证券研究报告 2025 年 07 月 13 日 湘财证券研究所 行业研究 中药行业周报 时临中报季，关注中药板块业绩表现 相关研究： 核心要点： ❑ 市场表现：上周中药Ⅱ上涨 1.08%，医药板块延续普涨态势，中药涨幅居中 根据 wind 数据，上周（2025.07.06-2025.07.12）医药生物报收 8096.68 点，上涨 1.82%；中药Ⅱ报收 6451.72 点，上涨 1.08%；化学制药报收 12864.33 点，上涨 1.42%；生物制品报收 6377.28 点，上涨 0.38%；医药商业报收 5152.09 点，上涨 1.06%；医疗器械报收 6254.53 点，上涨 0.81%；医疗服务报收 5880.67 点，上涨 6.46%。医药二级子板块延续普涨态势，医疗服务涨幅最大，中药涨幅居中。 从公司表现来看，根据 wind 数据，表现居前的公司有：启迪药业、九芝堂、 贵州三力、沃华医药、恩威医药；表现靠后的公司有：贵州百灵、康惠制药、 羚锐制药、珍宝岛、太极集团。 ❑ 估值：上周中药板块 PE（ttm）为 27.86X，PB（lf）为 2.31X 根据 wind 数据，上周中药 PE（tt ...

www.hczq.com 证券研究报告 | 医药生物 | 2025年7月12日 华创医药投资观点&研究专题周周谈 · 第134期 中药企业的创新布局 联系人：高初蕾 赵建韬 华创医药团队： 首席分析师 郑辰 联席首席分析师 刘浩 医疗器械组组长 李婵娟 中药和流通组组长 高初蕾 分析师 王宏雨 分析师 朱珂琛 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 第一部 ...

部分 第 01 行情回顾 02 板块观点和投资组合 03 行业和个股事件 本周行情回顾 =半创研究 本周中信一级行业指数涨跌幅 本周涨幅排名前/后十名的股票 ST未名 -18.51 前沿生物-U 41.43% 7% -13.36% 神州细胞 美迪西 38.92% 6% 舒泰伸 联环药业 38.58% -11.61% 5%6 一品红 康辰药业 27.28% 4%6 海辰药业 启迪药业 26.89% 3% 华海药业 2% 华纳药厂 24.44% 1% 美诺华 浩欧博 22.72% os 永安药业 塞力医疗 22.06% 新闻 48 14 18 1987 1989 荣昌生物 福瑞股份 20.83% 8.84% 创新医疗 20.76% 广生堂 -8.66% 30% -10% -596 -15% 10% 证监会审核华创证券投资咨询业务资格批文号:证监许可(2009) 1210 号 第二部分 01 行情回顾 板块观点和投资组合 02 03 行业和个股事件 整体观点和投资主线 =半创研究 · 整体观点：当前医药板块的估值处于低位，公募基金（剔除医药基金）对医药板块的配置处于低位，考虑到美债利率等宏观环境 因素的积极恢复、大 ...

点击注册小程序 查看完整报告 特别申明： 北方稀土公告，预计2025年半年度实现归属于母公司所有者的净利润9亿元-9.6亿元，同比增加1882.54%到 2014.71%。镨钕和镧铈价格同比上涨叠加冶炼分离等加工成本进一步降低增厚业绩。推进绿色冶炼升级改造 项目，一期进入产线联动调试收尾阶段。下游应用仍保持增长，未来稀土行业供需仍有望维持紧平衡。 （王招华/马俊）2025-07-10 您可点击今日推送内容的第2条查看 【巨化股份（600160.SH）】制冷剂高景气延续，Q2 业绩高增长 ——2025 年半年度业绩预告点评 公司发布 2025 年半年度业绩预增公告，2025 年上半年度，公司预计实现归母净利润为 19.7-21.3 亿元，同比 增长 136%-155%；其中，Q2 单季度公司预计实现归母净利润 11.6-13.2 亿元，同比增长 122%-152%，环比增 长44%-63%。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权 ...

Core Viewpoint - Zhaoli Pharmaceutical is expected to achieve significant growth in net profit and cash flow for the first half of 2025, driven by strong sales in core products and improved operational efficiency [3][4]. Financial Performance - For the first half of 2025, Zhaoli Pharmaceutical anticipates a net profit of 368-388 million yuan, representing a year-on-year increase of 24%-31%. The expected net profit for the second quarter is projected to be 187-207 million yuan, with a year-on-year growth of 21%-34% [3]. - The company expects to generate operating cash flow of 270-290 million yuan in the first half of 2025, reflecting a year-on-year increase of 25%-35%, with a significant improvement in cash flow for the second quarter [3][4]. Revenue Growth - The sales revenue of core products, such as Wuling Capsules and Lingze Tablets, continues to show strong market growth, with expectations for accelerated sales in the second half of 2025 due to ongoing procurement agreements and expansion in OTC channels [4]. - The revenue growth rate for the Bai Ling series in the second quarter of 2025 is expected to exceed that of the first quarter, influenced by the national procurement policy for traditional Chinese medicine [4]. Strategic Initiatives - The company has launched the "一路向C" strategy to enhance its OTC business and focus on innovative health products. This includes changes in packaging, deepening collaborations with pharmacies and online channels, and digital marketing efforts [5][6]. - A strategic partnership with Zhejiang University has been established to leverage AI technology for developing innovative health products, which is expected to strengthen the company's technological capabilities and expand its market presence [6].

Core Viewpoint - Zhaoli Pharmaceutical (300181) is expected to achieve significant growth in net profit for the first half of 2025, with a year-on-year increase of 24.30%-31.06%, driven by strong sales of its core products and strategic partnerships [1][2][3]. Financial Performance - The company anticipates a net profit of 36.8 million to 38.8 million yuan for the first half of 2025, marking a year-on-year growth of 24.30%-31.06% [2]. - The expected net profit excluding the impact of share-based payment expenses is projected to increase by 28.94%-35.70% [2]. - Revenue is expected to grow approximately 12% year-on-year, with strong sales from core products such as Wuling Capsules and Lingze Tablets [2][3]. - The net cash flow from operating activities is projected to be between 27 million and 29 million yuan, showing significant improvement compared to the first quarter [2]. Strategic Initiatives - Zhaoli Pharmaceutical has signed a cooperation agreement with Zhejiang University to establish a joint research and development center, focusing on the health consumption sector under the "一路向C" (One Road to C) strategy [4][5]. - The company plans to invest a total of 20 million yuan in this collaboration, leveraging advanced technologies in computer science and biomedicine to enhance product development [4]. - The strategic upgrade will focus on optimizing OTC business and developing innovative health products, particularly utilizing Wuling fungus [5]. Market Position and Growth Strategy - The company has experienced rapid growth in revenue and net profit from 911 million yuan and 26 million yuan in 2019 to 2.578 billion yuan and 508 million yuan in 2024, respectively [3]. - Zhaoli Pharmaceutical aims to maintain its leading position in the tranquilizer market with Wuling Capsules while expanding its product line to include ten varieties under the Wuling series [5]. - The company is committed to achieving a 30% growth target in net profit as part of its equity incentive plan for 2025 [3].

Investment Rating - The investment rating for the company is "Buy" [6][19]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 2,939 million yuan in 2025, representing a year-over-year growth of 14% [3][10]. - The net profit attributable to the parent company is forecasted to reach 687 million yuan in 2025, reflecting a year-over-year increase of 35.3% [3][10]. - The company is focusing on enhancing its market presence and product offerings, particularly in the OTC segment, which has seen a revenue increase of 64% year-on-year [5][10]. Financial Summary - Revenue projections for the company are as follows: - 2023: 1,942 million yuan - 2024: 2,578 million yuan (growth rate: 32.7%) - 2025: 2,939 million yuan (growth rate: 14.0%) - 2026: 3,568 million yuan (growth rate: 21.4%) - 2027: 4,243 million yuan (growth rate: 18.9%) [3][11]. - Net profit attributable to the parent company is projected as: - 2023: 383 million yuan - 2024: 508 million yuan (growth rate: 32.6%) - 2025: 687 million yuan (growth rate: 35.3%) - 2026: 902 million yuan (growth rate: 31.4%) - 2027: 1,106 million yuan (growth rate: 22.5%) [3][11]. - Key financial ratios include: - Return on Equity (ROE) is expected to increase from 14.1% in 2023 to 27.1% in 2027 [3][11]. - Earnings Per Share (EPS) is projected to rise from 0.55 yuan in 2023 to 1.58 yuan in 2027 [3][11]. Strategic Developments - The company has signed a collaboration agreement with Zhejiang University to establish a joint research center, investing a total of 20 million yuan [2][4]. - The focus on AI and traditional medicine aims to enhance product development and market competitiveness, particularly in the health and wellness sector [4][10]. Market Positioning - The company is enhancing its OTC product matrix and has implemented various strategies to improve sales efficiency and market penetration [5][10]. - The core products, including Wuling Capsules and Lingze Tablets, are positioned as essential items in the national basic drug catalog, indicating strong market demand and growth potential [10].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a net profit of 368-388 million yuan in H1 2025, representing a year-on-year increase of 24%-31% [1] - The strategic upgrade towards a consumer-oriented approach is expected to enhance the company's market position and product competitiveness [3] - The company has adjusted its profit forecasts for 2025 and 2026 downwards due to uncertainties in product volume post-hospital procurement [4] Summary by Sections Financial Performance - For H1 2025, the company anticipates a net profit of 368-388 million yuan, with a growth rate of 25%-32% for the non-recurring net profit [1] - The operating cash flow is projected to be between 270-290 million yuan, reflecting a year-on-year increase of 25%-35% [1] - In Q2 2025, the expected net profit is between 187-207 million yuan, with a year-on-year growth of 21%-34% [1] Revenue and Profitability - The core products are experiencing steady growth, with sales of specific products like Wuling Capsules and Lingze Tablets continuing to perform well [2] - The overall revenue growth in Q2 2025 is estimated at 3%, attributed to a decline in traditional Chinese medicine sales [2] - The net profit margin for H1 2025 is expected to increase by 2.3-3.5 percentage points due to a shift in revenue structure and cost control measures [2] Strategic Initiatives - The company has launched a strategic upgrade termed "一路向 C" (Towards C), focusing on optimizing OTC business and developing innovative health products [3] - A strategic partnership with Zhejiang University aims to leverage AI technology for developing health management products, enhancing the company's technological edge [3] Earnings Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted to 655 million yuan and 836 million yuan respectively, reflecting a decrease of 4.8% and 5.6% from previous estimates [4] - The projected P/E ratios for the upcoming years are 20, 16, and 12 for 2025, 2026, and 2027 respectively [4]

事件：2025 年H1，公司营业收入同比增长约12%；归母净利润预计3.68~3.88 亿元（+24.3%~31.06%， 同比增长24.3%~31.06%，下同），扣非归母净利润3.66~3.86 亿元（+25.36%~32.21%）。单Q2 季度来 看，公司实现营收7.8 亿元（+2.7%），预计归母净利润1.87~2.07 亿元（+21%~34%），扣非归母净利 润1.85~2.05 亿元（+25%~39%）。扣除股权激励费用影响，公司上半年归母净利润3.8~4.0 亿元，同比 增长28.9%~35.7%。超此前我们的利润预期。 风险提示：集采后放量不及预期风险，行业政策风险，市场竞争加剧风险等。 盈利预测与投资评级：我们维持预计2025-2027 年公司归母净利润为6.55/8.41/10.41 亿元，对应PE 估值 为20/16/13X。展望下半年，随着广东联盟扩围接续以及湖北中成药集采的陆续执行，公司乌灵胶囊、 百令系列放量均有望提速。维持"买入"评级。 核心产品稳健增长，院外OTC 开拓成效显著：分产品来看，乌灵系列维持稳健增长，百令系列增速有 所提升。单Q2 季度收入放缓的原因，主要系2024 ...

Core Viewpoint - Zhaoli Pharmaceutical has established a joint research center with Zhejiang University to enhance its "One Road to C" strategy, focusing on AI-driven development of health products based on the Wuling mushroom [1] Group 1: Partnership and Strategic Development - The collaboration aims to create a food and drug knowledge graph and develop AI models to empower functional food formulation [1] - Zhaoli Pharmaceutical will leverage cutting-edge technology from Zhejiang University to explore the health benefits of Wuling mushroom and transform them into innovative health products [1] - This partnership is part of the company's broader strategy to deepen the integration of industry, academia, and research [1] Group 2: Market and Financial Performance - In the first half of the year, Zhaoli Pharmaceutical expects a net profit attributable to shareholders of 36.8 million to 38.8 million yuan, representing a year-on-year increase of 24.30% to 31.06% [1] - The company has seen growth in sales across its core products and traditional Chinese medicine formula granules [1] - The strategic upgrade is expected to enhance the company's technological moat, enrich its product matrix, and expand its consumer market [1]