医药行业2025年中报总结：持续看好创新药、AI医疗、脑机接口等方向

Investment Rating - The report maintains a positive outlook on innovative drugs, AI healthcare, and brain-computer interfaces [1]. Core Insights - The report analyzes 362 pharmaceutical listed companies, including those on the Sci-Tech Innovation Board, reporting a total revenue of 1,084.5 billion yuan in H1 2025, a decrease of 2.1% year-on-year. The net profit attributable to shareholders was 103.64 billion yuan, down 1.1%, while the net profit excluding non-recurring items was 88.905 billion yuan, down 9.4% [3][17]. - In H1 2025, 165 companies achieved revenue growth, accounting for 46% of the total, while 165 companies also reported positive net profit growth, also 46% [17]. Summary by Relevant Sections Overall Industry Performance - The pharmaceutical industry faced pressure from policies and macroeconomic conditions, leading to a decline in performance in H1 2025 [19]. - The overall revenue for the industry decreased by 2.1%, with a net profit decline of 1.1% [46]. Subsector Analysis - Innovative Drugs and Formulations: Revenue was 194.6 billion yuan (-2.0%), with net profit at 25.8 billion yuan (+1.2%) [5]. - Medical Devices: Revenue decreased to 96.8 billion yuan (-5%), with net profit down 16.9% [5]. - CXO Services: Revenue increased by 13.8% to 44.85 billion yuan, with net profit rising 64.6% [5]. - Active Pharmaceutical Ingredients: Revenue remained stable at 52.88 billion yuan, with net profit increasing by 19.1% [5]. - Life Sciences: Revenue was 3.9 billion yuan (-1.8%), with net profit down 3.6% [7]. - Medical Services: Revenue grew by 0.9% to 28.3 billion yuan, but net profit fell by 10.2% [7]. - Blood Products: Revenue was approximately 11.7 billion yuan (-0.3%), with net profit down 14.4% [7]. - Retail Pharmacies: Revenue was 57.8 billion yuan (+0.1%), with net profit up 0.9% [9]. - Pharmaceutical Distribution: Revenue increased by 0.9% to 404.57 billion yuan, with net profit rising 12.4% [9]. - Traditional Chinese Medicine: Revenue decreased by 4.8% to 173 billion yuan, with net profit slightly up by 0.6% [9]. - Vaccine Sector: Revenue plummeted by 58.0% to 10.5 billion yuan, with a net loss of 0.5 billion yuan [11]. Financial Metrics - The overall gross margin for the industry was 32.4%, with a decline in the four expense ratios [46][49]. - The report highlights that the CXO sector showed the highest growth in both revenue and net profit, indicating a strong recovery trajectory [34][37].