2025年过半，心脑血管中成药龙头企业步长制药（603858.SH）交出了一份颇具看点的"期中答卷"。作 为医药行业领域的"优等生"，这家老牌药企正在经历一场深刻的蜕变——从传统中药企业向创新型医药 集团步稳蹄急，快速迈进。 凤凰网财经记者梳理发现，据净流入显示，步长制药报告期实现营业收入56.64亿元，归属上市公司股 东的净利润6.28亿元。经营活动现金净流入为9.59亿元。与此同时，在聚焦大行业、研发培育大品种， 争做中国最优秀的制药企业之一的发展方向设定下，步长制药更在战略布局、公益等方面展现出全新的 发展态势。 01深耕医药赛道，研发进入收获期 近年来，随着我国将阿达木单抗产品纳入医保，叠加市场需求增长以及新型生物类似药产品不断出现， 我国阿达木单抗行业市场规模开始迅速扩张，对于国内众多药企而言，"扩充更多适应症，拓展自己研 发优势"成为决定自身竞争力的关键所在。 早在6月11日，步长制药发布的一则公告引发市场关注。公告显示，公司控股子公司四川泸州步长生物 制药有限公司的"阿达木单抗注射液"注册申请获得国家药监局受理。这款产品可用于治疗类风湿关节 炎、强直性脊柱炎等8类自身免疫性疾病，精准切入临床需求 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [5] Core Viewpoints - Traditional pharmaceutical companies have shown impressive mid-year results, with significant progress in innovation transformation. The innovation revenue is becoming a key driver for high growth in performance [4][9] - The report emphasizes the importance of innovative drugs as a stable industry trend, highlighting several key companies in both A-shares and Hong Kong stocks that are expected to perform well [5][6] - The report suggests that the pharmaceutical sector is well-positioned for growth in 2025, driven by factors such as the aging population, improved overseas capabilities, and advancements in AI technology [5][6] Summary by Sections Industry Performance - From August 18 to August 22, the pharmaceutical index rose by 1.05%, underperforming the CSI 300 index by 3.13%. Notable gainers included companies like Olin Bio and Furuida [6][44] - A total of 313 stocks in the pharmaceutical sector rose, while 171 fell during the same period [6][44] Company Highlights - **Hengrui Medicine**: Reported revenue of 15.761 billion RMB for H1 2025, a year-on-year increase of 15.88%. The net profit was 4.450 billion RMB, up 29.67%. Innovative drug sales reached 7.570 billion RMB, growing by 21.80% [10][15] - **Hansoh Pharmaceutical**: Achieved revenue of 7.434 billion RMB in H1 2025, a 14.3% increase. The net profit was 3.135 billion RMB, up 15.0%. Innovative drug sales accounted for 82.7% of total revenue [21][28] - **China National Pharmaceutical Group**: Reported revenue of 17.57 billion RMB for H1 2025, a 10.7% increase, with a net profit of 3.39 billion RMB, up 12.3%. Innovative revenue reached 7.8 billion RMB, growing by 27.23% [34][35] Investment Recommendations - The report recommends focusing on innovative drugs, manufacturing overseas, and addressing the needs of an aging population. Specific stocks to watch include Xintai, Shanghai Yizhong, and Hengrui Medicine [5][6][44] - The report highlights the potential for valuation recovery in relatively undervalued pharmaceutical assets [5][6]

Core Viewpoint - The Chinese pharmaceutical industry is undergoing a critical transformation, with innovation being essential for survival rather than a choice [2][3]. Company Summary - Yuyuan Pharmaceutical has shifted its focus from generic drugs to innovative research and development, especially since its listing on the STAR Market in 2020 [2]. - The company has established a comprehensive industrial layout with research centers in Beijing, innovation coordination in the Yangtze River Delta, a focus on high-end traditional Chinese medicine in the Greater Bay Area, and raw material supply in central China [2]. - Yuyuan Pharmaceutical aims to concentrate on major disease areas and increase R&D investment to promote the modernization and internationalization of traditional Chinese medicine [2]. - The company is currently in the NDA review stage for three key innovative products: Hydroxy Safflower Yellow A Injection, Tongluo Jian Nao Tablets, and Zihua Wenfei Zhiso Granules, and cannot disclose specific launch dates [2]. Industry Summary - The pharmaceutical industry is facing a complex external environment and increasing internal challenges, with structural and cyclical contradictions intertwining [3]. - According to the National Bureau of Statistics, the pharmaceutical manufacturing industry is expected to achieve approximately 2.53 trillion yuan in revenue in 2024, remaining flat year-on-year, which is 2.1 percentage points lower than the overall level of large-scale industrial enterprises [3]. - The total profit for the industry is projected to be 342.07 billion yuan in 2024, reflecting a year-on-year decline of 1.1% [3]. - The industry is in a significant transitional phase, moving from high-speed growth to high-quality development, with innovation being a long-term driving force [3]. - A report from Huayuan Securities indicates that 453 pharmaceutical companies are expected to generate 2.46 trillion yuan in revenue in 2024, a decrease of 0.55% year-on-year, and a net profit of 148.65 billion yuan, down 8.8% [4]. - In contrast, innovative drug companies are projected to achieve 47.53 billion yuan in revenue in 2024, marking a robust year-on-year growth of 68.4% [4].