Core Insights - The company achieved a revenue of 25.113 billion yuan in the first half of 2025, a 14% increase year-on-year, driven by property development and Jinmao services [1] - The company’s net profit attributable to shareholders, excluding non-recurring items, reached 1.123 billion yuan, a 2% increase year-on-year, primarily due to a reduction in marketing and management expenses [1] Revenue and Profitability - The revenue from land and property development was 20.041 billion yuan, up 17% year-on-year, while Jinmao services generated 1.783 billion yuan, reflecting a 20% increase [1] - The company’s marketing and management expenses decreased by 15% and 5% respectively compared to the previous year [1] Sales Performance - The company upgraded its four major product lines, achieving total sales of 53.35 billion yuan, a 16.36% increase from 44.62 billion yuan in 2024, and improved its sales ranking to 9th nationally [1] - In January 2025, the company sold four plots of land in Huzhou for 781 million yuan, marking a successful exploration of land reserves [1] Land Acquisition and Project Development - The company acquired 16 plots of land in key cities such as Shanghai, Beijing, Hangzhou, and Chengdu, with a total planned construction area exceeding 1.45 million square meters [2] - The total new value of projects added in the first half of 2025 was 74.9 billion yuan, ranking third nationally, with equity value added at 40.3 billion yuan [2] Financing and Cost Management - The company has diversified its funding channels, issuing bonds totaling 53 billion yuan in 2025, with significantly reduced interest rates [2] - Interest expenses for the company were 3.256 billion yuan, an 8% decrease year-on-year, while capitalized interest expenses were 2.042 billion yuan, down 10% [2] Future Outlook - The company is expected to see revenues of 63.64 billion yuan, 69.44 billion yuan, and 76.79 billion yuan from 2025 to 2027, with net profits projected at 1.355 billion yuan, 1.910 billion yuan, and 2.718 billion yuan respectively [3] - The company benefits from the backing of its parent company, China National Chemical Corporation, which provides a competitive financing advantage [3]

2024 年和1Q25 业绩符合市场预期 浙江医药2024 年营收93.75 亿元，同比+20.3%；归母净利润11.61 亿元，对应每股盈利1.21 元，同比 +170%，符合市场预期。业绩大幅增长主要是维生素A、E 价格上涨所致，2024 年毛利率同比+9.9ppt 至41.3%。 4Q24 实现营收22.62 亿元，同/环比变化+18%/-16.4%；归母净利润3.11亿元，同/环比变化 +142%/-41.8%，环比下滑主要是计提1.62 亿元资产减值损失，由于维生素价格维持高位，4Q24 毛利率 环比+1.7ppt 至48%。 2024 年营养品营收46.97 亿元，同比+43.51%；维生素产品销量52,688吨，同比+32.87%；因产品价格提 升致毛利率同比提升23.3ppt 至54.5%。 药品营收45.80 亿元，同比+3.24%；毛利率同比下滑3.32ppt 至30.54%。 1Q25 实现营收22.55 亿元，同/环比基本持平；实现归母净利润4.09 亿元，对应每股盈利0.43 元，同/环 比增长273%/32%，符合市场预期。 1Q25 维生素价格高位略有回落，毛利率环比下降5.8p ...