Industry Overview - The pharmaceutical industry is experiencing steady growth, driven by core products and strategic market expansions [3][4]. Company Performance - The company reported a revenue of 1.599 billion yuan for H1 2025, an increase of 11.99% year-on-year, and a net profit of 374 million yuan, up 26.16% year-on-year [4][5]. - The gross margin was 63.01%, reflecting a year-on-year increase of 0.39 percentage points, while the net margin reached 23.71%, up 2.72 percentage points [4]. Core Product Growth - The core products, including the Wuling series and Bailing series, have shown robust growth, with Wuling series sales reaching 897 million yuan (up 7.23%) and Bailing series sales at 113 million yuan (up 38.51%) [5][6]. Strategic Initiatives - The company is implementing a "one body, two wings" strategy, focusing on marketing and R&D to enhance operational performance [6]. - The company is expanding its C-end business by launching larger packaging for Wuling capsules and forming strategic partnerships with major chains [6]. Clinical Validation and R&D Progress - The core product Wuling capsules have received validation from international journals, confirming their safety and efficacy in treating mild depression in Parkinson's patients [7]. - The company has made significant progress in clinical trials, with multiple products entering various stages of development [7]. Profit Forecast - The company is expected to achieve revenues of 3.231 billion yuan, 3.687 billion yuan, and 4.265 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25.4%, 14.1%, and 15.7% [8]. - Net profits are projected to be 661 million yuan, 839 million yuan, and 986 million yuan for the same years, with growth rates of 30.2%, 26.9%, and 17.4% [8][9].

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-08-20 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 | 最新收盘价（元） | 20.28 | | --- | --- | | 总股本/流通股本（亿股）7.01 | / 6.03 | | 总市值/流通市值（亿元）142 | / 122 | | 52 周内最高/最低价 | 20.53 / 11.58 | | 资产负债率(%) | 29.4% | | 市盈率 | 27.78 | | 第一大股东 | 俞有强 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 佐力药业(300181) 业绩高速增长，"一路向 C"加快渠道布局 l 业绩高速增长，盈利能力持续提升 公司发布2025年中报：2025H1营业收入 15.99 亿元（+11.99%）， 归母净利润 3.74 亿元（+26.16%），扣除限制性股票激励计划和员工 持股计划涉及的股份支 ...