证券研究报告 | 行业周报 gszqdatemark 2025 09 07 年 月 日 医药生物 从全球 CXO 企业中报，我们看到了什么？【周专题&周观点】【总第 413 期】 一、当周（9.1-9.5）回顾与周专题： 当周（9.1-9.5）申万医药指数环比+1.40%，跑输创业板指数，跑赢沪深 300 指数。本周周 报，我们探讨了全球 CXO 企业中报的情况。 二、近期复盘： 1、当周表现：本周市场出现连续调整，周五反攻。医药演绎节奏和市场类似，但整体强度 强于市场。细分来看，创新药和创新产业链还是主线，表现相对较好，但分化比较严重，大 票好于小票，但部分港股未进通创新药表现较好。其他方面，小核酸有阶段性表现，非创新 药方面脑机接口和机器人相关标的有阶段性表现。 2、原因分析：本周经历过市场关注的时间节点后，迎来连续调整，但周五迎来超跌反弹， 医药这边整体节奏和市场类似，但强于市场。医药这边产业逻辑最强的方向还是创新和创新 产业链，所以反弹也是进攻这两个方向，因市场风格原因，近期大票表现好于小票，前期强 势的创新药小票调整幅度较大，主流或中大市值创新药标的表现较好，因流动性好牛市效应 以及产业逻辑比较优势 ...

片仔癀公司生产的核心产品片仔癀拥有近五百年历史，其传统制作技艺入选国家级非物质文化遗产。坚持守正创新，运用现代前沿科技手段与循证医学的 办法，对旗下产品开展了89项基础研究及25项临床试验，说清道明中医药的作用机理与临床疗效。 近日，中华老字号漳州片仔癀药业股份有限公司携手京东健康"国药盛典"登陆纽约时代广场，向全球展示中医药文化的独特魅力。此次跨界合作标志着中 医药国际化传播迈出重要一步。 编辑：王媛媛 转自：新华财经 片仔癀公司正在积极加速推动传统中医药与现代健康理念相融合。此次亮相世界舞台，不仅展现了品牌实力，更让中医药文化获得国际关注。未来，片仔 癀公司将继续深耕中医药领域，积极推动现代化与国际化进程，让片仔癀这一中药瑰宝在世界舞台上持续焕发新的生机。（胡宇昊） ...

据介绍，本次活动采用线下与线上相结合，以电子消费券为核心形式，旨在促进消费的同时通过数字化手段提升职工福利体验，有效拉动内需，同时增强电 子平台的用户活跃度。电子消费券依托工会自有的电子平台京轻优选发放，职工可通过登录京轻优选小程序便捷领取。消费券涵盖多个合作品牌与商户，既 支持线下门店核销，也可用于线上商城购物，简化了传统福利发放流程，为职工提供了更加灵活、多元的消费选择。 北京商报讯（记者 张天元）9月6日，一轻食品集团工会组织开展的嘉年华活动在京举行。北京商报记者在现场看到，嘉年华活动整合了北京一轻、同仁 堂、金隅、北汽等多家品牌资源，提供义利果子面包、维生素面包以及北冰洋的汽水等产品，打造了沉浸式消费场景。另外，线下活动设置了体验区和互动 环节等玩法。 ...

中国经营报 . 《中国经营报》由《中国经营报》社有限公司出版，与中国企业同步成长，对话商业领袖，传播商业理想，服务商业人群，掌控中国商界绝对话语权。 来源｜中国经营报 记者｜陈婷 赵毅 以下文章来源于中国经营报 ，作者陈婷 赵毅 市盈率超40倍、远高于贵州茅台（600519.SH），被称为"中药茅"的片仔癀（600436.SH）却遭遇上市以来首次半年度营收、净利润双下滑的局面。 近日，片仔癀披露2025年半年报。上半年，片仔癀营收同比下降4.81%至约53.79亿元，净利润同比下降16.22%至约14.42亿元，扣非净利润同比下降 17.04%至约14.53亿元，经营性现金流净额同比下降1.56%。 片仔癀主营业务包括医药制造业、医药流通业及化妆品业，主要产品包括肝病用药及心脑血管用药。上半年，除医药制造业营收同比增长3.15%外， 公司其他两大业务收入均出现两位数下滑；以片仔癀系列产品为主的肝病用药营收增速降至9.7%，毛利率同比下降10.89%。 片仔癀核心产品片仔癀锭剂曾在2023年经历近20年来最大幅度的一次提价，但公司业绩在2024年开始失速，2025年上半年出现负增长。与此同时，截 至2025年6 ...

Core Viewpoint - Nasdaq's proposed rule changes are expected to significantly impact Chinese companies seeking to list in the U.S. by raising listing requirements and enhancing regulatory scrutiny [1][3][4] Group 1: Rule Changes - The public float market capitalization threshold for new companies listing based on net income will increase from $5 million to $15 million [1] - Companies with a market capitalization below $5 million and compliance issues will face accelerated suspension and delisting procedures [1] - A minimum fundraising requirement of $25 million will be set for companies primarily operating in China [1] Group 2: Investor Protection and Market Integrity - Nasdaq's Chief Legal Officer emphasized that the rule adjustments aim to strengthen investor protection mechanisms and maintain market fairness [3] - The changes are a response to recent abnormal price fluctuations in cross-market trading, particularly concerning alleged stock price manipulation by emerging market entities [3] Group 3: Impact on Chinese Companies - The new rules will directly affect three types of companies: those needing to attract more institutional investors due to the increased public float requirement, those facing heightened delisting risks due to lower market caps, and those potentially excluded from the U.S. market due to the new fundraising threshold [6] - Since the Luckin Coffee scandal in 2020, 128 Chinese companies have been placed on a "pre-delisting" list, with many facing delisting pressure if their market cap remains below $100 million [6] Group 4: Strategic Responses - Chinese companies are adopting diverse strategies in response to the changing regulatory environment, including multi-market listings to mitigate regulatory risks and maintain international presence [6] - Some companies are considering SPAC mergers for quicker listings, although this may lead to significant post-merger stock price volatility [6] - Extending the Pre-IPO financing cycle and building a multi-tiered capital structure are also being explored, despite potential issues like equity dilution [6]

证券日报网讯 9月5日晚间，白云山发布公告称，2025年半年度利润分配方案为每股派发现金红利0.40元 （含税），股权登记日为2025年9月11日，除权（息）日及现金红利发放日均为2025年9月12日。 （编辑 李家琪） ...

（文章来源：证券日报） 证券日报网讯 9月5日晚间，天士力发布公告称，公司将参加"2025年天津辖区上市公司投资者网上集体 接待日活动"。活动时间为2025年9月11日。 ...

Core Insights - Yunnan Baiyao reported record high revenue of 21.257 billion yuan, net profit attributable to shareholders of 3.633 billion yuan, and net profit after deducting non-recurring items of 3.461 billion yuan for the first half of 2025, achieving significant growth despite industry challenges [2][3] - The company plans to distribute a cash dividend of 10.19 yuan per 10 shares, totaling 1.818 billion yuan, which accounts for 50.05% of its net profit for the first half of the year, reflecting strong shareholder returns [2][3] Financial Performance - The net profit growth rate of 13.93% outpaced the revenue growth rate of 3.92%, driven by an increase in the high-margin industrial segment's revenue share to 40.01% and effective cost control measures [2][3] - Operating cash flow reached 3.961 billion yuan, with cash and cash equivalents of 11.294 billion yuan and a low debt-to-asset ratio of 25.91%, indicating strong financial health [3] Industrial Segment Growth - The industrial segment's revenue share increased to 40.01%, marking a 9-year high with a growth rate of 11.13%, becoming the main growth driver [4] - Key products such as Yunnan Baiyao aerosol sales exceeded 1.453 billion yuan, growing by 20.9%, while traditional products also saw double-digit growth [4] New Market Opportunities - The pharmaceutical segment is expanding into new areas such as cardiovascular and respiratory systems, with products like Qianling Jianpi Granules and Pudilan Anti-inflammatory Tablets showing significant revenue growth [4] - The health product segment, leveraging its leading position in toothpaste, is extending into "oral health+" with notable sales increases in sensitive and whitening toothpaste [4] Supply Chain and Resource Management - Yunnan Baiyao has established a comprehensive supply chain for traditional Chinese medicine, achieving a revenue of 914 million yuan from its resource segment, with a 6.3% year-on-year increase [6] - The company has implemented a "1 variety + 1 expert team + 3-5 cooperative bases" model to secure core resources and has increased standardized certification bases by over 7,000 acres [6] Cross-Border and Service Expansion - The company has initiated cross-border operations, successfully completing customs clearance at key ports, thus opening new channels for its products [7] - New customer development in pharmaceutical services has led to increased patient visits and prescription volumes, enhancing the value of its supply chain [7]

Core Viewpoint - The company, Pianzaihuang, reported a slight decline in revenue and net profit for the first half of 2025, but investments in expanding the northern market and sales channels are expected to support future performance recovery [1][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 5.379 billion yuan and a net profit attributable to shareholders of 1.442 billion yuan [1]. - Despite challenges from healthcare policy adjustments and a contracting consumer market, the company's revenue and profit showed only a slight year-on-year decline [1]. Group 2: Strategic Developments - The company has established a northern headquarters in Beijing by the end of 2024 to enhance brand influence and marketing efficiency in the northern market [1][2]. - The northern headquarters is expected to facilitate collaboration with regional resources and attract high-end R&D and marketing talent, contributing to long-term strategic value [1][2]. Group 3: Product and Market Expansion - The company has seen significant sales growth in several products, including Angong Niuhuang Wan and Pianzaihuang tablets, with multiple products achieving sales exceeding 100 million yuan [2]. - Pianzaihuang is actively responding to national calls for the revitalization of traditional Chinese medicine and the health industry, focusing on building a unique industry based on cultural heritage [2]. Group 4: Research and Development - The company is advancing clinical research on multiple new drugs, with 2 new drug projects and 18 drugs under research, including 5 traditional Chinese medicine products entering clinical stages [3]. - Pianzaihuang is participating in the "Yuanshan Plan" industrial fund, aiming to establish six funds with a total scale of 6 billion yuan, enhancing its position in the traditional Chinese medicine industry [3]. Group 5: Brand and Market Influence - The company has achieved over 990 million exposures through various new media platforms, significantly enhancing brand awareness and engagement [2]. - From January to August, the total communication volume related to Pianzaihuang reached 1.7457 million, with an interaction volume of 81.46 billion, indicating a strong market presence [2].

Group 1 - The core issue involves ST Xiangxue and its actual controller Wang Mouhui facing penalties for violations of information disclosure regulations [1] - ST Xiangxue's 2019 annual report contained false records, and there were significant omissions regarding non-operating fund occupation by related parties from 2016 to 2020 [1] - The Guangdong Securities Regulatory Bureau imposed a fine of 6 million yuan on ST Xiangxue and 10 million yuan on Wang Mouhui, with additional fines for other executives [1] Group 2 - ST Xiangxue reported a total revenue of 818 million yuan in the first half of 2025, a year-on-year decline of 25.40%, and a net loss attributable to shareholders of 234 million yuan [2] - The company's revenue has decreased from over 3 billion yuan in 2020 to more than 1.8 billion yuan in 2024, with net losses for four consecutive years [2] - As of September 5, ST Xiangxue's stock price increased by 10.41% to 11.24 yuan per share, with a market capitalization of 7.433 billion yuan [2]