【导读】云南白药净利润创历史新高，豪掷超18亿元现金分红 见习记者荧墨 8月29日晚，中药龙头云南白药（000538.SZ）披露2025年半年报，公司业绩创同期新高，净利润逆势增 长。上半年，公司实现营业收入212.57亿元，同比增长3.92%；实现归母净利润36.33亿元，同比增长 13.93%，创同期历史新高；扣非归母净利润34.61亿元，同比增长10.40%，创同期历史新高。 大比例现金分红 记者注意到，云南白药的当期加权平均净资产收益率为9.09%，创近8年同期最高水平。该公司经营性 现金流净额为39.61亿元，较上年同期增长21.45%。 在业绩逆势增长的同时，云南白药拟进行特别分红：8月29日晚，云南白药披露《关于2025年特别分红 方案的公告》称，公司拟向全体股东每10股派发现金红利10.19元（含税），分红总金额约18.18亿元， 占公司2025年上半年归母净利润的50.05%，分红方案尚待股东大会审议通过。 截至8月29日收盘，云南白药股价报57.58元/股，最新市值为1027亿元。 云南白药在公告中表示，云南省委、省政府高度重视中药材产业发展，将中药材产业作为云南高原特色 农业的主攻方向和 ...

记者注意到，在公司核心系列产品中，云南白药气雾剂的销售收入突破 14.53 亿元，同比增长超 20.9% 。另外，云南白药膏、云南白 药胶囊、云南白药创可贴、云南白药（散剂）均在上年同期销售收入基础上，实现显著增长。 另一边，以牙膏品类为核心的健康品事业群，实现营业收入 34.42 亿元，同比增长 9.46% 。据尼尔森零售研究数据， 2025 年上半 年，云南白药牙膏居国内全渠道市场份额第一。 【导读】云南白药 净利润创历史新高，豪掷超18亿元现金分红 见习记者 荧墨 8 月 29 日晚，中药龙头云南白药（ 000538.SZ ）披露 2025 年半年报，公司业绩创同期新高，净利润逆势增长。上半年，公司实现 营业收入 212.57 亿元，同比增长 3.92% ；实现归母净利润 36.33 亿元，同比增长 13.93% ，创同期历史新高；扣非归母净利润 34.61 亿元，同比增长 10.40% ，创同期历史新高。 大比例现金分红 记者注意到，云南白药的当期加权平均净资产收益率为 9.09% ，创近 8 年同期最高水平。该公司经营性现金流净额为 39.61 亿元，较 上年同期增长 21.45% 。 在业绩逆势增 ...

2025年上半年，嘉应制药研发投入481.37万元，同比增长15.95%，延续了持续增长的态势。通过高效的研发策略与多元化的合作机制，显著提升了创新成 果的转化效率，为企业长远发展注入了强劲动力。 在中药创新药领域，嘉应制药研与湖南中医药大学联合开发的1.1类新药"蠲痹历节清颗粒"已完成Ⅱ期临床试验，预计于年底启动Ⅲ期临床。该产品瞄准 类风湿关节炎百亿级市场，未来上市后有望成为公司新的拳头产品。同时，公司持续推进经典名方的二次开发：旗下独家医保品种接骨七厘系列的循证医 学研究已进入收官阶段，相关研究成果不仅有助于提升产品的临床价值，还有望推动其升级为"中药保护品种"，进一步巩固在骨科领域的市场地位。 8月25日，嘉应制药发布2025年半年度报告，报告期实现营业收入1.99亿元，同比增长10.40%；归属上市公司股东的净利润2008.26万元，同比增长 254.33%。 在医药行业政策持续深化、市场竞争加剧的背景下，嘉应制药用一份"营收稳增、利润倍增"的成绩单，反映出公司强劲的内生增长动力和卓越的运营能 力。 01.提质增效，驱动盈利大幅提升 深入分析嘉应制药的财报数据，我们不难发现，嘉应制药今年上半年之所以能 ...

Overall Pharmaceutical Industry - In H1 2025, the pharmaceutical sector's comparable company revenue decreased by 1.9% year-on-year, while net profit attributable to shareholders fell by 2.0%, and net profit excluding non-recurring items dropped by 7.5% [16] - In Q2 2025, the sector's revenue increased by 0.2% year-on-year, net profit attributable to shareholders rose by 4.4%, and net profit excluding non-recurring items grew by 0.8% [16] - The "Innovation Chain" segment recorded the fastest revenue growth in the pharmaceutical industry, with H1 and Q2 2025 revenue increasing by 9.3% and 10.1% respectively [16] - The "Medical Devices" segment experienced the most significant revenue decline, primarily due to inventory clearance and multiple medical insurance cost control measures [16] Pharmaceutical Industry Financial Performance - The pharmaceutical industry revenue in H1 2025 was 1258.73 billion, with a net profit of 100.77 billion and a net profit excluding non-recurring items of 86.53 billion [12] - The revenue growth rates for various segments in H1 2025 included: - Pharmaceutical Industry: -3.0% - Traditional Chinese Medicine: -5.6% - Medical Devices: -6.5% - Innovation Chain: 9.3% - Medical Services: -1.4% - Retail and Distribution: 0.1% [12] Innovative Drug Companies - In H1 2025, the revenue for the innovative drug sector was 1034.3 billion, reflecting a 13.8% increase year-on-year, with net profit attributable to shareholders at 51.0 billion and net profit excluding non-recurring items at 60.5 billion [14][17] - Several innovative drug companies turned profitable for the first time in 2024, including Baiji Shenzhou, Lepu Biopharma, and Aidi Pharmaceutical [13] - The number of INDs, NDAs, and approvals for domestic innovative drugs has been increasing, with significant international licensing transactions occurring [13] Drug Formulation Sector - In H1 2025, the formulation sector's revenue was 1409.6 billion, down 5.1% year-on-year, with net profit attributable to shareholders at 143.1 billion, a decrease of 6.8% [24] - The decline in performance was attributed to price reductions from centralized procurement and insufficient demand, particularly affecting the large-volume infusion segment [24] Raw Material Drug Sector - The raw material drug sector reported revenue of 738.5 billion in H1 2025, a decrease of 3.6% year-on-year, while net profit attributable to shareholders increased by 4.7% to 97.6 billion [29]

健康品事业群实现营业收入34.42亿元，同比增长9.46%。云南白药牙膏稳居国内市场份额第一（数据来 源：尼尔森零售研究数据），抗敏、美白及儿童牙膏产品稳步增长。洗护品牌养元青实现销售收入2.17 亿元，同比增长11%。 商业板块方面，云南省医药公司实现主营业务收入121.64亿元，净利润3.51亿元，同比增长17.75%。公 司持续巩固医院药品配送和商业分销业务，医疗器械、特医食品等非药业务销售收入同比增长10.6%， 新特药专业药房业务销售额同比增长57%。 中药资源事业群实现对外收入9.14亿元，同口径同比增长6.3%。公司践行云南省中药材产业"链主"责 任，全面推进种植规划、种源研发、种植标准、产地加工、收购销售和管理"六统一"运营模式，构建中 药材产业集群。种业创新方面，实现十大云药创新种源全覆盖，新增GAP基地管理7000余亩。中药材跨 境业务取得突破，数智云药平台交易额突破10亿元。 研发方面，公司坚持"守正创新"，短期项目聚焦上市品种二次开发，气血康口服液、宫血宁胶囊等产品 研究取得新进展；中期项目如全三七片、附杞固本膏稳步推进临床试验；长期项目则聚焦核药创新，前 列腺癌项目已启动Ⅲ期临床试验 ...

Core Insights - The company reported a revenue of 2.141 billion yuan for the first half of 2025, a year-on-year decrease of 5.79%, while the net profit attributable to shareholders was 522 million yuan, an increase of 5.80% [1] - The company has seen a significant increase in profitability, with a net profit margin of 26.41% in Q2 2025, up by 1.03 percentage points year-on-year [3] Sales Performance - Over the first half of 2025, the company's over-the-counter (OTC) drug products generated revenue of 1.550 billion yuan, a decline of 10.14%, but with a gross margin of 76.14%, which increased by 1.09 percentage points [2] - Prescription drug products achieved revenue of 360 million yuan, reflecting a year-on-year growth of 7.44%, with a gross margin of 43.05%, up by 1.21 percentage points [2] - Health consumer products and others saw revenue of 228 million yuan, a growth of 17.35%, although the gross margin decreased by 2.04 percentage points to 38.82% [2] Profitability and Dividends - The company maintained a gross margin of 64.60% in Q2 2025, despite a year-on-year decrease of 4.79 percentage points, while the sales expense ratio improved by 10.15 percentage points to 24.72% [3] - The company declared an interim dividend of 5 yuan per 10 shares (tax included), amounting to 317 million yuan, which represents 60.78% of the net profit attributable to shareholders for the first half of 2025 [3] Investment Outlook - The company is projected to achieve revenues of 4.902 billion yuan, 5.409 billion yuan, and 5.956 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 10.52%, 10.34%, and 10.11% respectively [4] - The net profit attributable to shareholders is expected to be 891 million yuan, 1.004 billion yuan, and 1.136 billion yuan for the same period, with growth rates of 12.98%, 12.80%, and 13.10% respectively [4]

Core Insights - Yunnan Baiyao reported a revenue of 21.26 billion yuan for the first half of 2025, marking a year-on-year growth of 3.92% [1][2] - The net profit attributable to shareholders reached 3.63 billion yuan, up 13.93% year-on-year, achieving a historical high for the same period [1][2] - The company plans to distribute a cash dividend of 10.19 yuan per 10 shares, totaling approximately 1.82 billion yuan, which represents 50.05% of the net profit for the first half of 2025 [1][2] Financial Performance - Revenue for the first half of 2025: 21.26 billion yuan, up from 20.46 billion yuan in the same period last year [2] - Net profit attributable to shareholders: 3.63 billion yuan, compared to 3.19 billion yuan last year [2] - Net profit after deducting non-recurring gains and losses: 3.46 billion yuan, a 10.40% increase year-on-year [2] - Operating cash flow: 3.96 billion yuan, reflecting a 21.45% increase [2] - Basic and diluted earnings per share: 2.04 yuan, up 13.97% from 1.79 yuan [2] - Total assets: 54.54 billion yuan, a 3.06% increase from the previous year [2] - Net assets attributable to shareholders: 40.41 billion yuan, a 4.06% increase [2] Business Segments - The pharmaceutical segment generated 4.75 billion yuan in revenue, a 10.8% increase, with core products like aerosol sales exceeding 1.45 billion yuan, up over 20.9% [4] - The health products segment achieved revenue of 3.44 billion yuan, a 9.46% increase, with Yunnan Baiyao toothpaste leading the domestic market share [4] - The commercial segment, through Yunnan Provincial Pharmaceutical Company, reported 12.16 billion yuan in revenue, with a net profit of 351 million yuan, up 17.75% [4] Industry Context - The Yunnan provincial government emphasizes the development of the traditional Chinese medicine industry, positioning Yunnan Baiyao as a key player in the industry cluster [5] - The company is committed to innovation in both traditional Chinese medicine and innovative pharmaceuticals, focusing on resource development and clinical needs [6] - The national "14th Five-Year Plan" identifies biomedicine as a strategic emerging industry, presenting new opportunities for the pharmaceutical sector [6]

据证券之星公开数据整理，近期千金药业（600479）发布2025年中报。截至本报告期末，公司营业总收 入18.18亿元，同比下降5.52%，归母净利润1.28亿元，同比上升8.5%。按单季度数据看，第二季度营业 总收入8.13亿元，同比下降11.97%，第二季度归母净利润7456.98万元，同比上升4.26%。本报告期千金 药业盈利能力上升，毛利率同比增幅10.63%，净利率同比增幅23.57%。 本次财报公布的各项数据指标表现一般。其中，毛利率49.97%，同比增10.63%，净利率9.57%，同比增 23.57%，销售费用、管理费用、财务费用总计6.02亿元，三费占营收比33.11%，同比增14.71%，每股净 资产5.76元，同比增3.36%，每股经营性现金流-0.1元，同比增42.59%，每股收益0.3元，同比增8.46% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 19.24亿 | 18.18亿 | -5.52% | | 归母浄利润（元） | 1.18亿 | 1.28亿 | 8.50% | | 扣非 ...

Financial Performance - The company reported a total revenue of 5.379 billion yuan for the first half of 2025, a decrease of 4.81% year-on-year [1] - The net profit attributable to shareholders was 1.442 billion yuan, down 16.22% compared to the previous year [1] - The gross profit margin was 40.41%, reflecting a decline of 9.68% year-on-year, while the net profit margin decreased by 12.99% to 26.92% [1] Quarterly Analysis - In Q2 2025, the total revenue was 2.237 billion yuan, a decline of 9.79% year-on-year [1] - The net profit for Q2 2025 was 443 million yuan, showing a significant drop of 40.76% compared to the same quarter last year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 381 million yuan, which accounted for 7.08% of revenue, an increase of 3.89% year-on-year [1] - The company's cash flow per share was 0.62 yuan, a decrease of 1.56% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) was 19.28% last year, indicating strong capital returns [3] - The average expected earnings per share for 2025 is projected to be 5.19 yuan, with an anticipated total profit of 3.132 billion yuan [3] Fund Holdings - The largest fund holding shares of the company is the E Fund CSI 300 Medicine ETF, which has reduced its holdings [4] - The fund's current scale is 20.601 billion yuan, with a recent net value increase of 2.74% [4]

据证券之星公开数据整理，近期云南白药（000538）发布2025年中报。截至本报告期末，公司营业总收 入212.57亿元，同比上升3.92%，归母净利润36.33亿元，同比上升13.93%。按单季度数据看，第二季度 营业总收入104.16亿元，同比上升7.59%，第二季度归母净利润16.98亿元，同比上升14.22%。本报告期 云南白药盈利能力上升，毛利率同比增幅5.33%，净利率同比增幅9.94%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率30.86%，同比增5.33%，净利率17.15%，同比增 9.94%，销售费用、管理费用、财务费用总计28.57亿元，三费占营收比13.44%，同比增10.2%，每股净 资产22.65元，同比增2.63%，每股经营性现金流2.22元，同比增21.45%，每股收益2.04元，同比增 13.97% 偿债能力：公司现金资产非常健康。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 204.55 Z | 212.57 乙 | 3.92% | | 归母净利润(元) | 31. ...