LUYAN PHARMA(SZ:002788) Di Yi Cai Jing·2026-01-06 08:05Core Viewpoint - The stock price of Luyuan Pharmaceutical has doubled by December 2025, attributed to the company's strategic positioning in the context of Hainan's free trade port policy [2]. Group 1: Company Overview - Luyuan Pharmaceutical, headquartered in Xiamen, Fujian, specializes in the distribution of pharmaceuticals, traditional Chinese medicine, and medical devices, with its primary revenue source being pharmaceutical wholesale sales [2]. - The company has increased the registered capital of its subsidiary in Hainan from 35 million to 100 million yuan to support its operational development and the construction of the Hainan headquarters project [2]. Group 2: Financial Performance - In the first half of 2025, Luyuan Pharmaceutical reported total revenue of 10.4 billion yuan, a year-on-year increase of 0.91%, while net profit attributable to shareholders decreased by 18.83% to 155 million yuan [3]. - Revenue from Fujian province accounted for approximately 72.76% of the total revenue, with significant contributions also from Sichuan and Jiangxi provinces, which contributed 1.8 billion yuan and 992 million yuan, respectively [3]. Group 3: Market Context - The recent stock price surge is linked to the launch of Hainan's full island closure policy, which has expanded the range of zero-tariff goods and implemented tax exemptions for certain goods [2]. - The contribution of revenue from Hainan remains small, and the potential impact of the Hainan closure on the company's business development is yet to be determined [4].