医药板块中报总结及投资展望 20250902 摘要 创新药公司业绩优于仿制药公司，应关注多抗、双抗及解决未满足临床 需求的慢病治疗领域，如 ADC 双抗、多抗、小分子赛道等，以及发癌种 潜力较大的创新疗法。 医疗器械板块政策端利好，招标恢复，渠道库存压力减轻，头部企业份 额提升，预计基建板块迎来拐点。关注管线丰富及海外市场拓展快的头 部医疗器械公司。 流通企业收入基本持平，但扣非净利润同比下降。毛利率小幅下滑，应 收账款周转天数增加，回款压力大。国控、华润医药和上海医药表现相 对优异。 制剂类公司整体业绩稳健，归母净利润增速受益于创新制剂产品出海。 研发费用增速高于收入增速，加大创新研发投入。高壁垒且转型快的头 部企业盈利能力更强。 Biotech 公司营收快速增长，核心大单品放量受益于产品出海、疗效优 势和独家适应症。研发和销售费用率持续下滑，商业能力成熟，人均单 产提升。 Q&A 2025 年上半年医药板块的整体业绩表现如何？各个子板块的表现有何差异？ 2025 年上半年，医药板块整体业绩表现分化明显。创新药板块表现亮眼，利 润主要得益于创新药的出海及放量。仿制药向创新药切换成为增长动能，创新 药公司业绩 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the supply-side reform across various industries, highlighting a slower capacity reduction compared to previous reforms. The overall capacity and inventory cycles for non-financial enterprises in the second quarter remain at the bottom, indicating a need for time and policy accumulation for recovery [3][4]. Key Points and Arguments - **Supply Capacity Assessment**: Analysts evaluate supply capacity using three dimensions: current supply capacity (capacity utilization rate and inventory), future supply changes (expansionary capital expenditure), and industry profitability (gross margin and proportion of loss-making enterprises) [4][5]. - **Manufacturing Sector**: - Industries such as construction, chemicals, and coke are categorized as "three lows" (low capacity utilization, low inventory, low expansionary capital expenditure), indicating low production willingness and limited future production capacity, accelerating capacity clearance [6]. - In contrast, cyclical products like textile chemicals, glass fiber, and fluorochemicals show profit growth, particularly fluorochemicals [6]. - Manufacturing areas like inverters, silicon materials, and silicon wafers are performing well, while lithium batteries and photovoltaic cell components are at the left-side bottom [6]. - **Consumer Goods Sector**: Chemical pharmaceuticals and clothing/home textiles are performing well, while traditional Chinese medicine is positioned in the middle to later stages of the left side [6]. - **TMT Sector**: Electronic chemicals, integrated circuit manufacturing, and security equipment are in relatively good positions, with no observed left-side bottom industries [2][6]. Additional Important Insights - The current supply-side framework is based on listed company data, reflecting the latest industry conditions as of the second quarter. The introduction of anti-involution policies has led to some positive factors across industries, but the overall situation remains at the bottom, requiring further time and policy efforts for noticeable changes [3]. - The assessment of supply capacity includes measuring capacity utilization through fixed asset turnover ratios and inventory through cumulative year-on-year comparisons over the past decade [4][5]. - Continuous tracking of data across different sectors is essential for making accurate judgments regarding potential investment opportunities and risks [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 根据《上市公司股份回购规则》，公司在回购期间，回购股份占公司总股本的比例每增加1%，需在事 实发生之日起3个交易日内披露。此次回购进展的披露符合相关规定。 合规操作说明 公司在回购过程中严格遵守相关规定，未在可能对公司证券及其衍生品种交易价格产生重大影响的重大 事项发生之日或者决策过程中，至依法披露之日内进行回购；也未在中国证监会和深圳证券交易所规定 的其他情形下回购股份。 回购方案回顾 2024年12月12日，广东嘉应制药第七届董事会第四次临时会议审议通过回购公司股份方案。公司计划使 用自有资金，以集中竞价方式回购部分已发行的人民币普通股（A股）股票。回购股份将用于实施员工 持股计划或股权激励。 根据方案，拟回购股份数量不少于700万股（含），且不超过1350万股（含）。按照回购股份数量上限 1350万股（含）、回购股份价格上限9.80元/股（含）测算，回购股份总金额不超过13230.00万元 （含），具体金额以实际回购使用金额为准。回购实施期限为自董事会审议通过方案之日起12个月内。 2025年1月3日，公司首次实施股份回购。 回购进展详情 广东嘉应制药（ ...

（文章来源：证券日报） 证券日报网讯 9月2日晚间，天士力发布公告称，公司2025年第四次临时股东大会审议通过了《2025年 半年度利润分配预案》。 ...

作者：老萝卜头 作为中国中药贴膏剂领域的龙头企业，羚锐制药的成长史堪称一部"贴出来的传奇"。其主打产品通络祛痛膏作为独家品种，已连续多年入选《国家基药目 录》和《国家医保目录》，2023年销售额突破10亿元，占当年总营收的近三分之一。 特别是"两只老虎"系列贴膏剂年销量更是突破10亿贴，成为大众熟知的外用止痛品牌。 这种对核心贴膏剂产品的高度依赖，在专利保护期内，为羚锐制药构筑起了丰厚的利润"护城河"，81.33%的毛利率，不仅远超中药行业平均水平，甚至比肩 高端白酒企业，是不折不扣的"现金牛"。 半年报显示，2025年上半年，羚锐制药实现营业收入20.99亿元，同比增长10.14%；实现归母净利润4.74亿元，同比增长14.85%，业绩延续了连续14年的增 长神话。 然而，这一根基正面临冲击。通络祛痛膏的独家专利将于2026年到期，随之而来的必然是仿制药的冲击。据预测，专利失效后，将有超过200家贴膏生产商 可能涌入市场，"价格战"与份额分流不可避免。 实际上，专利到期的影响在这份半年报中已有所体现。2025年上半年，羚锐制药研发费用同比增长33.63%，达到6306.09万元，这一增幅显著高于营收 10. ...

证券研究报告 创新药先行，静待普涨 ——医药2025中报总结 板块投资评级：强大于市|维持 中邮证券研究所 医药团队 盛丽华（首席分析师） SAC编号：S1340525060001 龙永茂（分析师） SAC编号：S1340523110002 陈灿（分析师） SAC编号：S1340525070001 中邮证券 1 1 发布时间：2025-09-02 投资要点 ➢ 医药2025H1：创新药先行，各子板块有望迎来普涨 2025年上半年医药板块指数震荡上行，尤其4月份创新药BD行情带动板块整体快速上涨，在众多板块中排名前列，表现亮眼。医药板块估值溢价率为275.19%， 达到历史76.69%分位，高于历史平均溢价率235.14%，处于2010年以来的相对较高位置，但仍有望持续突破。公募基金医药持仓持续加码，创新药、医疗器械、 CXO受青睐。我们认为，我国基本医保基金收支稳健增长，在医药支付端提供稳定支撑。创新药受益于中国创新药资产储备丰富+临床研发效率高+产业链优势， 出海BD仍有望持续；器械板块招采明显回暖，有望迎来确定性机会。我们看好下半年核心资产的价值回归，建议重视： 1.创新药：长期产业趋势不容忽视。我们认为 ...

Group 1 - The company announced a cash dividend distribution plan for the first half of 2025, proposing a payout of 1.20 yuan (including tax) for every 10 shares held [1] - The total number of shares used as the basis for the distribution is 577,209,600 [1] - The record date for the dividend distribution is set for September 10, 2025, with the ex-dividend date on September 11, 2025 [1]

Investment Rating - The report maintains an "Overweight" rating for the traditional Chinese medicine sector [4]. Core Viewpoints - The traditional Chinese medicine sector is experiencing short-term performance pressure, but there are expectations for demand recovery in the future [7][10]. - The overall revenue and profit decline in the sector has narrowed compared to 2024, indicating a gradual recovery in industry sentiment [10]. - The report highlights the importance of brand OTC products, which are expected to see market share increases despite current demand pressures [7][26]. Summary by Sections 2025H1 Performance - In 2025H1, the total revenue of traditional Chinese medicine companies reached 172.9 billion yuan, a year-on-year decrease of 4.95% [10]. - The net profit excluding non-recurring items was 19.1 billion yuan, down 9.31% year-on-year [10]. - The operating cash flow improved significantly, reaching 16.96 billion yuan, an increase of 30.77% year-on-year [10]. OTC Market Analysis - The OTC segment is under pressure, with a median revenue growth rate of -7.6% and a net profit decline of -19.7% in Q2 2025 [26]. - The retail market for pharmaceuticals and non-pharmaceuticals in China saw a slight decline, with a total of 296.1 billion yuan in H1 2025, down 2.2% year-on-year [26][29]. - The report notes that the concentration of leading OTC brands is increasing, with significant market share gains for products like Huaren Sanjiu's Ganmaoling Granules [26][31]. Cost and Margin Outlook - The median gross margin for the sector in 2025H1 was 42.05%, a decrease of 1.01 percentage points year-on-year [10]. - The report anticipates a recovery in gross margins in H2 2025 as the pressure from high-priced raw materials eases [13]. - The median expense ratio for the sector was 44.5%, reflecting a stable cost structure despite slight increases in certain areas [15]. R&D and Innovation - The median R&D expense ratio for the sector remains around 3%, with leading companies like Kangyuan Pharmaceutical and Tian Shili investing over 10% of their revenue in R&D [24]. - The report emphasizes the potential for revaluation of innovative pipelines as companies increase their R&D investments [7].

证券之星消息，9月2日中药板块较上一交易日下跌0.81%，ST香雪领跌。当日上证指数报收于3858.13， 下跌0.45%。深证成指报收于12553.84，下跌2.14%。中药板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300878 | 维康药业 | 22.74 | 8.23% | 11.22万 | | 2.50亿 | | 600329 | 达仁堂 | 46.75 | 2.39% | 15.01万 | | 7.05亿 | | 661509 | ST葫芦娃 | 9.31 | 0.76% | 7.31万 | | 6821.67万 | | 000538 | 云南白药 | 59.69 | 0.67% | 19.98万 | | 11.94亿 | | 002873 | 新天药业 | 12.23 | 0.66% | 19.69万 | | 2.41亿 | | 000650 | 仁和药业 | 6.45 | 0.62% | 97.79万 | | 6.36亿 | | 6005 ...

Group 1 - The pharmaceutical sector is experiencing positive developments, with a joint initiative from the National Health Commission and other departments aiming to enhance ear and hearing health services by 2030, targeting a coverage of over 90% in prefecture-level cities [1] - The medical device industry is expected to benefit from policy support, particularly in AI and imaging/surgical applications, with significant potential for domestic equipment replacement [1] - The impact of centralized procurement on the medical consumables sector is gradually diminishing, leading to a potential recovery in high-value consumables [1] Group 2 - The innovative drug sector is showing positive performance driven by policy and funding, with expectations for overseas business development and clinical data to catalyze industry upgrades [1] - The Chinese herbal medicine sector is nearing the end of inventory clearance, with attention on beneficiaries of innovation-driven and centralized procurement policies [1] - The CXO sector is seeing improvements in fundamentals, with orders increasing quarterly as the industry enters an upward cycle [1] Group 3 - China's innovative drugs are entering a phase of realization of results, with numerous research and development advancements that are not affected by trade frictions, expected to remain a key investment theme in the pharmaceutical sector through 2025 [1] - The Guotai Innovation Drug ETF (589720) focuses on innovative drug companies in the Sci-Tech Innovation Board, tracking an index of 30 representative high-quality companies, primarily in high-growth biotech, with a 20% limit on daily price fluctuations to better align with sector volatility [1][2] Group 4 - Since the "924 market" rally last year, the Sci-Tech Innovation Drug Index has outperformed major Hong Kong innovation drug indices, with respective gains of 75%, 70%, and 70% during the market rebound from September 24, 2024, to June 30, 2025 [2] - The Sci-Tech Innovation Drug Index may help capture better returns when market risk appetite increases [2]