公司报告 | 半年报点评 太极集团（600129） 证券研究报告 库存消化影响下业绩承压，优化营销架构 事件 2025H1 公司实现收入 56.6 亿元，同比-27.6%；归母净利润 1.39 亿元，同 比-71.9%；扣非归母净利润 1.20 亿元，同比-74.5%。单季度看，2025Q2 公 司实现收入 28.3 亿元，同比-21.6%；归母净利润 0.64 亿元，同比-74.1%； 扣非归母净利润 0.39 亿元，同比-84.4%。 点评 库存消化影响下业绩承压 2025H1，公司医药工业实现销售收入 28.42 亿元，同比-44.03%，其中呼吸 系统/消 化及 代谢/ 神经系 统/ 大健康 产品/ 心脑 血管用 药分 别同比 -44.69%/-45.83%/-8.72%/-23.17%/-33.91%，核心产品急支糖浆、太极藿香 正气口服液均出现下滑；医药商业实现销售收入 33.72 亿元，同比下降 9.87%；中药材资源板块实现销售收入 4.93 亿元，同比增长 0.55%；大健康 及国际业务实现销售收入 0.95 亿元，同比下降 64.15%。公司营业收入和利 润下降主要受相关政策以及部分产品社 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][6]. Core Views - The company achieved a revenue of 9.769 billion yuan in H1 2025, a slight increase of 0.06% year-on-year, while the net profit attributable to shareholders decreased by 7.39% to 945 million yuan [2]. - The pharmaceutical industrial segment generated revenue of 6.562 billion yuan in H1 2025, up 1.38% year-on-year, while the pharmaceutical commercial segment reported revenue of 6.055 billion yuan, an increase of 0.40% [3]. - The gross margin for the pharmaceutical industrial segment improved to 43.99%, an increase of 2.6 percentage points year-on-year, indicating enhanced profitability [4]. - The company is actively expanding its international market presence, with product licenses obtained in Canada and Hong Kong, which strengthens its international strategy [5]. - Revenue forecasts for 2025-2026 have been adjusted downwards to 19.883 billion yuan and 21.725 billion yuan, respectively, while net profit forecasts have been revised to 1.735 billion yuan and 1.939 billion yuan [6]. Financial Performance Summary - In H1 2025, the company reported a net cash flow from operating activities of 1.953 billion yuan, a significant increase of 19.38% year-on-year, attributed to optimized raw material procurement [2]. - The company's total revenue projections for 2025-2027 are 19.883 billion yuan, 21.725 billion yuan, and 23.746 billion yuan, respectively, with corresponding growth rates of 6.91%, 9.27%, and 9.30% [7]. - The net profit attributable to shareholders is projected to be 1.735 billion yuan in 2025, with a growth rate of 13.66% in 2026 and 13.24% in 2027 [7].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [7]. Core Views - The company has shown steady revenue growth, with a 11.02% year-on-year increase in revenue to 3.051 billion RMB in the first half of 2025, and a 10.74% increase in net profit to 818 million RMB [1]. - The company is actively expanding its business through acquisitions, including a 70% stake in Dongfeng Majiji Pharmaceutical and an 80% stake in Inner Mongolia Alashan Congrong Group, which will enhance its product portfolio [4]. - The company has improved its cash flow, with a net cash flow from operating activities of 9.65 billion RMB in the first half of 2025, indicating a shift towards high-quality development [3]. Financial Performance - In the first half of 2025, the core product, Ejiao and its series, generated revenue of 2.845 billion RMB, reflecting a growth of 11.50% year-on-year, with a gross margin of 74.83% [2]. - The company’s cash reserves are robust, with a cash and cash equivalents balance of 4.004 billion RMB at the end of the period [3]. - The revenue forecast for 2025-2026 has been slightly adjusted to 67.81 billion RMB and 77.85 billion RMB respectively, with net profit estimates raised to 17.94 billion RMB and 20.66 billion RMB for the same periods [5]. Valuation Metrics - The company’s earnings per share (EPS) is projected to be 2.79 RMB in 2025, with a price-to-earnings (P/E) ratio of 16.81 [5]. - The projected revenue growth rates for 2025 and 2026 are 14.53% and 14.81% respectively, indicating a stable growth trajectory [5]. - The company maintains a low debt-to-asset ratio of 19.17%, reflecting a strong balance sheet [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company announced the approval of a new indication for its innovative drug, Puyouke, for thrombolytic treatment of acute ischemic stroke, enhancing its product portfolio and long-term growth potential [4][6] - The company is expected to maintain its net profit forecasts for 2025-2027 at 1.183 billion, 1.306 billion, and 1.455 billion yuan respectively, with corresponding EPS of 0.79, 0.87, and 0.97 yuan per share [4][7] - The current stock price corresponds to P/E ratios of 19.8, 18.0, and 16.1 for the years 2025, 2026, and 2027 respectively [4][7] Financial Summary - Revenue for 2023 is reported at 8.674 billion yuan, with a slight decrease expected in 2024 to 8.498 billion yuan, followed by a recovery to 8.827 billion yuan in 2025 [7][9] - The gross margin is projected to remain stable around 67% from 2025 to 2027, while the net profit margin is expected to improve from 13.4% in 2025 to 14.6% in 2027 [7][10] - The return on equity (ROE) is forecasted to increase from 9.3% in 2025 to 9.5% in 2027 [7][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in H1 2025 met expectations, driven by innovative traditional Chinese medicine, which is expected to support long-term growth [5] - The company reported a revenue of 834 million yuan in H1 2025, a year-on-year decline of 8.35%, while the net profit attributable to shareholders was 169 million yuan, a year-on-year increase of 23.67% [8] - The company is focusing on its pharmaceutical industrial sector, with a revenue of 768 million yuan from this segment, down 8.2% year-on-year [8] - Innovative traditional Chinese medicine is becoming a new profit growth point, with three innovative traditional Chinese medicine products approved [8] - The company is increasing its R&D investment, with R&D expenses reaching 68.09 million yuan in H1 2025, a year-on-year increase of 10.98% [8] Financial Summary - Revenue projections for the company are as follows: 1,629 million yuan in 2023, 1,777 million yuan in 2024, 1,749 million yuan in 2025E, 1,890 million yuan in 2026E, and 2,124 million yuan in 2027E [6] - The net profit attributable to shareholders is projected to be 187 million yuan in 2023, 255 million yuan in 2024, 342 million yuan in 2025E, 394 million yuan in 2026E, and 455 million yuan in 2027E [6] - The company’s earnings per share (EPS) is expected to grow from 0.43 yuan in 2023 to 1.04 yuan in 2027 [6] - The projected price-to-earnings (P/E) ratios are 26.72 for 2023, 19.56 for 2024, 14.58 for 2025E, 12.68 for 2026E, and 10.98 for 2027E [6]

Group 1 - Shengtun Mining plans to repurchase shares worth between 500 million and 600 million yuan, with a maximum repurchase price of 11.82 yuan per share, aimed at employee stock ownership plans or equity incentives [1] - Kangnbei received a drug registration certificate for Linggui Shugan Granules, which is derived from traditional Chinese medicine and is used for treating phlegm and dampness due to Yang deficiency [2] - Zhangjiang Hi-Tech intends to publicly transfer 100% equity and related debts of Shanghai Jixin Rui Construction Technology Co., Ltd. with a total price not less than 151 million yuan [3] Group 2 - Shankai Intelligent won a bid for a metering device procurement project worth 13.318 million yuan from Hohhot Water Supply Company [4] - Hason Co. plans to jointly establish a supply chain company with a registered capital of 10 million yuan, in which Hason will hold a 10% stake [5] - Pudong Construction's subsidiaries won multiple major projects with a total amount of 1.271 billion yuan [6] Group 3 - Jinling Pharmaceutical received approval for the Phase III clinical trial of Olaratogrel tablets, which are used for treating moderate to severe pain associated with endometriosis [8] - Menohua's subsidiary obtained a drug registration certificate for Mosapride Citrate Tablets, aimed at improving gastrointestinal symptoms [10] - Shapuaisi's major shareholder plans to reduce holdings by up to 2% of the company's shares due to personal financial needs [11] Group 4 - Changyuan Power reported an August electricity generation of 3.771 billion kWh, a year-on-year decrease of 6.03% [15][16] - Xibu Livestock's August fresh milk production increased by 4.8% month-on-month but decreased by 7.27% year-on-year [19] - Yong'an Pharmaceutical's actual controller and chairman had their detention lifted, allowing them to resume normal duties [20] Group 5 - Jinkai Intelligent's director resigned due to work adjustments [22] - Xinhua Medical received a Class II medical device registration for an endoscope cleaning workstation [23] - Haishi Science and Technology's innovative drug HSK47388 received approval for a new indication clinical trial [25] Group 6 - Baotai Co. plans to participate in a land use rights auction in Baoji City with a starting price of 57.34 million yuan [26] - Minfeng Special Paper received a government subsidy totaling 11.2 million yuan [27] - Jiuchang Bio obtained a medical device registration for a heparin-binding protein assay kit [29] Group 7 - Jingao Technology plans to repurchase shares worth between 200 million and 400 million yuan, with a maximum price of 17.36 yuan per share [31] - Youxunda won a bid for a metering equipment project from China Southern Power Grid worth approximately 161 million yuan [32] - Qianli Technology reported an August vehicle sales increase of 168.55% year-on-year [32] Group 8 - Guangzhou Port expects an August container throughput increase of 1.2% year-on-year [32] - Kexing Pharmaceutical's GB08 injection completed the first subject enrollment for Phase II clinical trials [33] - Wu Ming Pharmaceutical plans to transfer 98.9% of its subsidiary's shares to a newly established wholly-owned subsidiary [34] Group 9 - Shanghai Electric's acquisition of K-Electric Limited shares has not yet completed the transfer [35] - Fulai New Materials plans to raise no more than 710 million yuan through a private placement [36] - Huaren Health's drug registration application for a new type of potassium ion competitive acid blocker has been accepted [37]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown steady growth in its hemorrhoid treatment products and is developing its health business as a new growth driver [5] - The company reported a revenue of 1.949 billion yuan in the first half of 2025, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 343 million yuan, up 10.04% year-on-year [7] - The company is expected to maintain a strong growth trajectory in its hemorrhoid treatment products and health business, with projected net profits of 635 million yuan, 735 million yuan, and 852 million yuan for 2025, 2026, and 2027 respectively [7] Financial Performance Summary - Revenue forecast for 2023 to 2027 is as follows: 3,137 million yuan (2023), 3,728 million yuan (2024), 4,035 million yuan (2025E), 4,632 million yuan (2026E), and 5,324 million yuan (2027E) [6] - The company’s net profit attributable to shareholders is projected to grow from 528 million yuan in 2024 to 852 million yuan in 2027, reflecting a compound annual growth rate of approximately 16% [6] - The company’s return on equity (ROE) is expected to improve from 12.99% in 2024 to 15.80% in 2027 [6] Segment Performance - In the first half of 2025, the pharmaceutical industry segment achieved revenue of 1.218 billion yuan, a year-on-year increase of 4.98%, while the pharmaceutical commercial segment saw a decline of 13.67% to 597 million yuan [7] - The healthcare services segment reported revenue of 208 million yuan, up 15.63% year-on-year [7] - The company has developed over 200 health products and is focusing on expanding its market presence in areas such as gastrointestinal health and skincare [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company achieved impressive profit growth in H1 2025, with a net profit of 188 million yuan, representing a year-on-year increase of 114.96%. The revenue for the same period was 1.3 billion yuan, showing a decline of 4.74% year-on-year. The report highlights the potential for growth driven by the company's innovative pipeline [4][5]. - The report has raised the profit forecast for 2025-2027, expecting net profits of 344 million yuan, 381 million yuan, and 425 million yuan respectively, with corresponding EPS of 0.40, 0.45, and 0.50 yuan per share [4][8]. Financial Performance - In H1 2025, the company's gross margin was 58.07%, an increase of 1.14 percentage points, while the net margin was 14.22%, up by 8.44 percentage points. The sales expense ratio was 33.69%, up by 1.26 percentage points, while the R&D expense ratio decreased to 2.92%, down by 1.29 percentage points [4][5]. - The revenue breakdown shows that traditional Chinese medicine revenue was 689 million yuan (down 10.14%), chemical medicine revenue was 495 million yuan (up 6.10%), and raw materials and intermediates revenue surged to 28 million yuan (up 250.30%) [5][6]. Product Pipeline and Innovation - The company is focusing on the "metabolism + respiratory" sectors, with key products in development such as RAY1225 injection for obesity and type 2 diabetes, which is currently in phase III clinical trials. Other products include ZSP1601 tablets and RAY0221, targeting various metabolic diseases [6][8]. - In the respiratory disease segment, the company is expanding the application of existing drugs and developing innovative small molecules for RSV infections [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 834 million yuan in H1 2025, a year-on-year decrease of 8.35%, while the net profit attributable to the parent company increased by 23.67% to 169 million yuan [4] - The company maintains a strong focus on innovative traditional Chinese medicine, which is expected to enhance its long-term competitive edge [4] - The forecast for net profit attributable to the parent company for 2025-2027 is 308 million, 378 million, and 457 million yuan respectively, with corresponding EPS of 0.70, 0.86, and 1.04 yuan [4] Financial Performance Summary - In H1 2025, the gross profit margin was 70.30%, a decrease of 2.36 percentage points, while the net profit margin increased by 5.06 percentage points to 19.96% [4] - The sales expense ratio decreased by 8.21 percentage points to 33.58%, while the R&D expense ratio increased by 1.42 percentage points to 8.16% [4] - The company reported a significant increase in revenue from cardiovascular drugs, which reached 276 million yuan, up 16.05% [5] Product Development and Innovation - The company plans to acquire the patent rights for a Class 1 innovative chemical drug, IMM-H024, for 80 million yuan, which is expected to strengthen its innovative drug pipeline [6] - The "Yangxue Qufeng Zhitong Granules" is the company's third innovative traditional Chinese medicine product, which has passed preliminary review for inclusion in the national basic medical insurance directory [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's operating performance is under short-term pressure, with a focus on the growth potential of its innovative pipeline [5] - For the first half of 2025, the company achieved revenue of 1.642 billion yuan (down 27.29% year-on-year) and a net profit attributable to shareholders of 142 million yuan (down 40.12%) [5] - The gross margin for the first half of 2025 was 70.88% (down 3.66 percentage points), and the net margin was 9.06% (down 2.95 percentage points) [5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 380 million, 431 million, and 491 million yuan respectively [5] Financial Performance Summary - Revenue for 2025H1 was 1.642 billion yuan, with a year-on-year decline of 27.29% [5] - The net profit attributable to shareholders for 2025H1 was 142 million yuan, down 40.12% year-on-year [5] - The company's revenue breakdown shows that injection liquid revenue was 506 million yuan (down 39.73%), while tablet revenue increased by 12.26% to 190 million yuan [6] - The company has completed the acquisition of 100% equity in a biopharmaceutical company, enhancing its innovative drug pipeline [7] Financial Projections - The company expects revenues of 3.529 billion yuan in 2025, 3.750 billion yuan in 2026, and 4.035 billion yuan in 2027, with corresponding net profits of 380 million, 431 million, and 491 million yuan [8] - The projected EPS for 2025, 2026, and 2027 is 0.67, 0.76, and 0.87 yuan per share respectively [8] - The current stock price corresponds to a P/E ratio of 26.8 for 2025, 23.6 for 2026, and 20.8 for 2027 [5][8]