医药板块25年中报总结：创新药产业链表现显著，H2多板块拐点向上

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Insights - The innovative drug industry chain has shown significant performance, with multiple sectors expected to see upward turning points in H2 2025 [1] - The pharmaceutical sector has experienced a strong rebound, significantly outperforming the broader market, with the CITIC Pharmaceutical Index rising by 26.28% as of August 29, 2025, surpassing the CSI 300 Index by 12.01 percentage points [2][9] - The report highlights a notable improvement in profit growth in June 2025, indicating a positive trend for the pharmaceutical industry [31] Summary by Sections Subsector Performance - Chemical Pharmaceuticals: In Q2 2025, revenue reached 189.9 billion yuan, a year-on-year decrease of 2.3%, while net profit was 24 billion yuan, up 4.4% [2] - A-share Innovative Drugs: Q2 2025 revenue grew by 31.6% year-on-year, with net profit losses narrowing by 61% [2] - Hong Kong Stock Innovative Drugs: H1 2025 revenue was 735.6 billion yuan, a 12.4% increase year-on-year, with net profit reaching 64.3 billion yuan, up 239.9% [2] - Vaccines: Revenue in Q2 2025 was 8.5 billion yuan, down 37.5% year-on-year, with net profit of 1 billion yuan, down 94.8% [3] - Blood Products: H1 2025 revenue was 11.4 billion yuan, up 0.6% year-on-year, with net profit of 2.75 billion yuan, down 13.1% [3] - Traditional Chinese Medicine: H1 2025 revenue was 177.5 billion yuan, down 5.5% year-on-year, with net profit of 22.1 billion yuan, up 0.4% [4] - Medical Devices: H1 2025 revenue was 115.96 billion yuan, down 5.0% year-on-year, with net profit of 18.35 billion yuan, down 17.6% [3] - Pharmaceutical Distribution: H1 2025 revenue was 468.1 billion yuan, down 0.04% year-on-year, with net profit of 9.8 billion yuan, up 8.1% [5] Market Overview - The pharmaceutical sector's valuation remains low, with a premium rate narrowing. As of August 29, 2025, the CITIC Pharmaceutical PE (TTM) was 30.8X, indicating a 22.03% premium rate, below the historical average [17] - The proportion of public funds heavily invested in pharmaceuticals has increased, with the total public fund's pharmaceutical heavy position at 9.8% in Q2 2025, up 0.7 percentage points [21] Future Outlook - The report anticipates continued growth in the innovative drug sector, driven by ongoing business development and data extraction catalysts, alongside easing policy disruptions [2][9] - The medical device sector is expected to see a turning point in performance in H2 2025, with increased demand and improved financial results anticipated [40]