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【天士力(600535.SH)】百日融合顺利完成,全渠道营销协同成效可期——2025年半年报点评(王明瑞/黄素青)

Core Viewpoint - The company reported its 2025 H1 financial results, showing a slight decline in revenue but a significant increase in net profit, primarily driven by changes in the fair value of financial assets [3][4]. Financial Performance - The company achieved operating revenue of 4.288 billion yuan, a year-on-year decrease of 1.91% - The net profit attributable to shareholders was 775 million yuan, reflecting a year-on-year increase of 16.97% - The net profit after deducting non-recurring items was 640 million yuan, down 12.87% year-on-year - Operating cash flow was 790 million yuan, a decrease of 10.95% year-on-year - The basic earnings per share (EPS) was 0.52 yuan - A cash dividend of 2.1 yuan per 10 shares (including tax) was proposed, with a payout ratio of 40.50% [3][4]. Industry Insights - The pharmaceutical industry showed resilience in revenue, with H1 revenue at 3.879 billion yuan, a slight decline of 0.45% year-on-year - Revenue from cardiovascular and metabolic products decreased by 2.98%, attributed to a decline in traditional Chinese medicine injections and price reductions of specific products - The pharmaceutical commercial sector saw revenue drop to 386 million yuan, down 14.88% year-on-year, indicating a downturn in the retail pharmacy sector [4]. Innovation and Strategic Initiatives - The company is committed to innovation, focusing on the "product tree" and "disease tree" strategies - It is advancing the development of modern traditional Chinese medicine and has made significant progress in biopharmaceuticals, including obtaining clinical approvals for several innovative products - The company has 83 projects in its pipeline, with 31 being innovative drugs - Collaboration with China Resources Sanjiu is enhancing marketing efforts and expanding distribution channels [5].