| 日期 | 2025/5/30 | | --- | --- | | 当前股价(元) | 44.70 | | 一年最高最低(元) | 45.30/25.96 | | 总市值(亿元) | 784.07 | | 流通市值(亿元) | 783.12 | | 总股本(亿股) | 17.54 | | 流通股本(亿股) | 17.52 | | 近 3 个月换手率(%) | 50.78 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-06 2024-10 2025-02 华东医药 沪深300 相关研究报告 医药生物/化学制药 华东医药（000963.SZ） 创新转型再出发，多产品步入收获期 2025 年 06 月 02 日 投资评级：买入（维持） | ——公司深度报告 | | --- | | 余汝意（分析师） | 余克清（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | liuyi1@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S079052 ...

回款难题、药房闭店潮去年以来，医药流通行业面临多方面的挑战。 面对挑战，作为医药流通龙头企业之一的九州通将如何破局？5月23日，九州通（600998.SH，股价5.15 元，市值259.69亿元）2024年年度股东大会在武汉举行。此次股东大会，吸引了数名中小股东到场。 会后，《每日经济新闻》记者与公司董秘刘志峰沟通了解到，九州通旗下药房主要采用加盟模式，药房 的盈亏对公司影响不大。此外，继近期参与*ST美谷（000615.SZ）的重整后，下一步，九州通还将加 大在医疗器械和下沉市场的布局。 预计今年药房门店将超33500家 九州通的主营业务涵盖医药流通、医药新零售、医药工业、医药CSO（医药合同销售组织）等业态。 2024年，公司归母净利润同比增长15.33%至25.07亿元，但营业收入仅同比微升1.11%。 至于药房闭店潮对公司的影响，刘志峰强调，公司的药房以加盟模式为主，"大约3万家药店门店中只有 几百家是直营药店"，药房的盈亏对公司影响不大。从另一个角度来看，除了这些业务，公司还有代理 业务和医药工业业务等业态，已进化成为医药全生态链服务商。 将加大在医疗器械和下沉市场布局 近期，九州通比较受外界关注的 ...

Financial Performance - In Q1 2025, the company achieved total revenue of approximately 1.399 billion yuan, a year-on-year decrease of 7.77% [2] - Gross profit margin was 59.72%, an increase of 0.38 percentage points compared to the same period last year [2] - Net profit attributable to shareholders was approximately 61 million yuan, a year-on-year increase of 5.12% [2] - Net profit after deducting non-recurring items was approximately 73 million yuan, a year-on-year decrease of 6.89% [2] - Net cash flow from operating activities was approximately 174 million yuan, a year-on-year decrease of 23.43% [2] - Basic earnings per share were 0.2153 yuan, an increase of 5.13% year-on-year [2] - Return on equity was 3.36% [2] - As of March 31, 2025, total assets were approximately 8.004 billion yuan, a growth of 0.41% from the end of the previous year [3] - Net assets attributable to shareholders were approximately 2.883 billion yuan, an increase of 3.42% from the end of the previous year [3] Business Segment Performance - Medical beauty segment revenue was approximately 670 million yuan, a year-on-year decrease of 9.22% [3] - Medical beauty segment gross profit was approximately 369 million yuan, a decrease of 8.58% year-on-year, with a gross profit margin of 55.05% [3] - Women's clothing segment revenue was approximately 504 million yuan, a year-on-year decrease of 5.74% [3] - Women's clothing segment gross profit was approximately 325 million yuan, with a gross profit margin of 64.51%, an increase of 0.15 percentage points year-on-year [3] - Infant and child segment revenue was approximately 221 million yuan, a year-on-year decrease of 8.52% [3] - Infant and child segment gross profit was approximately 137 million yuan, with a gross profit margin of 62.28%, an increase of 1.78 percentage points year-on-year [3] Brand Performance - Milan Baiyu achieved revenue of approximately 302.62 million yuan, a year-on-year decrease of 8.74% [4] - Jingfu Medical achieved revenue of approximately 125.20 million yuan, a year-on-year increase of 1.13% [4] - Hanchen Medical achieved revenue of approximately 97.93 million yuan, a year-on-year decrease of 1.43% [4] - Wuhan Wuzhou achieved revenue of approximately 47.55 million yuan, a year-on-year decrease of 15.11% [4] - Changsha Yamei achieved revenue of approximately 40.70 million yuan, a year-on-year decrease of 28.61% [4] - Zhengzhou Jimei achieved revenue of approximately 25.68 million yuan, a year-on-year decrease of 16.26% [4] Inventory and Operations - As of Q1 2025, total inventory for women's clothing was approximately 646 million yuan, a decrease of 4.75% from the end of the previous year [5] - The net amount of inventory goods was approximately 512 million yuan, a decrease of 7.45% from the end of the previous year [5] - The structure of inventory improved in Q1 2025 [5]

伟思医疗（ [Table_StockNameRptType] 688580） 公司点评 基石业务稳健，医美业务可期 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-04-30 | [Table_BaseData] 收盘价（元） | 43.05 | | --- | --- | | 近 12 个月最高/最低（元） | 49.00/20.26 | | 总股本（百万股） | 96 | | 流通股本（百万股） | 96 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 42 | | 流通市值（亿元） | 42 | 1.【华安医药】公司点评：伟思医疗 （688580）：24Q3 盆底、康复逐步企 稳，看好医美等新品放量 2024-10-30 2.【华安医药】公司点评：伟思医疗 （688580）：2024H1 基石业务稳健， 医美板块未来可期 2024-08-30 主要观点： [公司价格与沪深 Table_Chart] 300 走势比较 -44% -20% 4% 28% 52% 4/24 7/24 10/24 1/25 伟思医疗 沪深300 [Table_Author] 分析师 ...

Core Viewpoint - The domestic market competition for hyaluronic acid injection products is intensifying, with Huaxi Biological's new product "Bobo" being the first hyaluronic acid injection containing lidocaine approved for sale in China, aimed at improving user experience by reducing pain during injection [1][2]. Group 1: Product Launch and Market Position - Huaxi Biological's "Bobo" is composed of 15mg/ml hyaluronic acid and 3mg/ml lidocaine, designed to enhance treatment experience by minimizing pain [1]. - The product's pricing is yet to be determined, and its market performance remains uncertain due to the presence of numerous existing competitors in the market [3]. - "Bobo" is the 10th medical beauty injection product from Huaxi Biological, following several successful launches in the hyaluronic acid category [4]. Group 2: Financial Performance and Future Outlook - In 2024, Huaxi Biological's skincare business is expected to face challenges, but the medical beauty segment is showing steady growth, with projected revenue of 1.44 billion yuan, a year-on-year increase of 32.03% [5]. - The revenue from the micro-crosslinked "Renzhi® Doll Needle" has more than doubled year-on-year, while the newly launched "Renzhi·Gege" has surpassed 10 million yuan in revenue within just three months [5]. - The ability of Huaxi Biological to return to a growth trajectory in 2025 through its medical beauty business is under scrutiny [6].