Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [4][8]. Core Views - The company reported a net profit of 5.32 billion yuan in H1 2025, a year-on-year increase of 20.51%, despite a revenue decline of 8.57% to 7.66 billion yuan [6]. - The company plans to distribute a mid-term cash dividend of 1.5 yuan per 10 shares, totaling approximately 156 million yuan, reflecting a commitment to shareholder returns [6]. - The company is undergoing expansion projects on the莞深高速 highway, with an investment of 8.63 billion yuan in H1 2025, which is expected to enhance future revenue streams [6]. Financial Performance Summary - For H1 2025, the company achieved operating revenue of 7.66 billion yuan, down 8.57% year-on-year, while net profit rose to 5.32 billion yuan, up 20.51% [6]. - The company’s cash flow from operating activities saw a significant increase of 332.74%, reaching 9.31 billion yuan [6]. - The company’s earnings per share (EPS) for H1 2025 was 0.5122 yuan, reflecting a year-on-year increase of 23.45% [6]. Revenue and Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 8.81 billion yuan, 8.93 billion yuan, and 9.31 billion yuan respectively, with corresponding EPS of 0.85 yuan, 0.86 yuan, and 0.90 yuan [6][7]. - The report anticipates a decline in revenue for 2024, followed by a slight recovery in subsequent years, with growth rates of -64% in 2024 and modest increases thereafter [4][7]. Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 13.6X, 13.5X, and 12.9X respectively, indicating a favorable valuation compared to historical performance [4][6]. - The company’s return on equity (ROE) is expected to be around 9% in 2025, gradually declining to 8% by 2027 [6][7].

证券代码：000788 证券简称：北大医药 公告编号：2025-058 北大医药股份有限公司 关于同意公司配合参股公司减资 及拟启动清算解散工作的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北大医药股份有限公司（以下简称"公司"）于 2025 年 8 月 20 日召开第十 一届董事会第十三次会议审议通过了《关于同意公司配合参股公司减资及拟启动 清算解散工作的议案》。受市场环境等多方面因素影响，公司参股公司北京北大 医疗肿瘤医院管理有限公司（以下简称"肿瘤医院管理公司"）因经营存在严重 困难，故申请拟先将其注册资本由 30,000 万元减少至 10,000 万元（以下简称"本 次减资"）后再启动清算解散工作。公司基于整体战略规划，为优化投资布局， 降低经营风险，更好维护公司及包括中小股东在内的全体股东利益，提请董事会 同意公司配合参股公司肿瘤医院管理公司本次减资及后续拟启动的清算解散工 作。具体情况如下： 一、基本情况概述 肿瘤医院管理公司为公司参股公司，注册资本为 30,000 万元人民币，实缴 资本为 10,000 万元人民币。其中，公司出资 4, ...

Core Viewpoint - The company has decided to exit its investment in the Guangzhou Huacheng Venture Capital Partnership (Limited Partnership) and its management company, optimizing its investment portfolio and resource allocation efficiency [4][22]. Group 1: Investment Overview - The company previously invested 100 million RMB as a limited partner in the Huacheng Venture Capital Fund, holding a 21.2721% stake [2]. - The total scale of the Huacheng Venture Capital Fund is 57.01 million RMB, with the company holding a 19.4064% stake after additional investments [3][4]. Group 2: Transaction Details - The company agreed to transfer its 19.4064% stake in the Huacheng Venture Capital Fund, corresponding to a capital contribution of 11.0636 million RMB, to Jiadu Technology Group Co., Ltd. for 64,387,049.38 RMB [4][22]. - The company will also transfer its 18% stake in the management company to Ms. Chen Jiao for 9,763,752.61 RMB [4][20]. Group 3: Parties Involved - Jiadu Technology Group Co., Ltd. is a publicly listed company with a registered capital of 2.144 billion RMB, and it has no relationship with the company [6][8]. - Ms. Chen Jiao is the executive president of Jiadu Technology and has no relationship with the company [10]. Group 4: Impact of the Transaction - The transaction is expected to enhance the company's investment layout and will not significantly impact its financial status or operational activities [22].