华润医药（03320）：收入表现稳健，外延+创新打开成长空间

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [6] Core Views - The company achieved a revenue of 131.87 billion yuan in H1 2025, a year-on-year increase of 2.5%, while the net profit attributable to shareholders decreased by 20.3% to 2.08 billion yuan, primarily due to impairment losses from equity investments [1] - The pharmaceutical segment showed a revenue increase of 4.3% to 24.81 billion yuan, with steady growth across traditional Chinese medicine, biopharmaceuticals, and health products [2] - The company is focusing on external growth and innovative research and development, having completed acquisitions to enhance its blood products supply chain and improve its traditional Chinese medicine innovation capabilities [3] - The medical device business is expanding, with a revenue increase of 8% to 18 billion yuan in H1 2025, and the establishment of a regional inspection center [4] - Profit forecasts have been adjusted downwards for 2025-2027 due to impairment impacts, with net profit estimates revised to 3.75 billion, 4.66 billion, and 5.04 billion yuan respectively [5] Summary by Sections Revenue Performance - In H1 2025, the company reported a revenue of 131.87 billion yuan, reflecting a 2.5% increase year-on-year, while the net profit attributable to shareholders was 2.08 billion yuan, down 20.3% [1] - The pharmaceutical business generated 24.81 billion yuan in revenue, up 4.3%, with a gross margin of 59.3% [2] Business Segments - The pharmaceutical segment's gross margin decreased by 0.8 percentage points, while the medical distribution segment's revenue reached 108.33 billion yuan, a 2.3% increase [2] - The retail business within the medical distribution segment saw a significant revenue increase of 11.4% to 5.52 billion yuan [2] Growth Strategies - The company is pursuing external growth through acquisitions and innovative R&D, having launched 21 new products and currently working on 476 projects, including 178 new drug projects [3] - The medical device segment is being strengthened with new product introductions and the establishment of a regional inspection center [4] Profitability and Valuation - The net profit forecast for 2025 has been adjusted to 3.75 billion yuan due to impairment losses, with expectations of recovery in 2026 and 2027 [5]