四环医药（00460）：中报扭亏转盈，基本面反转向上

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [19]. Core Insights - The company has shown a significant turnaround in its financial performance, achieving a net profit of 0.66 billion yuan in the first half of 2025, compared to a loss in the previous year [3][7]. - The revenue for the first half of 2025 reached 1.15 billion yuan, reflecting a year-on-year growth of 20.7%, driven by the high-margin medical aesthetics business [3]. - The company has a strong cash position with total cash and equivalents amounting to 3.89 billion yuan, ensuring robust cash flow and payment capabilities [3]. Summary by Sections Medical Aesthetics - The medical aesthetics segment generated 0.59 billion yuan in revenue for the first half of 2025, marking an impressive year-on-year growth of 81.3%, with segment profit increasing by 215.3% to 0.31 billion yuan [4]. - The company has expanded its partnerships, adding 44 key cooperative groups and penetrating over 1,000 high-end medical aesthetics institutions [4]. Generic Drugs - The generic drug business experienced a revenue decline of 15.8% to 0.50 billion yuan in the first half of 2025 due to national procurement policies, but operating profit increased by 1.2% to 0.17 billion yuan [5]. Innovative Drugs - The innovative drug segment saw a revenue increase of 96.6% to 0.058 billion yuan in the first half of 2025, with significant growth in sales of diabetes medications and the launch of new oncology drugs [6]. - The company has a pipeline of over 10 innovative drug products under development, with two already approved for market [6]. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.43 billion yuan, 3.71 billion yuan, and 5.08 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 28%, 53%, and 37% [7]. - The forecasted net profit for 2025 is 0.18 billion yuan, with significant increases expected in subsequent years [7].