资产腾挪撑起利润"虚火" 达仁堂上半年净利润的爆发式增长，主要源于非经常性损益的"输血"。报告期内，公司通过出售天津史 克股权获得投资收益13.32亿元，若剔除这一因素，扣非净利润实际同比增长12.86%至5.96亿元，远低 于表面数据。更值得关注的是，营收大幅下滑的主因是公司主动剥离医药商业板块——2024年末，达仁 堂将中新医药全部股权增资至控股股东旗下津药太平医药，导致今年起不再合并报表。这一战略调整虽 优化了资产结构，但也直接砍掉了超三成营收。 从业务结构看，达仁堂的"工业主营"表现稳健，报告期内实现收入26.45亿元，同比增长0.87%，成为抵 消商业板块缺失的关键。其中，核心产品速效救心丸销售额达11.28亿元，同比增长5.45%，占工业收入 比重超42%；潜力品种清咽滴丸以52.28%的增速成为最大亮点，销售额突破2.89亿元。然而，这两大单 品的增长动能仍显不足：速效救心丸作为国家机密品种，近三年复合增长率仅5.2%，远低于行业平均 水平；清咽滴丸虽增速亮眼，但基数较小，短期内难以扛起增长大旗。 近日，中药行业老字号企业达仁堂（600329.SH）发布2025年半年度报告，一组看似矛盾的财务数 ...

2025 年 8 月 3 日 华福证券 策 略 研 究 医疗与消费周报——古方新用与现代科技双轮驱 动 中药产业开启高质量发展新篇 投资要点： 近期观点 1、医药指数本周关注的 6 个子行业中 5 个录得正收益，表现良好。 策 略 定 期 报 告 2、厦门大学与神威药业联合研发的中药新药"枇杷清肺饮颗粒" 近日获批上市，该药品源于清代《医宗金鉴》所载古方，是中药经典 名方"免临床"审批政策落地的标志性成果。团队通过构建"药材-饮 片-中间体-制剂"全过程质量控制体系，实现传统智慧的现代转化，为 行业提供了可复制的研发范式。这一进展凸显中药行业在政策支持与 技术创新的双轮驱动下，正加速向高质量发展转型，推动千年经典与 现代科技的深度融合，持续释放全球健康价值。 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 相关报告 1、医药生物 2 主题走出主升形态——2025.08.02 2、反转策略：红利滞涨下的超额选择 —— 2025.08.02 3、深谋远虑稳中求进——解读 7 月中央政治局会 议的战略擘画与投资机会——2025.07.31 风险提示 技术研发不及预期 ...

Core Viewpoint - The article discusses the significant impact of centralized procurement policies on the traditional Chinese medicine (TCM) industry, highlighting the challenges and potential restructuring within the sector as it enters a new era of competition and pricing pressures [1][2][3]. Group 1: Impact of Centralized Procurement - The centralized procurement system has greatly affected the Western medicine industry, and similar pressures are now being felt in the TCM sector as it officially enters the "procurement era" [1][3]. - The scope of centralized procurement for TCM has expanded from 15 provinces to nationwide, with the number of products increasing to 45, indicating a growing impact on the industry [10][9]. - Many selected companies are pricing their products close to cost, leading to expectations of profit declines in the TCM industry by 2025 [11][12]. Group 2: Market Dynamics and Price Trends - Despite the challenges, the price of raw materials for TCM has significantly decreased this year, with the Chinese herbal medicine price index dropping over 20% from its peak [14][13]. - Some companies that won bids in the procurement process are experiencing unexpectedly high profits due to fixed hospital procurement prices, leading to optimistic sales forecasts [17]. - The average price drop for selected products in the latest procurement round was 47.38%, with some products seeing reductions as high as 69.3% [37][38]. Group 3: Industry Restructuring and Future Outlook - The TCM industry is expected to undergo significant restructuring, with a potential reduction in the number of suppliers as centralized procurement becomes more prevalent [23][24]. - The government has issued policies aimed at enhancing the quality and development of the TCM industry, indicating a push towards modernization and improved standards [25]. - The performance of TCM companies has been under pressure, with a reported 4.6% decline in total revenue and an 18.7% drop in net profit for 75 listed TCM companies in 2024 [29][28]. Group 4: Competitive Landscape - The competitive landscape is shifting, with traditional TCM giants facing challenges as their unique product strategies are tested by centralized procurement [33][40]. - Companies that previously opted out of insurance reimbursement to avoid price cuts are now facing increased pressure as more exclusive products enter centralized procurement [34][36]. - The article suggests that only companies with strong R&D capabilities, unique products, and brand advantages will thrive in the increasingly competitive environment [44][42].

Core Viewpoint - The article discusses the significant impact of centralized procurement policies on the traditional Chinese medicine (TCM) industry, highlighting the challenges and potential restructuring within the sector due to these changes [1][2][21]. Group 1: Impact of Centralized Procurement - The centralized procurement system has greatly affected the Western medicine industry, and similar pressures are now being felt in the TCM sector as it enters the "procurement era" [1][3]. - The scope of centralized procurement for TCM has expanded from 15 provinces to nationwide, with the number of products increasing to 45, indicating a growing impact on the industry [10]. - Many companies that won bids in the procurement process are now pricing their products close to cost, leading to expectations of profit declines in the TCM industry by 2025 [11][12]. Group 2: Market Dynamics and Price Trends - The price index for TCM raw materials peaked in July 2024 and has since dropped over 20%, which has positively affected the profit margins of some winning companies in the procurement process [13][15]. - Some companies, such as Zhaoli Pharmaceutical, are optimistic about their performance in 2024, expecting significant sales growth despite lower bid prices [15]. - The centralized procurement process is expected to lead to a reduction in the number of TCM suppliers, with larger companies likely to gain market share due to their scale and brand influence [20]. Group 3: Financial Performance of TCM Companies - In 2024, the total revenue of 75 listed TCM companies decreased by 4.6%, with net profits down by 18.7%, reflecting the financial strain on the industry [26]. - Major players like Baiyunshan have seen revenue declines, indicating the challenges faced by traditional TCM giants [28]. - The trend of independent TCM products entering centralized procurement is increasing, with significant price reductions observed, such as a 69.3% drop for a product from Guangzhou Baiyunshan [34]. Group 4: Future Outlook and Industry Restructuring - The ongoing centralized procurement policies are expected to accelerate the restructuring of the TCM industry, with many companies facing potential mergers or exits from the market [39]. - The National Medical Insurance Administration plans to expand procurement alliances, which will further challenge companies lacking cost advantages [37]. - Companies with strong R&D capabilities and unique products are likely to thrive in the increasingly competitive environment [41].