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]

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%20%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company forecasts a substantial increase in net profit attributable to shareholders for H1 2025, driven by non-operating income, despite a significant decline in core business profitability Performance Forecast Summary | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Profit: 100 million - 135 million Yuan | Profit: 29.59 million Yuan | | Year-over-Year Change | **Increase 237.95% - 356.24%** | - | | **Net Profit Excluding Non-Recurring Gains and Losses** | Profit: 19 million - 35 million Yuan | Profit: 120.51 million Yuan | | Year-over-Year Change | **Decrease 70.96% - 84.23%** | - | | **Basic Earnings Per Share** | Profit: 0.10 Yuan/Share – 0.13 Yuan/Share | Profit: 0.03 Yuan/Share | | **Basic EPS Excluding Non-Recurring Items** | Profit: 0.02 Yuan/Share - 0.03 Yuan/Share | Profit: 0.12 Yuan/Share | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%20%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company has conducted preliminary discussions with its annual audit firm regarding the performance forecast, with no significant disagreements, though the forecast remains unaudited by a certified public accountant - This performance forecast has not been pre-audited by a certified public accountant, but the company has conducted preliminary discussions with its annual audit firm on related matters, with no significant disagreements[3](index=3&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%20%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Performance changes during the reporting period show a divergence: significant growth in net profit attributable to shareholders is primarily due to a positive impact from fair value changes of financial assets, while a sharp decline in non-recurring net profit stems from continuous price reductions of core products affecting revenue and profitability - Net profit attributable to shareholders significantly increased year-over-year, primarily due to non-recurring gains and losses, specifically fair value changes of financial assets, with a gain of approximately **110 million yuan** in H1 2025 compared to a loss of **118 million yuan** in the prior period, representing a **228 million yuan** increase[4](index=4&type=chunk) - Net profit excluding non-recurring items significantly decreased year-over-year, primarily due to continuous price reductions of the company's main products during the reporting period, leading to lower operating revenue and profit[4](index=4&type=chunk) [Risk Warning](index=1&type=section&id=%E5%9B%9B%E3%80%81%20%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company explicitly states that this performance forecast is a preliminary estimate by the finance department, with final accurate financial data subject to the 2025 semi-annual report, advising investors to exercise caution and be aware of investment risks - This performance forecast represents preliminary estimates by the company's finance department, with specific financial data to be fully disclosed in the company's 2025 semi-annual report[5](index=5&type=chunk) - Investors are advised to exercise caution in their decisions and be mindful of investment risks[5](index=5&type=chunk)

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

证券代码：002038 证券简称：双鹭药业 公告编号：2025-019 北京双鹭药业股份有限公司 关于第二大股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 截至公告披露日，新乡白鹭集团及其一致行动人所持质押股份情况如下： | | 持股数量 | | 本次质押前质 | 本次质押后质 | 合计占其所 | 合计占 公司总 | 已质押股份情况 已质押股份 | 占已 质押 | 未质押股份情况 未质押股 | 占未质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | （股） | 持股比例 | 押股份数量 | 押股份数量 | 持股份比例 | 股本比 | 限售和冻 | 股份 | 份限售和 | 押股份 | | | | | （股） | （股） | | 例 | 结、标记数 | 比例 | 冻结数量 | 比例 | | | | | | | | | 量（股） | | （股） | | | 新乡白鹭 | | | | | | | | | | | | 投资集团 | 159 ...