序号代码名称最新价涨跌幅主力净流入主力净占比1300757罗博特科270.3620.02.80亿元7.02%2688629华 丰科技78.511.951.58亿元6.62%3002126银轮股份39.565.661.50亿元9.24%4000989九芝堂12.718.081.46亿 元13.21%5603083剑桥科技72.8810.011.38亿元34.55%6002171楚江新材10.263.741.28亿元12.73%7603345 安井食品77.062.711.18亿元10.78%8301018申菱环境70.682.181.06亿元7.71%9300783三只松鼠 27.914.961.03亿元11.2%10300012华测检测13.996.889739.11万元6.29% 来源：金融界 8月25日，养老金概念上涨1.46%，今日主力资金流入3226.09万元，概念股87只上涨，13只下跌。 主力资金净流入居前的分别为罗博特科（2.8亿元）、华丰科技（1.58亿元）、银轮股份（1.5亿元）、 九芝堂（1.46亿元）、剑桥科技（1.38亿元）。 ...

Group 1 - The core viewpoint of the news is that Jiuzhitang's stock has shown significant volatility, with a year-to-date increase of 56.73% but a recent decline in the last five trading days by 2.75% [1] - As of August 25, Jiuzhitang's stock price was 12.01 yuan per share, with a total market capitalization of 10.28 billion yuan [1] - The company has experienced net outflows of main funds amounting to 14.79 million yuan, with large orders showing a slight imbalance between buying and selling [1] Group 2 - Jiuzhitang, established on May 12, 1999, and listed on June 28, 2000, is primarily engaged in the research, production, and sales of traditional Chinese medicine and biopharmaceuticals, with prescription drugs accounting for 50.27% of its revenue [2] - As of June 30, 2025, Jiuzhitang reported a revenue of 1.265 billion yuan for the first half of the year, a decrease of 24.71% year-on-year, and a net profit of 144 million yuan, down 29.71% year-on-year [2] - The company has distributed a total of 4.364 billion yuan in dividends since its A-share listing, with 935 million yuan distributed over the last three years [3]

Core Insights - The recent disclosure of semi-annual reports by A-share listed companies reveals significant movements among institutional investors, particularly pension funds [1] Group 1: Institutional Investment Trends - In the second quarter, pension funds entered the top ten circulating shareholder lists of over 20 stocks [1] - The total market value of stocks newly held by pension funds, with a market value exceeding 100 million yuan, includes 11 companies: Hongfa Technology, Satellite Chemical, Shengyi Electronics, Yuyue Medical, Jereh Group, Angel Yeast, Taineng Technology, Huace Testing, Hisense Home Appliances, Gongda Electronics, and Cambridge Technology [1] - Additionally, pension funds also entered the top ten circulating shareholder lists of companies such as Weichai Heavy Machinery, Huafeng Aluminum, Luxi Chemical, Jingneng Electric Power, Nova Star Cloud, Fuda Co., Tianqin Equipment, Shanhaishan, Gaoxingxing, Jiuzhitang, Doli Technology, Zhongce Rubber, Weifeng Electronics, and Baolijia [1]

根据最新财报，九芝堂上半年营业收入12.65亿元，同比下降24.71%；归母净利润1.44亿元，同比下滑 29.71%。核心产品OTC业务收入下滑36.05%，处方药收入下降10.67%。 8月22日主力资金净流出4541.54万元，近五日主力资金累计净流出4903.47万元。 风险提示：市场有风险，投资需谨慎。 截至2025年8月22日15时，九芝堂股价报11.76元，较前一交易日下跌1.92%。当日成交额4.81亿元，换 手率5.92%。 九芝堂主要从事中药及大健康产品的研发、生产和销售，业务涵盖OTC、处方药、医药商业等领域。公 司实际控制人为黑龙江省国资委。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's performance in the first half of 2025 met expectations, with a reported revenue of 1.265 billion yuan, a year-on-year decline of 24.71%. The net profit attributable to shareholders was 144 million yuan, down 29.71% year-on-year [2][4]. - The company is undergoing a marketing system reform to optimize its sales and distribution channels, which has led to a decline in sales revenue for prescription drugs, OTC products, and health products by 10.67%, 36.05%, and 20.88% respectively in the first half of 2025 [9]. - The gross profit margin remained stable at 59.35%, with a net profit margin of 11.37% [9]. - The company is making progress in its R&D projects, particularly in stem cell drugs, with several clinical trials advancing [9]. Financial Performance Summary - In the second quarter of 2025, the company achieved a revenue of 459 million yuan, a year-on-year decline of 23.52%, and a net profit of 27 million yuan, down 54.58% year-on-year [2][4]. - The company forecasts revenues of 2.481 billion yuan, 2.716 billion yuan, and 2.976 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 231 million yuan, 299 million yuan, and 375 million yuan for the same years [9].

Core Viewpoint - Jiuzhitang (000989.SZ) reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its business operations and market conditions [1] Financial Performance - The company achieved operating revenue of 1.265 billion yuan, a year-on-year decrease of 24.71% [1] - The net profit attributable to shareholders was 144 million yuan, down 29.71% year-on-year [1] - The net cash flow from operating activities was 213 million yuan [1] Product Segment Analysis - OTC business revenue was 583 million yuan, a decline of 36.05%, with a gross margin decrease of 3.41% [1] - Prescription drug revenue reached 636 million yuan, down 10.67% [1] - Health products revenue was 11.58 million yuan, a decrease of 20.88% [1] - Pharmaceutical commercial revenue was 33.3 million yuan, a slight decline of 3.12% [1] - The gross margin for the pharmaceutical industrial sector remained at 59.20% [1] Regional Performance - Revenue in the South China region increased slightly by 3.34%, while the other six major regions experienced declines [1] - The Central China region, accounting for 20.96% of total revenue, saw a significant drop of 42.84% to 265 million yuan [1] - The East China region, representing 17.65% of total revenue, reported a decrease of 35.29% to 223 million yuan [1] Research and Development - R&D expenses amounted to 61.93 million yuan, a slight decrease of 5.95% year-on-year [1] - New drug projects, such as YB211, are still in clinical phase II, and innovative businesses like stem cell therapy are not yet commercialized [1] Shareholder Structure - The shareholder structure has changed significantly, with Heilongjiang Chenen Gongda Venture Capital becoming the largest shareholder with a 24.04% stake [1] - The original controlling shareholder, Li Zhenguo, reduced his stake to 18.91%, with the actual controller now being Heilongjiang Provincial State-owned Assets Supervision and Administration Commission [1] Share Buyback - The company completed a share buyback of 9.66 million shares at a cost of 76.2 million yuan, intended for employee incentives [1]

据证券之星公开数据整理，近期九芝堂（000989）发布2025年中报。根据财报显示，九芝堂净利润同比 下降29.71%。截至本报告期末，公司营业总收入12.65亿元，同比下降24.71%，归母净利润1.44亿元， 同比下降29.71%。按单季度数据看，第二季度营业总收入4.59亿元，同比下降23.52%，第二季度归母净 利润2722.51万元，同比下降54.58%。 本次财报公布的各项数据指标表现一般。其中，毛利率59.35%，同比增0.95%，净利率12.14%，同比减 0.09%，销售费用、管理费用、财务费用总计5.0亿元，三费占营收比39.52%，同比减6.01%，每股净资 产4.26元，同比减2.68%，每股经营性现金流0.25元，同比增191.72%，每股收益0.17元，同比减29.18% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 16.79亿 | 12.65 Z | -24.71% | | 归母净利润(元) | 2.05亿 | 1.44亿 | -29.71% | | 扣非净利润(元) | 26. ...

九芝堂半年报显示，二季度净利润同比降幅超50%。而今年以来九芝堂股价涨幅超50%，知名牛散陈世 辉却退出公司十大股东之列。从交易角度来看，陈世辉属于精准地"低吸高抛"，赚得盆满钵满。 每经资本眼专栏记者注意到，同花顺数据显示，2024年6月30日，陈世辉持有1046.29万股九芝堂，成为 公司第五大股东，而此前并无持股相关数据；随后，陈世辉继续加仓，2024年9月30日持股数量上升至 1139.79万股；2024年三季度陈世辉进行了小幅减仓，2024年12月31日持股数量下降至1109.79万股；而 在今年一季度，陈世辉开始大幅减仓，2025年3月31日持股数量暴降至667.21万股；到了2025年6月30 日，陈世辉已经彻底退出九芝堂十大股东之列。 （文章来源：每日经济新闻） ...

OTC类药品是不是普遍不好卖？背后的原因有哪些？某位药店店长对每经资本眼专栏记者表示："不好卖，OTC是非处方药，不需要处方，线上 也没什么限制，可以网上买，还有一个医院价格低，现在门诊统筹都能报销了，去医院的也多了。" 九芝堂半年报显示，二季度净利润同比降幅超50%。而今年以来九芝堂股价涨幅超50%，知名牛散陈世辉却退出公司十大股东之列。从交易角度 来看，陈世辉属于精准的"低吸高抛"，赚得盆满钵满。 九芝堂业绩为何下降这么多？陈世辉为何能够做到精准出击？接下来每经资本眼专栏记者就来详细探究一番。 三大类主营产品营收皆下滑 8月21日，九芝堂发布了2025年半年报。2025年上半年，九芝堂实现营业收入12.65亿元，同比下降24.71%；实现净利润1.44亿元，同比下降 29.71%。其中，2025年第二季度，公司净利润为2722.51万元，同比降幅高达54.58%。 九芝堂的业绩为何降幅如此大呢？公司半年报中的解释较为模糊："由于受外部环境、市场因素以及内部改革带来的短期调整等综合因素影响， 公司部分产品销售收入下降。"外部环境、市场因素和内部改革带来的短期调整具体是什么情况？对此，每经资本眼专栏记者多次致 ...

九芝堂业绩为何下降这么多？陈世辉为何能够做到精准出击？接下来每经资本眼专栏记者就来详细探究一番。 每经记者｜章光日 每经编辑｜吴永久 九芝堂半年报显示，二季度净利润同比降幅超50%。而今年以来九芝堂股价涨幅超50%，知名牛散陈世辉却退出公司十大股东之列。从交易角度 来看，陈世辉属于精准的"低吸高抛"，赚得盆满钵满。 知名牛散陈世辉精准高抛低吸 三大类主营产品营收皆下滑 8月21日，九芝堂发布了2025年半年报。2025年上半年，九芝堂实现营业收入12.65亿元，同比下降24.71%；实现净利润1.44亿元，同比下降 29.71%。其中，2025年第二季度，公司净利润为2722.51万元，同比降幅高达54.58%。 九芝堂的业绩为何降幅如此大呢？公司半年报中的解释较为模糊："由于受外部环境、市场因素以及内部改革带来的短期调整等综合因素影响， 公司部分产品销售收入下降。"外部环境、市场因素和内部改革带来的短期调整具体是什么情况？对此，每经资本眼专栏记者多次致电九芝堂证 代的电话，但始终未能接通。 2025年上半年，九芝堂三大类主营产品的营业收入出现不同程度的下滑。OTC（非处方药）类、处方药类、大健康类系列产品是 ...