国泰海通证券 | 研究所 余文心 重要提醒 年药行业国别竞争力研究:从中 推 荐 阅 读 上线了！国泰海通2025研究框架培训视频版｜洞察价值，共创未来 报告来源 观点来自国泰海通证券已发布的研究报告。 报告名称：医药行业国别竞争力研究：从中、美、欧、 日、印财报看2025年中国医药供需及投资机会；报告日期：20241122；报告作者：余文心 S0880525040111 风险提示：医疗器械国内招标时间不确定、放量不及预期的风险；创新药谈判价格 降价较多的风险；并购整合不及预期的风险。 研究所副所长、科技组长、生物医药首席分析师 行业核心洞察 大药的诞生,才是医药 的未来 价值主张 立足中国,做全球视野的 有历史观的研究 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 ...

Group 1 - The core viewpoint of the article is that China Resources Sanjiu (SZ 000999) held its 11th board meeting on September 17, 2025, to review proposals including the purchase of bank wealth management products [1] - For the first half of 2025, the revenue composition of China Resources Sanjiu was 86.64% from the pharmaceutical industry, 11.75% from the retail industry, and 1.6% from the packaging and printing industry [1] - As of the time of reporting, the market capitalization of China Resources Sanjiu was 48.1 billion yuan [1]

每经AI快讯，哈三联（SZ 002900，收盘价：13.72元）9月17日晚间发布公告称，公司第四届2025年第 三次董事会会议于2025年9月15日以通讯方式召开。会议审议了《关于调整2022年限制性股票激励计划 回购价格的议案》等文件。 每经头条（nbdtoutiao）——海拔4306米现"秦始皇密令"，获官方"身份认定"！古文字学家刘钊：秦人 寻仙采药足迹确至青藏高原 （记者 曾健辉） 2025年1至6月份，哈三联的营业收入构成为：医药行业占比86.08%，其他业务占比10.26%，兽药行业 占比2.55%，化妆品行业占比0.94%，功能食品行业占比0.16%。 截至发稿，哈三联市值为43亿元。 ...

Group 1 - The article discusses the recent release of quarterly reports for A-share and H-share listed companies, focusing on their profitability trends and recovery in earnings growth for the first half of 2025 [1][10] - A-share companies are required to disclose four periodic reports annually: quarterly, semi-annual, and annual reports, while H-share companies have more flexible reporting timelines [4][5] - The article emphasizes the importance of monitoring earnings growth as a key driver for market performance, summarizing that stock index returns are derived from valuation, earnings, and dividends [11] Group 2 - The profitability trends of various indices are analyzed, including the performance of broad-based indices, strategy indices, and industry/theme indices [13][39] - The overall profitability of A-shares, represented by the CSI All Share Index, showed a decline in 2024 but rebounded with a 4.46% growth in Q1 2025 and 2.19% in Q2 2025 [20] - The CSI 300 index, representing large-cap stocks, demonstrated stable earnings growth, with a consistent positive net profit over the past five years, although growth rates have been lower during the economic downturn [22][24] Group 3 - The CSI 500 index, representing mid-cap stocks, experienced significant fluctuations in profitability, with a notable recovery in 2025, showing 6.51% growth in Q1 and 3.6% in Q2 [26] - The CSI 1000 index, representing small-cap stocks, had a dramatic 68.02% growth in 2021 but faced declines in 2023-2024, recovering to 16.13% growth in Q1 2025, though slowing to 0.44% in Q2 [29][33] - The ChiNext Index, representing growth-oriented stocks, showed a strong 30.79% growth in Q1 2025, with a decrease to 13.39% in Q2 [33] Group 4 - The Hang Seng Index demonstrated stable earnings growth, with a 16.32% increase in Q1 2025, but a significant drop to 0.14% in Q2 [35] - The Hang Seng China Enterprises Index (H-shares) also showed stable profitability, recovering after declines in 2020 and 2021, with consistent growth in 2022-2025 [37] - The article highlights the performance of various strategy indices, such as the CSI Dividend Index, which showed stable growth in profitability from 2022 to 2025 [42]

Group 1: Company Research - Inspur Digital Enterprise (596, Buy): Significant growth in cloud services, profits expected to gradually release with scale effects [2] - Broadcom (AVGO, Buy): New fourth XPU major client, strong AI revenue growth expected in the next two years [2] - China Resources Vientiane Life (1209, Buy): Continuous improvement in operational efficiency, record high dividends [2] - NetDragon (777, Buy): Significant cost reduction and efficiency improvement from AI, stable growth in gaming business [2] - Kangchen Pharmaceutical (1681, Buy): Leading in nephrology traditional Chinese medicine, steady profit growth, high dividends and buybacks [2] Group 2: Financial Highlights - Inspur Digital Enterprise's revenue for H1 2025 reached 4.34 billion RMB, a year-on-year increase of 4.9% [5] - Cloud services revenue grew by 30% to 1.27 billion RMB, accounting for 52% of total revenue [6] - Broadcom's Q3 total revenue was $15.95 billion, a year-on-year increase of 22% [13] - Kangchen Pharmaceutical's revenue for H1 2025 was 1.569 billion RMB, a year-on-year increase of 23.7% [38] - Target price for Inspur Digital Enterprise set at 14.80 HKD, representing a potential upside of 51.6% from the current price [8]

Company Overview - Bichang Pharmaceutical (SH 603858) announced on September 5 that its 31st meeting of the fifth board of directors was held via communication on September 4, 2025, where the proposal regarding the change of the legal representative of its controlling subsidiary was reviewed [1] Financial Performance - For the year 2024, Bichang Pharmaceutical's revenue composition is as follows: 99.71% from the pharmaceutical industry and 0.29% from other businesses [1] - As of the report date, Bichang Pharmaceutical has a market capitalization of 20.2 billion yuan [1]

Group 1 - Jilin Aodong Pharmaceutical Group's subsidiary received a drug registration certificate for "Sulfuric Terbutaline Nebulized Inhalation Solution" from the National Medical Products Administration [1] - As of January to June 2025, Jilin Aodong's revenue composition is as follows: 73.63% from the pharmaceutical industry, 16.59% from wholesale and retail of chain pharmacies, 7.39% from food, 1.76% from other industries, and 0.62% from other businesses [1] - Jilin Aodong's market capitalization is currently 23 billion yuan [1]

—— 2025 年中报业绩点评 | 市场数据 | 2025-08-29 | | --- | --- | | 股票代码 | 688016.SH | | A 股收盘价(元) | 108.58 | | 上证指数 | 3857.93 | | 总股本(万股) | 12326.21 | | 实际流通 A 股(万股) | 12326.21 | | 流通 A 股市值(亿元) | 133.84 | | 相对沪深 300 表现图 | 2025-08-29 | | 维持 | | --- | 程培 孟熙 ⚫ ⚫ ⚫ ⚫ ⚫ 公司点评报告 · 医药行业 中国银河证券|CGS 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1206.33 | 1459.32 | 1756.74 | 2105.39 | | 收入增长率% | 1.61 | 20.97 | 20.38 | 19.85 | | 归母净利润(百万元) | 502.10 | 603.85 | 729.13 | 879.82 | | 利润增速% | ...

—— 2025 年中报业绩点评 | 维持 | | --- | 程培 孟熙 | 市场数据 | 2025-08-29 | | --- | --- | | 股票代码 | 688016.SH | | A 股收盘价(元) | 108.58 | | 上证指数 | 3857.93 | | 总股本(万股) | 12326.21 | | 实际流通 A 股(万股) | 12326.21 | | 流通 A 股市值(亿元) | 133.84 | | 相对沪深 300 表现图 | 2025-08-29 | ⚫ ⚫ ⚫ ⚫ ⚫ · 医药行业 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1206.33 | 1459.32 | 1756.74 | 2105.39 | | 收入增长率% | 1.61 | 20.97 | 20.38 | 19.85 | | 归母净利润(百万元) | 502.10 | 603.85 | 729.13 | 879.82 | | 利润增速% | 1.96 | 20.27 | 20.75 | 20.6 ...

Group 1 - The company Jinghua Pharmaceutical (SZ 002349) announced on August 30 that its sixth board meeting was held on August 28, 2025, to review the proposal for the reappointment of the accounting firm [1] - For the first half of 2025, the company's revenue composition was entirely from the pharmaceutical industry, with a 100.0% share [1]