证券研究报告·公司深度报告 2025 年 10 月 16 日 江海证券研究发展部 消费行业研究组 | 市场数据 | | | --- | --- | | 总股本(百万股) | 429.65 | | A 股股本(百万股) | 429.65 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 100.00 | | 12 个月最高/最低(元) | 34.99/21.40 | | 第一大股东 | 重庆复元商贸有限公司 | | 第一大股东持股比例(%) | 41.27 | | 上证综指/沪深 300 | 3862.53/4620.05 | 数据来源：聚源 注：2025 年 9 月 29 日数据 % 1 个月 3 个月 12 个月 相对收益 -7.26 -5.98 -12.11 绝对收益 -2.27 11.06 28.53 数据来源：聚源 注：相对收益与沪深 300 相比 分析师：张婧 益生菌系列龙头品牌，非核心市场拓展 正当时 投资要点： 风险提示：市场竞争加剧风险，原材料价格波动风险，市场拓展风险。 执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S14101231 ...

Core Viewpoint - The financial results of Youquhui (02177) for the first half of 2025 show a revenue of 580 million yuan and a net profit of 11.2 million yuan, indicating a "zero growth" appearance. However, excluding non-recurring items and terminated brand collaborations, revenue increased by 2.5% year-on-year, and net profit remained stable. The gross margin improved by 4.6 percentage points to 34.6% [1] Group 1: "Subtraction" Strategy - Youquhui has consistently focused on actively divesting low-margin brands and channels, which has led to improved profitability despite short-term revenue fluctuations. The gross margin has shown a significant upward trend, increasing from 23.9% in 2022 to 34.6% in the first half of 2025 [2] - The company terminated collaborations with low-margin brands in the personal care and beauty sectors, as well as ceased certain stagnant e-commerce operations, which has contributed to the enhancement of its gross margin [2] Group 2: "Addition" Strategy - Youquhui has identified the health sector as a key area for diversification, with a 42.9% revenue growth in its health segment in the first half of 2025. The self-owned brand Vanpearl generated 14 million yuan in revenue, driven by the successful launch of the ERGO-VITALIS capsule [3][4] - The company is expanding its portfolio by introducing new health brands and optimizing product selection strategies, leading to significant sales increases and breakthroughs in B2B channels [4] Group 3: Future Growth Potential - Youquhui's mid-term report indicates a clear long-term growth trajectory, with a focus on overseas expansion, particularly in Southeast Asia and North America. The company plans to enhance brand presence and penetration through localized compliance and collaboration with local KOLs [5][6] - The company has shifted its investment strategy to prioritize acquisitions and partnerships in the health and beauty sectors, signaling a proactive approach to seizing growth opportunities [6]

为构建公平、透明的资本市场环境，帮助投资者深入了解上市公司的经营模式、行业前景、 风险特征，保护投资者合法权益，并推动资本市场长期健康发展，申万宏源证券联合深圳交 易所开展了"理性投资伴我行"投资者走进上市公司系列活动。 2025年5月27日下午，在广西证监局、广西证券期货基金业协会、广西上市公司协会的监督 指导下，申万宏源证券联合深圳交易所组织开展了"理性投资伴我行"投资者走进上市公司系 列 活 动 ， 共 邀 请 30 余 名 投 资 者 实 地 探 访 国 内 燕 麦 行 业 龙 头 上 市 公 司 —— 西 麦 食 品 （002956），走进其子公司广西贺州西麦生物食品有限公司参观调研，此次活动通过参观 展厅、生产线、研发中心及交流座谈等形式，帮助投资者深入了解公司经营现状与未来战 略，深化价值投资理念。 在工作人员的引导下，投资者首先参观了公司展厅，全面了解西麦食品20多年发展历 程。公司从燕麦育种、研发生产、销售的全产业链布局给投资者留下深刻印象。例如， 西麦在张北坝上、呼伦贝尔等地建立了绿色有机燕麦原料基地，并通过"产学研"模式与 科研机构合作培育专属品种，从源头保障产品质量。 在参观完展厅之后 ...

Group 1: Business Strategy and Market Position - The company plans to enhance its generic drug business by developing a multi-product matrix through rapid product development and cost reduction strategies [1][2][3] - The 11th batch of drug procurement is expected to favor companies with high R&D efficiency and strong market access capabilities [1][2] - The company aims to maintain a stable market share in the intravenous infusion market despite overall market decline [1][2][3] Group 2: Financial Performance and Projections - The company's R&D investment increased by 11.2% to CNY 2.171 billion, supporting future growth [1][2][3] - The revenue from the antibiotic intermediate business is projected to reach CNY 280 million in 2025, up from CNY 196 million in 2024 [20] - The company reported a 43% decline in Q1 performance, attributed to the impact of national procurement and reduced market demand [30][31] Group 3: Product Development and Innovation - The company has three innovative drugs approved for five indications in China, with ongoing commercialization efforts [10][11] - The ADC (Antibody-Drug Conjugate) development strategy focuses on optimizing payload-linker designs to achieve competitive advantages [15][17] - The company is actively exploring new therapeutic areas, including autoimmune diseases, with ongoing collaborations [18][19] Group 4: Market Expansion and International Strategy - The company plans to expand into Southeast Asia, starting with Singapore, and is exploring partnerships in the Middle East [27][28] - The company is preparing to enter the health supplement market, targeting the aging population, which is projected to grow significantly [24][25] - The company aims to leverage its strong R&D capabilities and resource advantages to enhance its international competitiveness [26][27] Group 5: Corporate Governance and Shareholder Relations - The company maintains a stable asset-liability ratio of 28% and plans to optimize its capital structure [31][32] - The board is committed to shareholder returns, with a focus on maintaining a dividend payout ratio of around 52% [32] - The company emphasizes transparency and fairness in information disclosure to ensure market integrity [34]