作者 张烨静 /// 集采的车轮碾过，十年增长神话褪色，如何找到新的平衡点和生长节奏？ 中药细分赛道龙头，遭遇十年首亏！ 1月27日，中国中药发布一份"罕见"的盈利预警公告。2025年度，公司预计将由盈转亏，亏损额介于3.5 亿至5亿元，净利润同比暴跌1785%至2507%。即便剔除商誉减值等因素，利润仍同比下降45%至55%， 主营业务盈利能力几近腰斩。 过去十年以来，中国中药得益于中药配方颗粒政策红利与高成长性，从未出现亏损，2017年至2021年其 营收复合年增长率更是高达22.95% 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：E药经理人 而如今这份亏损预警似乎正式宣告：中药龙头们过去的成长与估值逻辑，正在被动摇。 ▲中国中药上市以来股价走向 配方颗粒，繁华破灭 ❤️关注我，不迷路 中国中药是中药配方颗粒的"龙头老大"，自1992年起步发展，目前在等级医疗机构的覆盖率超60%，市 场占有率53%。 作为业绩"压舱石"，中药配方颗粒板块业务占中国中药总营收的近一半。但近两年，该板块业绩屡屡下 滑。2024年营业额约为69.7亿元，同比下降23.5%。2025年上半年营 ...

Core Viewpoint - China Traditional Chinese Medicine (00570.HK) reported a significant decline in mid-term performance for the six months ending June 30, 2025, with revenue of approximately RMB 7.46 billion, a year-on-year decrease of 11.0% and a loss of RMB 142 million, marking a substantial drop in basic earnings per share to RMB -0.0214, down 151.1% from RMB 0.0419 in the same period last year [1][1][1] Revenue Performance - The decline in sales revenue is primarily attributed to the increased proportion of traditional Chinese medicine formula granules in the collective procurement business and intensified market competition [1][1][1] - The company is actively promoting structural optimization in its operations, focusing on the development of advantageous varieties and local products, while strategically reducing low-margin and high-risk businesses, which has contributed to the decrease in revenue [1][1][1] Business Strategy - The company has paused certain homogenized and non-competitive product lines and businesses within the traditional Chinese medicine health sector, leading to a further decline in revenue during the reporting period [1][1][1]