Core Viewpoint - The company has demonstrated resilient growth in a challenging macroeconomic environment, achieving revenue of 1.949 billion yuan and a net profit of 343 million yuan in the first half of 2025, reflecting year-on-year increases of 1.11% and 10.04% respectively [1][3]. Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 1.949 billion yuan, a year-on-year increase of 1.11% [1][3]. - The net profit attributable to shareholders reached 343 million yuan, marking a 10.04% increase compared to the previous year [1][3]. - The company's net profit excluding non-recurring items was 322 million yuan, which is a 4.24% increase year-on-year [1][3]. Group 2: Business Strategy and Market Position - The company is enhancing its pharmaceutical operating capabilities by optimizing its distributor structure and expanding product offerings, resulting in a 4.51% increase in revenue from the parent company [2]. - The company is actively cultivating new growth drivers in ophthalmology and dermatology, with significant progress in product registration and market expansion [3]. - The company is leveraging its strengths in the anorectal market to extend into health-related products, including the launch of new hygiene products [2]. Group 3: Operational Adjustments - The company is adapting to policy changes in the healthcare sector, focusing on optimizing its medical project structure and expanding non-insured business revenues [4]. - The company is restructuring its retail pharmacy operations to enhance health promotion functions and exploring online business opportunities [4]. - The company is increasing brand marketing efforts through various promotional activities and partnerships to enhance market presence [5].

2025 年 08 月 29 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 赵宁宁 S0350523040002 zhaonn@ghzq.com.cn [Table_Title] 治痔产品保持增长态势，看好湿厕纸业务延伸 ——马应龙（600993）2025 年中报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/08/28 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 马应龙 | -0.4% | -3.1% | 5.1% | | 沪深 300 | 7.9% | 16.4% | 35.8% | | 市场数据 | | | 2025/08/28 | | 当前价格（元） | | | 27.50 | | 52 周价格区间（元） | 21.33-31.46 | | --- | --- | | 总市值（百万） | 11,853.98 | | 流通市值（百万） | 11,833.44 | | 总股本（万股） | 43,105.39 | | 流通股本（万股） | 43,030.70 | | 日均成交额（百万） | 185.25 | | ...