2025 年 08 月 26 日 营销改革逐步释放止咳宝片的市场潜力 买入(首次) 事件 分析师：胡博新 S1050522120002 hubx@cfsc.com.cn 相关研究 —特一药业（002728.SZ）公司事件点评报告 特一药业发布公告：2025 年半年度，公司实现营业收入 49114.29 万元，同比增长 56.54%；归属于上市公司股东的 净利润 3800.77 万元，同比大幅增长 1313.23%。 投资要点 ▌ 营销改革效果显现，止咳宝销量恢复 公司自 2024 年初开启核心品种止咳宝片的销售改革，在药店 渠道逐步由经销商模式调整为自营+经销商的混合模式。销售 改革导致 2024 年止咳宝片发货下滑，利润受拖累。目前自营 团队已形成初步规模并高效运转，同时销售费用投入增加， 有效提升了"特一"品牌的知名度与影响力。2025 年上半年 止咳宝片的销量实现 3.31 亿片，恢复至 2023 年同期的 61.29%，营销改革的效果显现。 ▌ 营销改革持续推进，培育中药大品种 公司核心产品止咳宝片有一百多年历史，产品秘方入选岭南 中药文化保护遗产，具有"宣肺祛痰、止咳平喘"之功效， 根据米内网数据库 ...

同花顺（300033）数据显示，截至8月25日，共计27家中药上市公司发布2025年半年度业绩报告。其 中，10家上半年营业收入实现正增长，增幅超10%的有6家；13家归属于上市公司股东的净利润实现正 增长，占比约48%。 当前，我国医药行业正处于从传统医药向创新医药转型的关键发展阶段。中国企业资本联盟中国区首席 经济学家柏文喜对《证券日报》记者表示："医药行业正经历一个以'价值'和'创新'为核心的新周期。对 于中药企业而言，创新已不再是可选项，而是生存和发展的必由之路。" 分化趋势显现 从已披露的半年报看，上半年中药上市公司经营"喜忧参半"，业绩分化明显。 加大创新药研发力度 在业界看来，目前传统仿制药与普药市场竞争激烈，同质化问题较为突出；而创新药研发成为行业发展 的新引擎，越来越多的药企加大在创新药研发方面的投入，从源头创新、改良型新药到高端仿制药等多 维度进行布局。 加大创新药研发也是中药上市公司在半年报中频频提及的重要战略。 特一药业表示，对公司而言，公司既拥有成熟的传统产品体系，如百年历史的止咳宝片等黄金单品及系 列中药梯队产品，同时也在积极探索创新发展路径，通过加大研发投入、引进专业人才等方式， ...

金融界消息 截至2025年8月25日收盘，特一药业（002728）报收于9.44元，下跌0.63%，换手率7.64%， 成交量28.75万手，成交金额2.71亿元。 资金流向方面，今日主力资金净流出2267.04万元，占比成交额8.36%。其中，超大单净流出1217.38万 元、占成交额4.49%，大单净流出1049.67万元、占成交额3.87%，中单净流出流入74.00万元、占成交额 0.27%，小单净流入2193.05万元、占成交额8.09%。 天眼查商业履历信息显示，特一药业集团股份有限公司，成立于2002年，位于江门市，是一家以从事医 药制造业为主的企业。企业注册资本51256.5434万人民币，实缴资本20000万人民币。公司法定代表人 为许荣煌。 通过天眼查大数据分析，特一药业集团股份有限公司共对外投资了8家企业，参与招投标项目473次，知 识产权方面有商标信息59条，专利信息76条，此外企业还拥有行政许可707个。 来源：金融界 特一药业最新一期业绩显示，截至2025中报，公司营业总收入4.91亿元、同比增长56.54%，归属净利润 3800.77万元，同比增长1313.23%，扣非净利润380 ...

| 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） | （%） | | 301120 | 新特电 | 0.0100 | 532.87 | 49775.01 | 19265.03 | 16.10 | | | 气 | | | | | | | 301258 | 富士莱 | 0.4744 | 4307.66 | 12430.96 | 22390.97 | 3.36 | | 300046 | 台基股 份 | 0.1680 | 3972.84 | 3789.41 | 17878.78 | 4.18 | | 839790 | 联迪信 | 0.1280 | 1012.23 | 3149.79 | 8497.56 | -8.10 | | | 息 | | | | | | | 300079 | 数码视 讯 | 0.0117 | 1670.03 | 2747.64 | 26484.56 | 24.66 | | 603086 | 先达股 份 | ...

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

据证券之星公开数据整理，近期特一药业（002728）发布2025年中报。截至本报告期末，公司营业总收 入4.91亿元，同比上升56.54%，归母净利润3800.77万元，同比上升1313.23%。按单季度数据看，第二 季度营业总收入1.96亿元，同比上升31.43%，第二季度归母净利润644.05万元，同比上升199.62%。本 报告期特一药业三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达 39.42%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率60.23%，同比增52.27%，净利率7.74%，同比增 802.78%，销售费用、管理费用、财务费用总计2.27亿元，三费占营收比46.27%，同比增39.42%，每股 净资产3.46元，同比减3.35%，每股经营性现金流0.29元，同比增441.35%，每股收益0.08元，同比增 1500.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.14亿 | 4.91亿 | 56.54% | | 归母净利润(元) | 268.94万 | ...

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 8月22日，特一药业集团股份有限公司通过电话会议的形式，接受了国盛证券、华鑫证券等12家机构的 特定对象调研。公司董事长、总经理许荣煌等相关人员参与接待。 投资者关系活动重要信息投资者活动关系类别：特定对象调研、电话会议时间：2025年8月22日地点： 电话会议参与单位名称：国盛证券、华鑫证券、山西证券、光大证券、申万宏源证券、浙商证券、东方 财富证券、西南证券、天风证券、华安证券、华创证券、东吴证券上市公司接待人员姓名：董事长、总 经理许荣煌；董事、财务总监、副总经理陈习良；董事会秘书许紫兰；证券事务代表徐少华 投资者关系活动主要内容公司经营情况显著改善： ...

Group 1: Marketing Reform and Sales Recovery - The company has completed a comprehensive upgrade of its marketing organization, resulting in a net increase of over 100 frontline sales personnel since the reform began [3] - Sales of the core product "Te Yi" cough syrup reached 331 million pieces, recovering to 61.29% of the same period in 2023, indicating a gradual release of market demand [4] - The company invested 172 million yuan in brand building during the reporting period, enhancing brand awareness among younger and online consumer groups [4] Group 2: Financial Performance - For the first half of 2025, the company achieved operating revenue of 491.43 million yuan, a year-on-year increase of 56.54% [5] - The net profit attributable to shareholders reached 38.01 million yuan, a significant year-on-year increase of 1313.23%, demonstrating strong profit recovery capabilities [5] Group 3: Future Sales Growth and Market Potential - The company aims to achieve annual sales of 1 billion boxes of cough syrup within 3-5 years post-reform, with a projected annual compound growth rate of nearly 20% [6][8] - The cough syrup has a production capacity of 1.8 billion pieces, which can be expanded to 2.4 billion pieces based on market demand [9] Group 4: Online Sales and Marketing Strategy - Online sales of the cough syrup are currently small but are expected to grow rapidly due to changing consumer habits and increased support from online platforms [11] - In the first half of 2025, the cough syrup's sales on various platforms showed significant growth, with a 652% year-on-year increase on JD.com and a 260% increase on Alibaba [12] Group 5: Brand Promotion and Advertising - The company has shifted its advertising strategy from traditional media to a combination of traditional and new media, increasing brand promotion efforts [15] - The advertising budget will continue to grow in the coming years, focusing on the "Te Yi" cough syrup while aiming to optimize the sales expense structure [16] Group 6: Product Development and Market Expansion - The company plans to actively promote the skin disease blood toxin pill as a major product following the cough syrup, leveraging existing sales channels [12] - The company will continue to explore external growth opportunities, including potential mergers or partnerships that align with its strategic goals [17]

今日提示 重要新闻提示 格力电器（000651）：实施2024年年度权益分派方案，向全体股东每10股派20元（含税），共计派发现 金红利111.7亿元 中国石化：拟5亿元—10亿元回购公司A股股票；2025年半年度合计拟派发现金股利106.70亿元（含税） 飞鹿股份：公司控股股东、实际控制人正在筹划控制权变更相关事宜，今日停牌 北交所新股能之光（920056）今日上市。 今日有2380亿元7天期逆回购到期。 恒生指数有限公司今日将宣布2025年第二季度之恒生指数系列检讨结果。 第33届广州博览会8月22日至24日举行。 华为兆瓦超充高质量发展峰会今日举行，将发布百兆瓦级重卡超充站。 国泰海通将于今日的日终清算后实施法人切换、客户及业务迁移合并，将原海通证券的相关法人主体切 换为国泰海通，适时将原海通证券的客户及业务迁移合并入国泰海通。 财经新闻 1. 8月21日，国家能源局发布7月份全社会用电量等数据。7月，全社会用电量10226亿千瓦时，同比增长 8.6%。从产业用电看，第一产业用电量170亿千瓦时，同比增长20.2%；第二产业用电量5936亿千瓦 时，同比增长4.7%；第三产业用电量2081亿千瓦时，同比 ...

特一药业（SZ 002728，收盘价：9.46元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收入 约4.91亿元，同比增加56.54%；归属于上市公司股东的净利润约3801万元，同比增加1313.23%；基本每 股收益0.08元，同比增加1500%。 （文章来源：每日经济新闻） ...