北京双鹭药业股份有限公司 2025 年半年度报告全文 北京双鹭药业股份有限公司 2025 年半年度报告 二〇二五年八月二十六日 1 北京双鹭药业股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 风险因素详见正文第三节管理层讨论与分析第十部分"公司面临的风险 和应对措施"，敬请投资者仔细阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论与分析 | | 9 | | 第四节 | 公司治理、环境和社会 | | 23 | | 第五节 | 重要事项 | | 25 | | 第六节 | 股份变动及股东情况 | | 31 | | 第七节 | 债券相关情况 | | 35 | | 第八节 | 财务报告 | | 36 | | 第九节 | 其他报送数据 | ...

金融界消息 截至2025年8月25日收盘，双鹭药业（002038）报收于8.15元，上涨0.25%，换手率3.0%， 成交量25.53万手，成交金额2.08亿元。 来源：金融界 资金流向方面，今日主力资金净流出1119.58万元，占比成交额5.39%。其中，超大单净流出15.31万 元、占成交额0.07%，大单净流出1104.27万元、占成交额5.32%，中单净流出流入811.60万元、占成交 额3.91%，小单净流入307.98万元、占成交额1.48%。 双鹭药业最新一期业绩显示，截至2025一季报，公司营业总收入1.69亿元、同比减少31.10%，归属净利 润4596.84万元，同比减少34.46%，扣非净利润2114.18万元，同比减少79.19%，流动比率7.670、速动比 率6.463、资产负债率7.23%。 天眼查商业履历信息显示，北京双鹭药业股份有限公司，成立于1994年，位于北京市，是一家以从事医 药制造业为主的企业。企业注册资本102735万人民币，实缴资本4000万人民币。公司法定代表人为徐明 波。 通过天眼查大数据分析，北京双鹭药业股份有限公司共对外投资了25家企业，参与招投标项目500 ...

The investment was the first tranche of Robocore’s Series D round, under which Foxconn will inject up to $30 million through 2027. (Photo: Joan Cros/NurPhoto via Getty Images) https://t.co/l3rhGHM02f https://t.co/jVSYtakpaH ...

金融界消息 截至2025年8月13日收盘，双鹭药业（002038）报收于8.11元，上涨0.12%，换手率3.55%， 成交量30.25万手，成交金额2.46亿元。 来源：金融界 资金流向方面，今日主力资金净流出1327.20万元，占比成交额5.4%。其中，超大单净流出392.60万 元、占成交额1.6%，大单净流出934.61万元、占成交额3.8%，中单净流出流出819.72万元、占成交额 3.34%，小单净流入2146.92万元、占成交额8.74%。 天眼查商业履历信息显示，北京双鹭药业股份有限公司，成立于1994年，位于北京市，是一家以从事医 药制造业为主的企业。企业注册资本102735万人民币，实缴资本4000万人民币。公司法定代表人为徐明 波。 通过天眼查大数据分析，北京双鹭药业股份有限公司共对外投资了25家企业，参与招投标项目5000次， 知识产权方面有商标信息103条，专利信息61条，此外企业还拥有行政许可114个。 双鹭药业最新一期业绩显示，截至2025一季报，公司营业总收入1.69亿元、同比减少31.10%，归属净利 润4596.84万元，同比减少34.46%，扣非净利润2114.18万元， ...

金融界消息 截至2025年8月12日收盘，双鹭药业（002038）报收于8.1元，下跌1.46%，换手率2.38%， 成交量20.27万手，成交金额1.65亿元。 资金流向方面，今日主力资金净流出2368.70万元，占比成交额14.35%。其中，超大单净流出1235.08万 元、占成交额7.48%，大单净流出1133.62万元、占成交额6.87%，中单净流出流入1418.79万元、占成交 额8.6%，小单净流入949.90万元、占成交额5.76%。 来源：金融界 双鹭药业最新一期业绩显示，截至2025一季报，公司营业总收入1.69亿元、同比减少31.10%，归属净利 润4596.84万元，同比减少34.46%，扣非净利润2114.18万元，同比减少79.19%，流动比率7.670、速动比 率6.463、资产负债率7.23%。 天眼查商业履历信息显示，北京双鹭药业股份有限公司，成立于1994年，位于北京市，是一家以从事医 药制造业为主的企业。企业注册资本102735万人民币，实缴资本4000万人民币。公司法定代表人为徐明 波。 通过天眼查大数据分析，北京双鹭药业股份有限公司共对外投资了25家企业，参与招投标项目 ...

Group 1 - The stock price of Shuanglu Pharmaceutical closed at 8.31 yuan on August 5, 2025, down 0.95% from the previous trading day [1] - The trading volume on that day was 269,722 hands, with a transaction amount of 225 million yuan [1] - Shuanglu Pharmaceutical is primarily engaged in the research, development, production, and sales of biopharmaceuticals, covering areas such as genetic engineering drugs, biochemical drugs, and chemical drugs [1] Group 2 - The company expects a net profit attributable to shareholders of 100 million to 135 million yuan for the first half of 2025, representing a year-on-year increase of 237.95% to 356.24% [1] - This performance forecast has introduced the "2025 interim report pre-increase" concept for the company [1] - On August 5, the net outflow of main funds for Shuanglu Pharmaceutical was 33.4665 million yuan, with a cumulative net outflow of 167 million yuan over the past five trading days [1]

来源：金融界 资金流向方面，今日主力资金净流入9215.50万元，占比成交额13.38%。其中，超大单净流入5598.50万 元、占成交额8.13%，大单净流入3617.00万元、占成交额5.25%，中单净流出流出953.38万元、占成交 额1.38%，小单净流出8262.12万元、占成交额11.99%。 天眼查商业履历信息显示，北京双鹭药业股份有限公司，成立于1994年，位于北京市，是一家以从事医 药制造业为主的企业。企业注册资本102735万人民币，实缴资本4000万人民币。公司法定代表人为徐明 波。 金融界消息 截至2025年7月29日收盘，双鹭药业（002038）报收于8.61元，上涨7.09%，换手率9.67%， 成交量82.37万手，成交金额6.89亿元。 通过天眼查大数据分析，北京双鹭药业股份有限公司共对外投资了25家企业，参与招投标项目5000次， 知识产权方面有商标信息103条，专利信息61条，此外企业还拥有行政许可114个。 双鹭药业最新一期业绩显示，截至2025一季报，公司营业总收入1.69亿元、同比减少31.10%，归属净利 润4596.84万元，同比减少34.46%，扣非净利润211 ...

Core Viewpoint - The Chinese innovative drug industry is experiencing significant growth in the first half of 2025, driven by policy benefits and international breakthroughs, with leading companies achieving explosive growth due to technological barriers and commercialization capabilities [1]. Company Performance Summaries - **Shuanglu Pharmaceutical**: Expected net profit for H1 2025 is between 100 million and 135 million RMB, a year-on-year increase of 237.95% to 356.24% from 29.59 million RMB in the same period last year, primarily benefiting from financial asset returns and breakthroughs in innovative drug pipelines [3][4]. - **Sino Biopharmaceutical**: Anticipated net profit ranges from 77.03 million to 94.14 million RMB, reflecting a year-on-year increase of 253.54% to 332.10%, driven by strong performance in peptide raw material exports [5][7]. - **Microchip Biotech**: Expected net profit of approximately 30.06 million RMB, representing a 173% increase, attributed to the inclusion of its core product (Sida Benamine) in medical insurance and optimized sales strategies [8][10]. - **Buchang Pharmaceutical**: Projected net profit between 488 million and 708 million RMB, a year-on-year increase of 110.88% to 205.94%, due to increased sales scale and reduced production costs [11][13]. - **Ganli Pharmaceutical**: Expected net profit of 600 million to 640 million RMB, a year-on-year increase of 100.73% to 114.12%, driven by significant revenue growth and refined expense management [15][16]. - **Shanghai Pharmaceuticals**: Anticipated net profit of 4.45 billion RMB, an increase of approximately 52% from the previous year, following the acquisition of a 10% stake in Shanghai Hengrui Medicine [17][18]. - **Liaoning Chengda**: Expected net profit between 689 million and 735 million RMB, a year-on-year increase of 50% to 60%, supported by a dual-driven strategy of healthcare and financial investment [19][21]. - **WuXi AppTec**: Projected net profit of approximately 6.3 billion RMB, a year-on-year increase of about 44.43%, driven by optimized CRDMO business models and significant non-operating gains from stock sales [23][25]. - **Notai Biopharmaceutical**: Expected net profit between 300 million and 330 million RMB, a year-on-year increase of 32.06% to 45.27%, attributed to sales growth in peptide raw materials [27][29]. - **I-Wu Biotech**: Anticipated net profit between 170 million and 180 million RMB, reflecting a year-on-year increase of 13.92% to 23.97%, focusing on allergy disease treatment products [30][31]. Industry Trends - The performance divergence in the innovative drug industry in 2025 indicates a shift from "scale competition" to "technological competition," with companies possessing genuine innovation capabilities and international layouts expected to lead, while those relying on capital operations or policy arbitrage face growth challenges [32].

Financial Performance - The company's net profit for the first half of 2025 is projected to be between 100 million and 135 million CNY, representing an increase of 237.95% to 356.24% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses is expected to decline by 1.9 million to 3.5 million CNY, a decrease of 70.96% to 84.23% year-on-year [2][3] - The fair value changes of financial assets resulted in a significant gain of approximately 110 million CNY in the first half of the year [3] Product Development and Innovation - Key innovative drugs in development include DT678, MBT-1608, PHP1003, PHP0101, long-acting recombinant human follicle-stimulating hormone injection, and GLP-1-Fc fusion protein [4] - The long-acting recombinant human follicle-stimulating hormone injection and GLP-1-Fc fusion protein have completed clinical trials and are about to be submitted for market approval [4] - The company has a unique anti-platelet aggregation drug developed in collaboration with a U.S. university, which is currently in Phase II clinical trials [4][5] New Product Launches - The nitroglycerin spray, as a unique dosage form in China, has significant market potential, especially for emergency use in angina and myocardial infarction [6] - The company plans to enhance marketing strategies for the nitroglycerin spray through academic conferences and collaborations with various sales channels [6] Shareholder Returns - Since its listing in 2004, the company has consistently paid cash dividends, with total dividends exceeding 2.1 billion CNY, which is more than ten times the initial fundraising amount [7] E-commerce and Sales Channels - The company has established a flagship store on JD.com, with a growing range of products available for sale [9] - The proportion of oral formulations has been increasing, prompting the company to explore new marketing models, including e-commerce [9] Investment Activities - The company holds a 55.69% stake in Beijing New Mile Health Industry Group through a partnership, which is expected to yield good returns in the future [10]

Mergers and Acquisitions - Dajia Weikang plans to acquire 60.85% equity of Anhui Dajia Weikang Health Pharmacy for a transaction price of 116 million yuan, making it a subsidiary post-transaction [1] - Jizhong Energy intends to purchase 49% equity of Jingneng Xilin Gol Energy for 669 million yuan, with the target company having a construction scale of 2×660MW efficient supercritical indirect air-cooled units [2] - Bomin Electronics has terminated its acquisition plan for Benchuang Electronics due to failure to reach consensus on key transaction terms [3] Shareholding Changes - Jingbeifang's employee shareholding platform plans to reduce its stake by up to 3% of the company's total shares, equating to a maximum of 26 million shares [4] - Sichuan Shuangma's major shareholders plan to collectively reduce their holdings by up to 2.92% of the company's total shares, amounting to approximately 1.11 million shares [5] - Chenghe Technology's shareholder, Shanghai Kehui Investment, intends to reduce its stake by up to 3% of the company's total shares, which is approximately 564,960 shares [6] Earnings Disclosure - China Merchants Heavy Industry expects a significant decline in net profit attributable to shareholders, projecting a decrease of 90.16% to 91.95%, with an estimated profit of 9 million to 11 million yuan [7] - Dongpeng Beverage anticipates a net profit increase of 33.48% to 41.57%, estimating a profit range of 2.31 billion to 2.45 billion yuan for the first half of 2025 [8] - Shuanglu Pharmaceutical forecasts a substantial net profit growth of 237.95% to 356.24%, estimating a profit of 100 million to 135 million yuan for the first half of 2025, primarily due to changes in the fair value of financial assets [10]