2025年A股年报披露于2026年1月19日晚间正式拉开帷幕。沃华医药(SZ：002107)率先发布年度报告， 成为沪深两市首家"交卷"的上市公司。 2025年，在医药行业政策深化调整、市场竞争加剧的背景下，沃华医药凭借清晰的发展战略，实现营收 与净利润的双重增长。公司全年营业收入达8.17亿元，同比增长6.96%；归母净利润为9571.53万元，同 比增幅高达162.93%，展现出显著的盈利能力与增长韧性。 沃华医药在成立之初，就以谋求企业长期健康生存为目标设计了一系列的战略举措，一直以来，靠对这 些既定战略的极致坚守，公司一次又一次渡过危机、把握机遇。 产品集群构筑"护城河"，核心品种引领增长 公开资料显示，凭借超过两百年的历史积淀以及成熟的产品并购外延整合能力，沃华医药已构建起覆盖 心脑血管、骨骼肌肉等十余个治疗领域的产品矩阵，拥有161个药品批准文号及15个独家产品。 沃华®心可舒片，骨疏康胶囊/颗粒，荷丹片/胶囊，脑血疏口服液等独家产品是沃华医药销售收入与利 润的核心支柱，在各自的细分市场中确立了显著的领先优势。在此基础上，公司进一步构建了强大的资 格准入体系，共有93个产品纳入国家医保目录，43个 ...

Core Viewpoint - Wohuah Pharmaceutical has reported strong financial performance for 2025, achieving significant growth in both revenue and net profit, demonstrating resilience and profitability in a challenging pharmaceutical industry environment [1][5]. Financial Performance - The company achieved a revenue of 817 million yuan, representing a year-on-year increase of 6.96% - The net profit attributable to shareholders reached 95.71 million yuan, with a remarkable year-on-year growth of 162.93%, marking the highest increase in nearly a decade - Operating cash flow increased by 40.45% year-on-year, and the company maintained a zero-interest-bearing debt structure, indicating strong internal cash generation capabilities [1][2]. Profit Distribution - The company continues its prudent dividend policy, proposing a cash dividend of 1.46 yuan per 10 shares, totaling 84.27 million yuan, reflecting its commitment to shareholder returns - Product quality control has shown significant results, with a 100% first-pass qualification rate and market inspection qualification rate for products in 2025 [2]. Product and Market Strategy - Wohuah Pharmaceutical has established a robust product matrix centered around four exclusive medical insurance pillar products, with 161 drug approval numbers, including 15 exclusive products and 93 products included in the national medical insurance catalog [2][3]. - The company has developed a comprehensive marketing system covering hospitals, retail pharmacies, grassroots medical institutions, and e-commerce platforms, achieving a dual-driven model of "in-hospital + out-of-hospital" [3][4]. Future Outlook - For 2026, the company plans to maintain strategic focus on traditional Chinese medicine R&D, production, and sales, while deepening its product cluster strategy - The company aims to optimize its academic promotion strategy for its leading product and expand its out-of-hospital market scale, exploring partnerships for "treatment solution" marketing models - Continued investment in R&D for 12 ongoing projects is planned, with a focus on integrating leading products into more clinical guidelines and medical insurance catalogs [4][5].