九洲药业2025年上半年经营现金流净额为8.45亿元，同比增长164.5%；EPS(全面摊薄)为0.5912元。 | 序号 | 姓名 | 性别 | 年龄 | 学历 | 持股数(股) | | 薪酬(元) | | 职务 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 花莉容 | 文 | 57 | 硕士 | 3190万 | | 198. 5万 | H | | 董事长,法定代表人,非 | | | 注:点击"薪酬"列的小图标可查看对应高管的历史薪酬数据。 | | | | | | | | | | | 300 | | | 单位: 万元 | | 同职比较>> | | | | | | | 250 | | | | | | 2020-12-31 | 2021-12-31 | | 2022-12-31 | 2023-12-3 | | 200 | | | | | ■ 花莉蓉 | 128. 1万 | 195. 1万 | | 265. 7万 | 251. 3万 | | | | | | | 行业平均 | 136.6万 | 146.77 | ...

8月6日，浙江九洲药业（603456）股份有限公司(以下简称"九洲药业")发布2025年半年度报告，公司实 现营业收入28.71亿元，同比增加3.86%；归属于上市公司股东的净利润6.5亿元，同比增加17.2%。 为支撑全球业务发展，九洲药业也在加快全球化布局。今年上半年，台州基地取得《药品生产许可 证》，一期建设项目有序推进；多肽GMP(药品生产质量管理规范)产线扩建加速，预计2025年底建成投 用。公司持续推进车间的自控化、多功能化升级改造，提升产线运行效率。海外方面，日本、德国公司 业务推进顺利，多个项目实现导流至国内工厂，跨区域协同初见成效，有助于公司全球交付能力进一步 增强。 此外，九洲药业在特色原料药方向上也持续拓展产品覆盖面。公司聚焦降糖、抗炎、抗感染及心血管类 原料药产品，强化酶催化、连续化等绿色工艺应用，提升质量与成本控制能力；同时，通过合理规划产 能布局，公司提升产能利用率，为后续订单增长提供产能保障。 福州公孙策公关咨询有限公司合伙人詹军豪在接受《证券日报》记者采访时表示，九洲药业在技术平台 与客户结构方面具备一定优势，有望持续承接高附加值项目。未来，公司提升竞争力的发力点应在加强 AI ...

Summary of Jiuzhou Pharmaceutical Conference Call Company Overview - **Company**: Jiuzhou Pharmaceutical - **Industry**: Pharmaceutical Contract Development and Manufacturing Organization (CDMO) Key Points CDMO Business Growth - Jiuzhou Pharmaceutical's CDMO business is experiencing steady growth with a rich project pipeline, including 38 projects that have been launched and 90 in Phase III clinical trials, along with over 1,000 projects in Phase I and II [2][4][5] - The company serves over 80 global clients, covering more than 100 active projects, including innovative drugs, generics, and high-barrier formulations [2][4] Emerging Business Segments - Rapid growth in emerging businesses such as peptides and pentavalent vaccines, with over 20 new clients acquired, and orders nearing $10 million [2][6] - Successful delivery of over ten projects in these segments, indicating significant future growth potential [2][6] Generic Drug Business - Steady progress in the generic drug sector, with two specialty raw materials and two generic formulations approved in the first half of the year [2][7] - A total of 22 projects in the generic pipeline, with 8 approved and 9 under review [2][7] Financial Performance - For the first half of 2025, Jiuzhou Pharmaceutical reported revenue of 2.87 billion yuan, a year-on-year increase of 3.86%, and a net profit of 526 million yuan, up 10.7% [3] - The company has strengthened relationships with major clients, particularly in the Japanese and Korean markets, leading to significant project growth [3] Capacity Utilization and Profit Margins - CDMO capacity utilization is steadily increasing, with optimistic gross margin expectations for the next two to three years due to process optimization and a higher proportion of high-value products [2][10] - The gross margin for the first half of 2025 was approximately 41%, with expectations for stability throughout the year [12] New Factory Developments - The new factory in Taizhou has completed validation for five CDM raw material projects and is attracting numerous follow-up projects due to high management standards and successful FDA inspections [2][13] - The factory's capacity utilization is expected to continue increasing in the coming years [13] Market Trends and Client Structure - The client structure remains predominantly large pharmaceutical companies, accounting for 70-75% of business, with significant growth in the U.S. market [14][15] - The company anticipates an increase in collaboration with large pharmaceutical firms, driven by successful partnerships and potential acquisitions of biotech clients [15] Future Plans and Capital Expenditure - Jiuzhou Pharmaceutical plans to enhance global R&D capabilities and expand advanced production capacity, with a multi-functional GMP production line expected to be operational by late 2025 [9][21] - The company has approximately 3 billion yuan in cash reserves for strategic investments and acquisitions [21] International Expansion - The company has made significant inroads into the Japanese market, becoming a supplier for over half of the top ten pharmaceutical companies in Japan, with a growth rate of 30-40% annually [22] - Plans for further expansion into Europe and the U.S. are underway, focusing on small molecule production lines [17] New Product Development - Jiuzhou Pharmaceutical is focusing on new business areas such as small nucleic acids and ADCs, with expectations for significant contributions in the next two to three years [23][24][26] - The company is also expanding its peptide production capacity to meet growing demand, with a new facility set to produce 800 kg annually [25] Overall Confidence - The company expresses strong confidence in continued growth across all business segments, particularly in overseas client expansion and recovery in industry cycles [31]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 29.12 [1][7]. Core Views - The company has shown a positive growth trajectory in its revenue and profit, with a notable increase in the contribution from high-margin CDMO business [2][3]. - The company’s CDMO business achieved revenue of RMB 22.91 billion in the first half of 2025, reflecting a year-on-year growth of 16% [3]. - The company is expanding its new business capabilities, with significant progress in peptide and conjugated drug production, as well as small nucleic acid projects [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of RMB 28.71 billion, a year-on-year increase of 4%, and a net profit attributable to the parent company of RMB 5.26 billion, up 11% year-on-year [1]. - The second quarter of 2025 saw revenue of RMB 13.81 billion, with net profit increasing by 16% year-on-year [1]. CDMO Business - The CDMO business is a key growth driver, with a revenue contribution increasing from 71% in 2024 to 80% in the first half of 2025, leading to an improvement in gross margin from 35% to 37% [2]. - The company has a robust project pipeline, with 1,086 projects in clinical phases and 38 in commercialization as of the first half of 2025 [3]. New Business Development - The company has made strides in building capabilities for new business areas, including the expansion of facilities for peptide and conjugated drugs, and has onboarded over 20 new clients in the first half of 2025 [4]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is RMB 9.14 billion, RMB 9.52 billion, and RMB 9.74 billion respectively, with corresponding EPS of RMB 1.03, RMB 1.07, and RMB 1.09 [5][10]. - The company is valued at RMB 259 billion using the SOTP method, with a target price of RMB 29.12 based on a total share count of 889 million [5][12].

盈利预测与估值 由于CDMO 需求修复以及原料药价格企稳，我们上调2025/2026 净利润14.5%/8.7%至9.50 亿元/10.84 亿 元。维持跑赢行业评级，由于近期医药板块估值中枢上移，我们上调目标价43.6%至22.40 元对应21.0 倍2025 年市盈率和18.4 倍2026 年市盈率，较当前股价有20.0%的上行空间。 风险 1H25 业绩超过我们预期 公司公布1H25 业绩：收入28.71 亿元，同比+3.9%，归母净利润5.26 亿元，同比+10.7%，扣非归母净利 润5.26 亿元，同比+12.4%。其中，Q2 单季度收入13.81 亿元，同比+7.2%，环比-7.4%，归母净利润2.76 亿元，同比+15.7%，环比+10.2%，盈利能力环比提升。业绩超过我们预期，主要因核心业务CDMO 需 求修复以及原料药价格企稳。 发展趋势 核心业务CDMO 实现稳健增长。1H25，CDMO 实现收入22.9 亿元，同比+16.3%，毛利率41.0%，同比 持平。收入恢复稳健增长，我们判断主要因核心客户订单放量顺利以及行业需求复苏。CDMO 项目管 线日益丰富，截至1H25，公司已承接项目中， ...

（企业公告） 公告介绍，公司CDMO项目管线日益丰富，已经形成了可持续的临床前/临床Ⅰ、II、III期的漏斗型项目 结构。截止报告期末，公司已承接的项目中，已上市项目38个，III期临床项目90个，Ⅰ期和II 期临床试 验的有1086个，项目涵盖抗肿瘤、抗心衰、抗病毒、中枢神经和心脑血管等治疗领域。已递交NDA的 新药项目数快速增加，将持续助推公司业务稳健增长。 在多肽和偶联业务方面，报告期内，引入新客户20多家，在手订单的项目主要涵盖降糖、癌症类治疗领 域，其中海外订单增速较快。公司已完成十多个项目的交付工作，获得客户的高度评价。随着多肽及偶 联药物全球市场的快速发展，未来项目承接数量将持续增加。 近日，九洲药业发布2025年半年报。披露上半年营收增长3.86%至28.71亿元，归属净利提高10.70%至 5.26亿元。 ...

今日公布半年报公司一览 证券时报·数据宝统计，8月6日共有10家公司公布2025年半年报，其中10家净利润同比增长，9家营业收 入同比增长，1家同比下降，净利润和营业收入同时增长的公司有南极光等9家，业绩增幅翻倍的公司有 2家，其中南极光增幅最大，达982.43%。（数据宝） | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 300940 | 南极光 | 0.3274 | 7289.10 | 982.43 | 39750.85 | 244.67 | | 300871 | 回盛生 | 0.6622 | 11718.15 | 325.88 | 82220.00 | 88.45 | | | 物 | | | | | | | 603508 | 思维列 | 0.8000 | 30354.79 | 59.76 | 68918.98 | 23.35 | | | 控 | | | | | | | 002891 | 中 ...

Financial Performance - The company's total revenue for the first half of 2025 was 2.871 billion yuan, an increase of 107 million yuan compared to the same period last year, representing a year-on-year growth of 3.86% [1] - The net profit attributable to shareholders was 526 million yuan, an increase of 50.84 million yuan year-on-year, reflecting a growth of 10.70% [1] - The net cash inflow from operating activities was 845 million yuan, which is an increase of 526 million yuan compared to the same period last year, showing a significant year-on-year increase of 164.50% [1] Profitability and Efficiency Ratios - The latest asset-liability ratio is 19.86%, a decrease of 3.99 percentage points compared to the same period last year [3] - The latest gross profit margin is 37.45%, which is an increase of 0.03 percentage points from the previous quarter and an increase of 2.24 percentage points year-on-year [3] - The latest return on equity (ROE) is 6.04%, an increase of 0.38 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.59 yuan, an increase of 0.06 yuan year-on-year, reflecting an 11.32% growth [3] - The total asset turnover ratio is 0.26 times, an increase of 0.01 times year-on-year, representing a growth of 3.34% [3] - The inventory turnover ratio is 1.02 times, an increase of 0.07 times compared to the same period last year, indicating a year-on-year increase of 7.67% [3] Shareholder Structure - The number of shareholders is 53,700, with the top ten shareholders holding a total of 448 million shares, accounting for 50.38% of the total share capital [3] - The largest shareholder is Zhejiang Zhongbei Jiuzhou Group Co., Ltd., holding 31.8% of the shares [3]

2025年8月6日，九洲药业(603456.SH)发布2025年中报。 公司营业总收入为28.71亿元。归母净利润为5.26亿元。经营活动现金净流入为8.45亿元。 公司最新总资产周转率为0.26次。最新存货周转率为1.02次。 公司股东户数为5.37万户，前十大股东持股数量为4.48亿股，占总股本比例为50.38%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | T | 浙江中贝九洲集团有限公司 | 31.88% | | 2 | 台州市歌德实业有限公司 | 4.56% | | 3 | 花利容 | 3.59% | | 4 | 中国银行股份有限公司-华宝中证医疗交易型开放式指数证券投资基金 | 2.00% | | 5 | 林辉路 | 1.96% | | 6 | 中国工商银行股份有限公司-中欧医疗健康混合型证券投资基金 | 1.51% | | 7 | 香港中央结算有限公司 | 1.41% | | 8 | 罗月芳 | 1.36% | | 9 | 中信证券股份有限公司-社保基金17052组合 | 1.11% | | 10 | 何利民 | 1.00% | ...

截至8月6日，社保基金二季度共现身18只个股前十大流通股东，合计持股1.96亿股，合计持股市值达 45.52亿元。其中，7只个股持股数量超千万，东方雨虹、海大集团、藏格矿业持股数量居前，社保基金 分别持有0.38亿股、0.21亿股、0.18亿股。从社保基金持股行业分布来看，主要集中在制药、家庭耐用 消费品、机械，分别有2只、2只、2只。 从持股市值来看，截至8月6日，12只个股持股市值超亿元，海大集团、藏格矿业、海信家电持股市值居 前，分别为12.32亿元、7.73亿元、4.60亿元。 据Wind数据统计显示，8月6日，社保基金现身3只个股前十大流通股东，合计持股2083.59万股，合计持 股市值达2.82亿元。具体来看，九洲药业、长虹华意、思维列控持股数量分别为0.10亿股、0.08亿股、 0.03亿股，持股市值分别为1.50亿元、0.58亿元、0.74亿元。 ...