（原标题：中金：维持国药控股(01099)跑赢行业评级 目标价24.7港元） 智通财经APP获悉，中金发布研报称，维持国药控股(01099)2025年/2026年净利润预测74.75亿元人民 币/79.26亿元人民币，分别同比增长6.0%/6.0%。当前股价对应2025年/2026年7.4倍和6.9倍市盈率。该行 维持跑赢行业评级和目标价24.7港币，对应2025年/2026年9.4倍/8.8倍市盈率，对应上涨空间27.2%。公 司公布2025年上半年业绩：营业收入2,860.43亿元人民币，同比-2.95%;归母净利润34.66亿元，同 比-6.43%，对应每股收益1.11元，符合该行预期。 风险提示：药品集中采购压力，医药零售及医疗器械分销业务增长不及预期。 医药零售业务同比增长 根据公司公告，1H25，公司医药零售收入为171.62亿元，同比+3.65%;医药零售业务的经营利润率同比 +1.13个百分点至2.68%，主要受益于零售板块的收入增长、网络优化策略及显著的费用压降成果。截至 2025年6月底，国大药房门店数量8,591家，较2024年底净减少978家，1H25亏损店铺数量及占比较去年 同期明显 ...

中金发布研报称，维持国药控股(01099)2025年/2026年净利润预测74.75亿元人民币/79.26亿元人民币， 分别同比增长6.0%/6.0%。当前股价对应2025年/2026年7.4倍和6.9倍市盈率。该行维持跑赢行业评级和 目标价24.7港币，对应2025年/2026年9.4倍/8.8倍市盈率，对应上涨空间27.2%。公司公布2025年上半年 业绩：营业收入2,860.43亿元人民币，同比-2.95%;归母净利润34.66亿元，同比-6.43%，对应每股收益 1.11元，符合该行预期。 中金主要观点如下： 医药分销业务顺应行业趋势稳健发展 根据公司公告，1H25，公司医药分销收入同比-3.52%至2,185.27亿元人民币，主要系集采和国谈政策的 持续扩面深入所致;药品分销业务的经营利润率为2.58%，同比-0.17个百分点，主要因为行业整体环境导 致收入和盈利水平同比有所下降。1H25，公司器械分销收入为570.53亿人民币，同比-2.46%，主要受到 主动业务管治策略叠加集中带量采购产品价格下调因素影响;器械分销业务经营利润率同比下降0.33个 百分点至1.92%，主要由于收入增速的放缓以及毛 ...

重要内容提示 ●本次续签框架协议概况： 由于本公司与国药控股于 2022 年 8 月 29 日签订的《互供框架协议》（期限 自 2023 年 1 月 1 日至 2025 年 12 月 31 日）即将到期，根据业务开展需要，2025 年 8 月 26 日，本公司与国药控股续签产品/服务互供框架协议，协议期限自 2026 年 1 月 1 日至 2028 年 12 月 31 日。 关于续签产品/服务互供框架协议 暨日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ●关联关系： 证券代码：600196 股票简称：复星医药 编号：临 2025-135 上海复星医药（集团）股份有限公司 由于本公司若干董事、高级管理人员兼任国药控股（本公司之联营公司）之 董事，根据上证所《上市规则》，国药控股构成本公司的关联方、本次续签框架 协议构成本公司的关联交易。 ●是否需要提交股东会审议： 本次续签框架协议及该协议项下 2026 年至 2028 年各项交易之年度预计上限 的议案尚需提请本公司股东会批准。 ●关联交易的目的以及对本 ...

Core Insights - China Resources Pharmaceutical (03320) reported a mid-year performance for 2025, achieving revenue of RMB 131.867 billion, a year-on-year increase of 2.54% [1] - The company's profit attributable to equity shareholders was RMB 2.077 billion, a decrease of 20.25% year-on-year, with earnings per share at RMB 0.33 and an interim dividend proposed at RMB 0.072 per share [1] - The gross profit for the reporting period was RMB 21.5096 billion, up 2.8% from RMB 20.934 billion in the same period last year, maintaining a gross margin of 16.3% [1] Revenue Breakdown - The revenue contributions from the three main business segments were 16.6% from pharmaceuticals, 79.2% from medical distribution, and 4.2% from retail and other operations [1] - The company has a total of 83 production bases and 561 production lines, producing 944 products, with 555 products included in the national medical insurance catalog and 235 products in the essential drug list [1] Profitability Metrics - Excluding the impact of impairment and other one-off items, the net profit for the reporting period saw a slight decline of 1.3%, while the profit attributable to the company's owners decreased by 4.7% year-on-year [1]

Core Viewpoint - China Resources Pharmaceutical (03320) reported a revenue of RMB 131.867 billion for the first half of 2025, representing a year-on-year increase of 2.54% [1] Financial Performance - The profit attributable to equity shareholders was RMB 2.077 billion, a decrease of 20.25% year-on-year [1] - Earnings per share stood at RMB 0.33, with an interim dividend proposed at RMB 0.072 per share [1] - Gross profit for the period was RMB 21.5096 billion, up 2.8% from RMB 20.934 billion in the same period last year [1] - The overall gross margin remained stable at 16.3%, unchanged from the first half of 2024 [1] - Excluding impairment losses from associates and other one-off items, net profit decreased slightly by 1.3% year-on-year, while profit attributable to the company's owners fell by 4.7% [1] Business Segmentation - Revenue contributions from the three main business segments were as follows: Pharmaceuticals at 16.6%, Medical Distribution at 79.2%, and Retail Pharmacy and Others at 4.2% [1] - As of the end of the reporting period, the company operated 83 production bases and 561 production lines, producing 944 products, of which 555 are included in the National Medical Insurance Catalogue and 235 in the Essential Drug List [1]

报告期内，集团制药业务实现分部收益人民币248.083亿元，同比增长4.3%，中药、生物药、营养保健 品及其他业务板块收入均实现增长。制药业务毛利率为59.3%，较上年同期略下降0.8个百分点。 报告期内，集团医药分销业务实现分部收益人民币1083.297亿元，同比增长2.3%。分销业务毛利率为 5.9%，较上年同期持平。 报告期内，集团医药零售业务录得收益人民币55.146亿元，同比增长11.4%，主要因高值药品直送(DTP) 业务收入增速较快。报告期内，集团的DTP业务实现收益约人民币37.6亿元，同比增长约14.1%。零售 业务毛利率为6.1%，较上年同期下降0.4个百分点，主要因为毛利率水平较低的DTP业务收入比重增 加。 格隆汇8月26日丨华润医药(03320.HK)公布中期业绩，集团录得总收益达人民币1318.668亿元，较上年 同期增长2.5%。2025年上半年制药、医药分销、药品零售及其他三个主要业务分部的收益占比分别为 16.6%、79.2%以及4.2%。 报告期内，集团实现毛利人民币215.096亿元，较上年同期增长2.8%。整体毛利率为16.3%，与2024年上 半年的毛利率持平。集团实 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 中國，上海 2025 年 8 月 25 日 於本公告日期，執行董事為連萬勇先生及孫京林先生；非執行董事為趙炳祥先生、陳啟宇先生、祖敬先 生、邢永剛先生、陳玉卿先生、文德鏞先生及馮蓉麗女士；獨立非執行董事為李培育先生、吳德龍先生、 俞衛鋒先生、石晟昊先生及陳威如先生。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據香港公司條例註冊為非香港公司。 海外監管公告 国药控股股份有限公司 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 公司债券中期报告 以下公告的中文原稿將由國藥控股股份有限公司於 2025 年 8 月 25 日於上海證券交易所網站 (http://www.sse.com.cn)發佈，僅供參閲。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 （2025 年） 二〇二五年八月 0 国药控股股份有限公司公司债券中期报告（202 ...

上半年，顺应新的行业环境和政策监管要求，本集团积极挖掘渠道协同和衍生服务的业务增长动能，进 一步树立价值驱动理念，加强盈利能力和现金回款等核心业务指标考核，各主要板块业务收入的同比增 速呈现差异化表现。其中，医药分销板块基本维持稳定发展，板块收入占比同比下降0.48个百分点，达 到73.62%;器械分销收入规模有所下降，板块收入占比同比略升0.08个百分点，达到19.22%;医药零售板 块呈现逆势增长态势，板块收入占比同比增长0.36个百分点，为5.78%。 2025年上半年，面对快速变化的政策和市场环境，本集团在董事会和管理层坚实领导下，在加强合规管 理及合理管控风险的同时，聚焦业务的稳定复苏，持续改善各项经营指标，着力打造新环境下业务可持 续发展的能力。 报告期内，本集团费用管控成效凸显，受益于融资成本降低、一体化管控举措和业务成本的下降，销售 费用率、管理费用率及财务费用率持续下降，分别为2.74%、1.28%和0.35%，三项费用率合计优化0.2个 百分点，为收窄利润下降提供有力支撑。 国药控股(01099)发布2025年中期业绩，该集团取得收入人民币2860.43亿元(单位下同)，同比减少2.95% ...

Core Insights - The private economy in Wuhan has surpassed 1 trillion yuan, reaching 1.02 trillion yuan in 2024, marking a significant milestone for the region [1] - The top three private enterprises in Hubei, including Jiuzhoutong Pharmaceutical Group and Hengxin Automobile Group, are located near Longyang Lake, contributing to a high concentration of private enterprises in the area [1][2] - Over the past five years, the Longyang Lake area has developed into a 100 billion yuan private economic belt, with Jiuzhoutong's revenue exceeding 150 billion yuan and Hengxin's surpassing 80 billion yuan in 2024 [1][5] Company and Industry Summaries - Jiuzhoutong has grown from 41.1 billion yuan in revenue in 2014 to 151.81 billion yuan in 2024, demonstrating significant growth as a "chain leader" in the health sector [4][11] - The Jiuzhoutong Health City has achieved over 95% occupancy within two years, housing 148 enterprises across various sectors, including health, finance, and software development [4] - Hengxin Automobile Group has established itself as a leading player in the automotive sector, contributing to a nearly 100 billion yuan automotive sales cluster in the region [5][11] - The Longyang Lake area has attracted 1.1 million enterprises, with over 99% being private, reflecting an 88% increase since 2020 [2] - The innovation ecosystem in the Longyang Lake area has fostered the growth of various industries, including health, automotive, technology, and cultural tourism, creating a closed-loop economy [10][12] - Jiuzhoutong's digital transformation has led to 1.25159 billion yuan in revenue from digital pharmaceutical distribution and supply chain services, highlighting the importance of innovation in driving growth [11] - The establishment of the AI Medical Innovation Unit in collaboration with Han Yang Technology Innovation Research Institute has resulted in a 90% increase in revenue for companies like Xingxue Data [10][11]

Group 1 - The core idea of strategy is to "occupy a place," emphasizing the importance of making choices about what to pursue and what to forgo [2][3][4] - Companies should focus on large markets or sectors, as larger markets provide more growth opportunities and can accommodate multiple large enterprises [2][3] - Not all companies need to target large markets; specialized small and medium enterprises can thrive in niche industries [3] Group 2 - Effective management hinges on understanding and motivating employees, which is fundamental to successful leadership [4][5] - Key responsibilities of a chairman include strategic decision-making, selecting the right people for execution, and communicating the company's culture and strategy [5][6][7] - The concept of "bureaucratic disease" can affect both large and small companies, leading to inefficiencies and low morale [10][11] Group 3 - Leadership qualities essential for effective management include direction, affinity, responsibility, and decisiveness, with cultural differences influencing these traits [12][13] - Companies should foster collaboration across departments to avoid the "silo effect," which can hinder efficiency and communication [15][16][17] Group 4 - The phenomenon of "involution" in various industries, characterized by excessive competition and price wars, can be addressed through consolidation, industry self-regulation, and innovation [26][27][28] - Companies should focus on differentiation and high-end product offerings to escape the cycle of price competition and enhance profitability [29][30] Group 5 - Understanding pricing strategies is crucial for business success, as effective pricing can significantly impact profitability [31][32][33] - Companies should not solely pursue low prices, as this can lead to unsustainable business practices and hinder innovation [34][35][36] Group 6 - The balance between continuous and disruptive innovation is vital for companies to remain competitive, requiring distinct teams for each type of innovation [39][40][41] - Emphasizing the process of work and contribution over mere results can lead to a more fulfilling and productive corporate culture [44][45][46]