召开。会议应出席董事 6 名，实际出席董事 6 名，符合《公司法》及《公 司章程》的有关规定。会议由董事长李晓军主持，经大会认真审议，通过了《公司 2025 年半年度报告及摘要》。 ...