证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-02 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 业绩承压，新产品新渠道探索打开成长空间 l 受消费环境影响，业绩承压 2024 年营业收入 6.92 亿元（-11.81%），归母净利润 1.75 亿元 （-31.34%），扣非净利润1.43 亿元（-36.96%），经营现金流净额 2.13 亿元（-32.25%）。2025Q1 营业收入 1.71 亿元（-22.68%），归母净利 润 0.58 亿元（-24.32%），扣非净利润 0.39 亿元（-42.91%）。收费疲 软导致公司业绩承压。 l 探索新渠道，推行经销商改制，拥抱新零售 公司持续巩固和完善"名医、名药、名店"销售模式，稳市场、稳 销售、挖潜力。省外市场实行经销改制模式，广东、安徽、湖北等完 成经销商改制。推进"百城千店"计划，探索连锁药店+专卖店模式，累 计开设 16 家连锁药店；大药房"批零一体"新商业经营模式正式上线。 同时，以数字化赋能营销改革，DIMS 第一期内容上线，寿仙谷营销 数智化进程进入试运行。 l 新产品丰富产品矩阵，落实大健康产业战略 20 ...

麦肯锡最新一期的《未来健康》调查发现，新的消费群体正在催热六大健康细分领域的商品与服务需 求。对于千禧一代（1981-1996年出生）和Z世代（1997-2012年出生）而言，健康和养生已不再是偶尔 为之的活动与消费，而是日常化、个性化的生活实践。 这一转变正深刻改写着价值超过10万亿元的全球健康产业格局，不断突破核心品类边界、加速扩张。在 年轻群体成为驱动行业变革的主力之际，年长消费者对健康的定义也逐渐变得更加宽泛。 在连续第四年的《未来健康》研究中（聚焦管理健康、改善睡眠、吃得营养、强身健体、治愈心灵、爱 美之心六大维度），我们对中、德、英、美四国超 9000 名消费者展开调研。今年的研究指出了影响健 康消费的关键趋势，并分析了六个极具潜力的细分领域。年轻消费者引领健康认知的丰富化，健康理念 正加速渗透至更多应用场景。 消费者的健康理念支撑了健康产业的强大韧性 消费者对健康的重视与日俱增。94%的中国消费者将健康列为"首要"或"重要"优先级（英国为79%，美 国为84%）。尽管2025年上半年宏观经济波动不断，但健康领域展现出强大的韧性。64%的中国消费者 表示，即使能花费的钱整体变少了，他们还是会增加或 ...

Group 1 - The core viewpoint of the news is that Zhengzhou Sanhui Electric has made a strategic investment in Shandong Xiaoli Family Robot, becoming its second-largest shareholder, which marks a significant step in expanding into the artificial intelligence industry and new technology applications [1][2]. - After the investment, Sanhui Electric holds a 35% stake in Xiaoli Family Robot, indicating a strong commitment to diversifying its business [1]. - Xiaoli Family Robot is recognized as a pioneer in the domestic intelligent therapy robot sector, having established a commercial closed-loop in the field, and is noted for its innovative business model that integrates smart platforms, functional carriers, and operational services [1][2]. Group 2 - The recent financing round for Xiaoli Family Robot will focus on the research and development of new intelligent therapy robot products, particularly tailored solutions for refined health management, aiming to better meet market demands and drive the intelligent upgrade of the health industry [2]. - The global market for health and wellness robots is experiencing explosive growth, with projections indicating that the market will reach $4.61 billion by 2024 and exceed $24.55 billion by 2031, reflecting a compound annual growth rate of 27% [2]. - In China, the market is expected to grow from 1.4 billion yuan in 2021 to 6.2 billion yuan by 2026, with a five-year compound growth rate of 32.5% [2]. Group 3 - Sanhui Electric has been focusing on its core business of electric meters and related products while actively seeking new profit growth points, including entering the energy storage sector, which is projected to generate 435 million yuan in revenue in 2024, a year-on-year increase of 349.11% [2]. - The company plans to consolidate its market share in existing business areas while closely monitoring investment and cooperation opportunities in strategic emerging industries [3]. - The strategic investment in Xiaoli Family Robot is expected to enhance Sanhui Electric's profitability and strengthen its market competitiveness and risk resistance in the rapidly growing intelligent therapy robot sector [3].

台北姑娘吴宜蓁是美亚生物科技集团董事长，在大陆生活了10多年，不仅能讲一口标准的普通话，更从 朋友那儿学会了上海话、东北话等多种方言。 将时针拨回到2006年。彼时在岛内某跨国金融机构工作的吴宜蓁，因为轮岗面临外调，在迪拜与上海之 间，她毫不犹豫地选择了后者。她告诉记者，自己的祖父籍贯是杭州，外公外婆是南京人，从小耳濡目 染地对上海心驰神往。在上海工作几年后，她受聘为另一家跨国金融机构的中国区个人银行副总裁。 2012年，吴宜蓁成立美亚生物科技集团，并把总部设在北京，开启了自己的创业生涯。 一路砥砺前行，如今的美亚集团已成长为一家以自体干细胞及免疫细胞为核心，以大健康产业为蓝图， 致力于前沿生物科技研发与应用的高新技术企业。与此同时，美亚集团旗下北京科学城日化在延续传统 产业优势的基础上，正努力打造以生物科技、植物萃取、绿色环保为基础的自主品牌。"随着文化自信 的增强，国货潮品受到越来越多消费者的青睐。"吴宜蓁介绍，高科技赋能民族品牌，目前美亚集团旗 下北京科学城日化推出了系列新产品。 除了打拼事业，吴宜蓁积极促进两岸经贸交流，担任北京市台企协副会长、北京市台企协昌平台企联谊 会会长等职务。她在公司设立台湾青 ...

Core Viewpoint - The Tian Kai Gaokao Science and Technology Innovation Park in Tunbo is set to become a significant hub for the health industry, focusing on the integration of medical, educational, research, and industrial resources to drive innovation and development in the Beijing-Tianjin-Hebei region [2][3]. Group 1: Policy and Support - The park has introduced a set of 10 policies aimed at optimizing resource sharing, results transformation, and talent introduction, which will accelerate the cultivation of new productive forces in the health industry [2]. - A total of 2 billion yuan innovation industry development fund has been established to support project upgrades, along with 100 million yuan in special funds for technological innovation [2][7]. Group 2: Infrastructure and Ecosystem - The Tian Kai Gaokao Park has developed 93,000 square meters of innovation space and is constructing an additional 82,000 square meters of incubation space to support enterprise growth [4]. - The park aims to create a full lifecycle service system for the transformation of technological innovations by attracting various incubators and financial service channels [4]. Group 3: Collaborative Development - The park will focus on nine national-level innovation platforms in the health sector, collaborating with several universities and research institutions to foster a comprehensive innovation ecosystem [3]. - The park has established a knowledge property service system that covers the entire chain from research and development to evaluation and transformation, identifying 50 high-value patents for further development [6]. Group 4: Investment and Future Plans - The "Tunbo Innovation Industry Development Fund" is led by Huahai Guotou and aims to invest in sectors such as medical testing, medical devices, and rehabilitation within the health industry [7]. - The park plans to leverage its historical opportunities to enhance the innovation capabilities of the health industry over the next five years by integrating medical, educational, research, and industrial resources [7].

中新社广西玉林6月20日电(黄艳梅杨志雄)第十五届玉林中医药博览会(下称"药博会")20日在广西玉林市 开幕，吸引客商会聚"中国南方药都"探寻商机。 本届药博会设置7万平方米专业展区，汇聚来自中国各地的知名药企、精品道地药材、先进医疗器械及 大健康产品。 当日，2025玉林市中医药健康产业招商推介会同期举行。会上，玉林市容县沉香精深加工产业项目、广 西香料中药材线上交易平台服务合作项目等12个项目集中签约。 6月20日，第十五届玉林中医药博览会在广西玉林市开幕。图为民众在玉林银丰国际中药港逛药市。中 新社记者黄艳梅摄 玉林是广西中药材的主产区之一，拥有中国第三大中药材专业市场，经营中药材品种3000余种，年交易 额达120亿元人民币。玉林还被称为"南国香都"，拥有中国规模最大、品类最全的国际香料市场。 据悉，玉林市积极构建联通东盟、走向全球的开放平台，正全力打造集种植、加工、研发、交易、会 展、康养于一体的国家级中医药健康产业高地。(完) "玉林拥有中医药企业理想的产业生态圈，我们将全力打造集中药智能制造、大健康产品研发、中医药 文化体验于一体的示范项目。"深圳润盟医疗科技有限公司副总经理黄红说。 （文章来源 ...

Core Viewpoint - The recent land auction in Sanya, Hainan, where four plots totaling 546.55 acres were sold for approximately 4.4 billion yuan, marks a new high for single-day land sales in the region, with Sanya Fangda Health Investment Co., Ltd. acquiring two plots for 2.875 billion yuan, setting a record for private enterprises in Hainan in 2023 [2][3][4]. Group 1: Land Acquisition Details - The two plots acquired by Sanya Fangda Health Investment cover approximately 286,400 square meters (about 430 acres) and require a total investment of 10 billion yuan within five years [3]. - One plot is designated for residential and commercial use, with a total price of 1.31 billion yuan, while the other is a mixed-use plot including residential, hospital, and commercial spaces, priced at 1.565 billion yuan [3][4]. - The residential portion has a floor area ratio of only 1.2, leading to a sale price of approximately 17,000 yuan per square meter [3]. Group 2: Company Background and Strategy - Sanya Fangda Health Investment was established in May 2023 with a registered capital of 3.5 billion yuan, primarily owned by Liaoning Fangda Group [4]. - Liaoning Fangda Group operates across five major sectors, including carbon products, steel, pharmaceuticals, commerce, and aviation, and has multiple listed companies [4][5]. - The acquisition aligns with the company's strategy to leverage Hainan's free trade port policies and the growing health industry, with plans to invest 5 billion yuan in a health city in Haitang Bay [5]. Group 3: Market Trends and Insights - The land market has seen a rise in private enterprises, with 24 private companies among the top 100 land acquirers in the first five months of 2023, representing 16.8% of total acquisition amounts, an increase from the previous year [6][8]. - New entrants in the market are primarily motivated by the desire to seek development opportunities and improve their asset structures, with many focusing on core regions where they have a deeper understanding of market demands [8]. - Despite the increased willingness of private enterprises to acquire land, the sustainability of this trend remains uncertain, as many acquisitions are opportunistic rather than part of a stable development model [8].

站在新起点上，竹叶青酒被汾酒列为重点培育对象。 6月17日，山西汾酒在线上召开2024年度暨2025年第一季度业绩说明会。 财报显示，2025年一季度山西汾酒营业收入165.22亿元，同比增长7.72%，归属于上市公司股东的净利润66.48亿元，同比增长6.15%。对于一季度财报， 山西汾酒董事长袁清茂表示，一季度公司有序推进年度营销规划，保持了稳健的增长。 注意到，2025年是汾酒复兴纲领第二阶段的第一年。 据汾酒2022年披露的"复兴纲领"显示，第二阶段是2025年—2030年，在这一阶段汾酒将进入成果巩固与要素调整期，重点推进全国化2.0、国际化1.0和年 轻化1.0战略，优化"一体两翼"品牌战略，明确青花汾酒系列高端化、竹叶青酒抢占银发市场、杏花村酒全国布局等营销策略。 世界晋商网了解到汾酒高管强调，杏花村酒与竹叶青酒是公司重点培育对象。竹叶青酒正按照"露酒白酒化、功能化、时尚化"三条道路及"悦己、好喝、 低度、文创、国风"五要素进行市场规划。杏花村酒则定位"中国诗酒第一品牌"，加强品牌价值挖掘和新零售渠道建设。 ▍露酒正当红 在大健康产业发展的如火如荼之际，露酒或将成为汾酒抢占市场份额的关键领域。 ...

2025.06. 18 本文字数：2450，阅读时长大约4分钟 另一宗为海棠湾国家海岸休闲园区控规HT09-18-05、HT09-15-01及HT09-17-03地块，系医院、住 宅和商务金融混合用地，成交总价15.65亿元，折合楼面价7214元/平方米。 作者 | 第一财经 孙梦凡 6月18日，海南三亚上演了一场土拍"盛宴"，4宗地块共546.55亩土地，全部顺利卖出，总成交金额 约44亿元，创下当地单日出让土地金额的新高。 拿地企业中最受瞩目的，便是三亚方大健康置业投资有限公司，该公司以约28亿元的总价，摘下海 棠湾两宗重磅地块，拿地公司的背后则是辽宁方大集团。 公开信息显示，这家实业巨头计划投资50亿元，在海棠湾建设集医院、康养、酒店、社区等业态为 一体的医疗健康城。近日，方大地产还发布了多个相关岗位招聘。 近年来，随着土拍市场持续洗牌，一批民营企业开始崭露头角，它们有的背靠实业集团"大树"，有的 则是扎根地方的小型公司，成为了拿地队伍中的新力量。 实业"巨头"的出手 在18日的三亚土拍中，头部央企保利出手拿地，拍下海棠湾HT09-13-03地块，折合楼面价11934元/ 平方米，总价13.23亿元。三 ...

中新社墨尔本6月17日电 (记者薄雯雯)2025澳中经贸合作论坛暨庆祝中澳自贸协定签订十周年晚宴17日 在墨尔本举行。 本次活动由澳大利亚中国总商会、澳大利亚中国工商业委员会主办，澳大利亚中国总商会墨尔本分会承 办。(完) 中国商务部部长王文涛发表视频致辞表示，中澳自由贸易协定的签署是中澳经贸关系的里程碑事件。十 年来，中澳自贸协定充分发挥了重要引擎作用，推动两国经贸合作取得丰硕成果，双边贸易额屡创新 高。中国连续多年保持澳第一大贸易伙伴地位，澳成为中国对外投资的主要目的地之一，经济互补优势 充分展现。越来越多的澳优质农食产品和矿产品进入了中国市场，中国的电子机械产品和日用消费品日 益受到澳消费者的青睐。 （文章来源：中国新闻网） 法瑞尔表示，中澳自贸协定不仅仅是一项自由贸易协定，它过去是并且依然是澳中两国深化合作成果的 象征，期待着在未来十年看到双方共同取得新的成就。 论坛上，中澳商界、学界代表围绕中澳自贸协定框架下绿色能源、农业食品、健康产业、服务贸易、数 字经济、跨境电商等领域合作展开讨论。 王文涛表示，十年来，中澳自贸协定寄托了两国各界对继续深化合作、携手共创未来的共同期盼。站在 新起点上，中方愿与澳 ...