点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布 2025年中报，实现营业收入、归母净利润、扣非归母净利润分别为97.69/9.45/9.42亿元，同比 +0.06%/-7.39%/-5.03%；经营性净现金流19.53亿元，同比大幅增长，主要由于公司优化原料采购节奏，原材料 采购支出较上年同期减少所致。EPS（基本）0.689元。业绩符合市场预期。 点评： Q2收入持平利润承压，成本上升为主因 25Q1-Q2营收分别为52.76/44.93亿元，同比+0.16%/-0.06%；归母净利润5.82/3.63亿元，同比+1.10%/-18.38%； 扣非归母净利润5.81/3.61亿元，同比+1.66%/-14.12%，25Q2收入基本持平，利润端明显承压，与 ...

消息面上，同仁堂科技发布中期业绩，该集团取得收入37.39亿元人民币，同比减少7.69%；公司所有者 应占净利润3.39亿元，同比减少21.01%。报告期内，集团销售额超过人民币1亿元的产品4个；销售额介 于人民币1000万元至人民币1亿元之间的产品28个；销售额介于人民币500万元至人民币1000万元之间的 产品10个。 智通财经APP获悉，同仁堂科技(01666)绩后跌超5%，截至发稿，跌5.65%，报5.01港元，成交额1835.62 万港元。 （原标题：港股异动 | 同仁堂科技(01666)绩后跌超5% 上半年净利润3.39亿元 同比减少21.01%） 主导产品中，六味地黄丸系列销售收入较上年同期增长约47.99%、金匮肾气系列销售收入较上年同期 增长约19.55%，京制牛黄解毒片系列销售收入较上年同期增长约4.03%，感冒清热颗粒系列及生脉饮口 服液系列销售收入较上年同期有所下降。但受益于"大品种战略"，壮腰健肾丸系列、知柏地黄丸系列及 归芍地黄丸系列等产品的销售收入均较上年同期实现双位数增长。 ...

Group 1 - The core viewpoint of the article highlights that Tong Ren Tang Technologies (600085) experienced a significant decline in stock price following the release of its interim performance report, with a drop of 5.65% to HKD 5.01 [1] - The company reported a revenue of RMB 3.739 billion, representing a year-on-year decrease of 7.69% [1] - The net profit attributable to the owners of the company was RMB 339 million, down 21.01% compared to the previous year [1] Group 2 - During the reporting period, the company had four products with sales exceeding RMB 100 million, 28 products with sales between RMB 10 million and RMB 100 million, and 10 products with sales between RMB 5 million and RMB 10 million [1] - Key products such as the Liu Wei Di Huang Wan series saw a revenue increase of approximately 47.99%, while the Jin Kui Shen Qi series grew by 19.55% [1] - The company benefited from a "big variety strategy," with products like Zhuang Yao Jian Shen Wan, Zhi Bai Di Huang Wan, and Gui Shao Di Huang Wan achieving double-digit growth in sales compared to the previous year [1]

Core Viewpoint - Tongrentang Technology achieved significant growth in the first half of the year, with revenue of 3.739 billion yuan and a net profit of 484 million yuan, indicating a strong commitment to high-quality and sustainable development through various initiatives [1] Group 1: Financial Performance - In the first half of the year, Tongrentang Technology reported revenue of 3.739 billion yuan and a net profit of 484 million yuan, with the profit attributable to owners amounting to 339 million yuan [1] - The company’s core products showed strong sales performance, with four products exceeding 100 million yuan in sales and 28 products in the 10 million to 100 million yuan range [3] Group 2: Product Strategy - The company is focusing on enhancing the profitability of its core products, particularly the Liuwei Dihuang Wan series, which saw a revenue increase of approximately 47.99% year-on-year [3] - The implementation of a "big variety strategy" has led to significant sales growth across multiple product lines, including the Jinkui Shenqi series and Jingzhi Niuhuang Jiedu Pian series, which grew by 19.55% and 4.03% respectively [3] Group 3: International Expansion - Tongrentang Guoyao, a subsidiary, has become a key growth driver, achieving sales of 702 million yuan, a year-on-year increase of 15.99% [4] - The subsidiary is actively expanding its online and offline sales channels, focusing on key products like the broken wall Ganoderma lucidum spore powder capsules [4] Group 4: Supply Chain and Certification - The company’s six raw material production subsidiaries are strengthening the supply chain by stabilizing planting areas and enhancing quality standards, with several medicinal materials receiving organic certification [5][6] Group 5: Innovation and Marketing - The company is reforming its marketing strategy by implementing a "six control" management goal and streamlining its distribution channels to enhance market responsiveness [7][8] - Tongrentang Technology is advancing its smart manufacturing capabilities by integrating intelligent filling and automatic packaging technologies into its production lines [8] Group 6: Research and Development - The company is leading a project to improve national pharmacopoeia standards, aiming to establish a quality evaluation system based on clinical efficacy [8] - Ongoing clinical research on major products like Jinkui Shenqi Wan and the promising new drug Qishen Granules is expected to drive future growth [8]

未来，集团将继续践行「提质增效」年的工作安排，紧扣改革创新这一核心主线，秉持稳中求进的总基 调开展工作。通过全力推行覆盖全流程、全链条、全级次的精益管理模式，坚定信心、奋勇前行，以实 干推动集团高质量发展，为开启「十五五」的崭新篇章筑牢根基。 下半年，集团的营销工作将紧扣「转观念、讲协调、提质效、强执行、重管理、树信心」这一核心要 点，大力强化「全员营销」意识，坚定不移落实「大品种战略」，从各个环节提升经营质量。同时，严 格把控市场秩序，以创新为驱动，积极开拓市场，达成创收、创利目标，推动市场营销工作迈向崭新台 阶。 格隆汇8月26日丨同仁堂科技(01666.HK)发布公告，截至2025年6月30日止六个月期间，集团销售收入为 人民币373,850.3万元，实现净利润达人民币48,403.0万元。期间集团的毛利率为38.16%(上年同期： 37.95%)。 于报告期内，集团销售额超过人民币一亿元的产品四个；销售额介于人民币一千万元至人民币一亿元之 间的产品二十八个；销售额介于人民币五百万元至人民币一千万元之间的产品十个。主导产品中，六味 地黄丸系列销售收入较上年同期增长约47.99%、金匮肾气系列销售收入较上 ...

同仁堂（600085）科技(01666)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币37.39 亿元(单位下同)，同比减少7.69%;公司所有者应占净利润3.39亿元，同比减少21.01%;每股基本收益0.26 元。 公告称，销售收入及净利润减少主要由于营销改革深入推进，加速市场库存周转，优化库存结构，市场 秩序逐步向好，随着改革的推进，经营质量将稳步提升，为持续高质量发展奠定坚实基础。 于报告期内，集团销售额超过人民币1亿元的产品4个;销售额介于人民币1000万元至人民币1亿元之间的 产品28个;销售额介于人民币500万元至人民币1000万元之间的产品10个。主导产品中，六味地黄丸系列 销售收入较上年同期增长约47.99%、金匮肾气系列销售收入较上年同期增长约19.55%，京制牛黄解毒 片系列销售收入较上年同期增长约4.03%，感冒清热颗粒系列及生脉饮口服液系列销售收入较上年同期 有所下降。但受益于"大品种战略"，壮腰健肾丸系列、知柏地黄丸系列及归芍地黄丸系列等产品的销售 收入均较上年同期实现双位数增长。 ...

智通财经APP讯，同仁堂科技(01666)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币 37.39亿元(单位下同)，同比减少7.69%;公司所有者应占净利润3.39亿元，同比减少21.01%;每股基本收益 0.26元。 于报告期内，集团销售额超过人民币1亿元的产品4个;销售额介于人民币1000万元至人民币1亿元之间的 产品28个;销售额介于人民币500万元至人民币1000万元之间的产品10个。主导产品中，六味地黄丸系列 销售收入较上年同期增长约47.99%、金匮肾气系列销售收入较上年同期增长约19.55%，京制牛黄解毒 片系列销售收入较上年同期增长约4.03%，感冒清热颗粒系列及生脉饮口服液系列销售收入较上年同期 有所下降。但受益于"大品种战略"，壮腰健肾丸系列、知柏地黄丸系列及归芍地黄丸系列等产品的销售 收入均较上年同期实现双位数增长。 公告称，销售收入及净利润减少主要由于营销改革深入推进，加速市场库存周转，优化库存结构，市场 秩序逐步向好，随着改革的推进，经营质量将稳步提升，为持续高质量发展奠定坚实基础。 ...