（原标题：海尔生物2025年中报：四大产业齐头并进，数智化战略激活创新新引擎） 8月26日晚间，海尔生物（688139.SH）披露2025年半年报，报告期内实现营业收入11.96亿元，归属于 上市公司股东净利润1.43亿元。 生命科学与医疗器械产业正迎来数智化转型关键期，低温存储、智慧用药、实验室智能化等细分赛道， 既受益于国内分级诊疗深化、生物医药研发投入增加的政策红利，也承接海外新兴市场医疗基础设施升 级需求，海尔生物凭借"四大产业协同+ AI技术赋能"的驱动，正构建差异化竞争壁垒。 四大产业齐驱：新产业占比近半，传统优势产业回升 历经数年布局，海尔生物已从单一低温存储厂商，蜕变为覆盖低温存储、智慧用药、血液技术、实验室 解决方案的综合性生命科学与医疗创新企业，且新产业（300832）（智慧用药、血液技术、实验室解决 方案等）收入占比从2023年的38%攀升至2025年上半年的47%，同比提升7.27个百分点，成为公司成长 的核心引擎。 从表现看，各产业均在细分赛道占据头部地位。 智慧用药产业，瞄准医院药品管理"效率低、易出错"痛点，公司着力加速完善产品矩阵和全场景解决方 案，推出医院药品"存转配发用"全 ...

Core Insights - The company reported a revenue of 3.501 billion yuan for 2024, representing a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million yuan, up 27.2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.021 billion yuan, a 12.3% increase year-on-year, with a net profit of 217 million yuan, reflecting a 13.9% year-on-year growth [1] Business Performance - The orthopedic segment showed steady growth, with revenue of approximately 2.32 billion yuan in 2024, a 9.5% increase year-on-year, and a gross margin improvement of 3.9 percentage points [2] - The sales of the Tongluo Pain Relief Plaster exceeded 1 billion yuan, and the "Two Tigers" series products sold over 1 billion patches, indicating strong brand strength [2] - The cardiovascular segment generated about 450 million yuan in revenue, a 3.3% year-on-year increase, with the Peiyuan Tongnao capsule gradually gaining market traction [2] Product Expansion and Acquisitions - The tablet segment saw significant growth, with revenue of approximately 360 million yuan, a 35.6% increase year-on-year, driven by strong sales of Danlu Tongdu tablets [3] - The company acquired 90% of Yingu Pharmaceutical for 704 million yuan, enhancing growth potential and filling gaps in its nasal spray product line [3] - The acquisition is expected to strengthen the company's hospital sales capabilities and enhance the sales channels for Yingu's products [3] Dividend Policy - The company announced a cash dividend of 0.90 yuan per share for 2024, totaling approximately 510 million yuan, which represents 70.64% of the net profit attributable to shareholders [3] Financial Forecast - The orthopedic business is expected to benefit from an aging population, with projected revenues of 4.2 billion yuan, 4.68 billion yuan, and 5.23 billion yuan for 2025-2027, reflecting year-on-year growth rates of 19.9%, 11.6%, and 11.7% respectively [4] - The net profit attributable to shareholders is forecasted to be 840 million yuan, 950 million yuan, and 1.07 billion yuan for the same period, with growth rates of 15.9%, 13.1%, and 13.0% respectively [4] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 1.48 yuan, 1.67 yuan, and 1.89 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 times [4]