医药生物/中药Ⅱ 太极集团（600129.SH） 2025H1 营收利润承压，医药工业营销模式强化转型 2025 年 08 月 25 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 23.37 | | 一年最高最低(元) | 30.86/18.70 | | 总市值(亿元) | 130.15 | | 流通市值(亿元) | 130.15 | | 总股本(亿股) | 5.57 | | 流通股本(亿股) | 5.57 | | 近 3 个月换手率(%) | 175.29 | 股价走势图 -20% 0% 20% 40% 2024-08 2024-12 2025-04 太极集团 沪深300 数据来源：聚源 营收利润承压，看好阶段承压后的长期发展潜力，维持"买入"评级 公司 2025H1 实现营收 56.58 亿元（同比-27.63%，下文皆为同比口径）；归母净 利润 1.39 亿元（-71.94%）；扣非归母净利润 1.20 亿元（-74.52%）。从盈利能 力来看，2025H1 毛利率为 27.70%（-19.01pct），净利率为 2.52%（-3. ...

| 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 51.13 | | 一年最高最低(元) | 67.70/44.62 | | 总市值(亿元) | 329.27 | | 流通市值(亿元) | 328.78 | | 总股本(亿股) | 6.44 | | 流通股本(亿股) | 6.43 | | 近 3 个月换手率(%) | 66.07 | 股价走势图 医药生物/中药Ⅱ 东阿阿胶（000423.SZ） 2025H1 经营业绩稳步提升，现金流指标明显改善 2025 年 08 月 22 日 投资评级：买入（维持） -12% 0% 12% 24% 36% 2024-08 2024-12 2025-04 东阿阿胶 沪深300 数据来源：聚源 相关研究报告 《一季度业绩稳增，现金流短期承压 不改长期向好信心—公司信息更新报 告》-2025.4.30 《经营业绩增速亮眼，2025 年深化产 业布局突破发展—公司信息更新报 告》-2025.3.19 《"药品+健康消费品"双轮驱动，滋 补品牌焕新生—公司首次覆盖报告》 -2024.12.13 余汝意（分析师） 巢舒然（联系人） yuruyi@ ...

医药生物/中药Ⅱ 江中药业（600750.SH） 2025H1 利润增长稳健，深化数字赋能助力提质增效 2025 年 08 月 22 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 22.30 | | 一年最高最低(元) | 25.95/18.17 | | 总市值(亿元) | 141.60 | | 流通市值(亿元) | 139.89 | | 总股本(亿股) | 6.35 | | 流通股本(亿股) | 6.27 | | 近 3 个月换手率(%) | 50.17 | 股价走势图 -24% -12% 0% 12% 24% 36% 2024-08 2024-12 2025-04 江中药业 沪深300 数据来源：聚源 相关研究报告 《2024 年营收利润稳健提升，品牌优 势赋能未来成长—公司信息更新报 告》-2025.3.20 《胃肠用药领导者，"高股息+股权激 励"彰显发展信心—公司首次覆盖报 告》-2025.2.25 公司 2025H1 实现营收 21.41 亿元（同比-5.79%，下文皆为同比口径）；归母净利 润 5.22 亿元（+5.80%） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to experience rapid growth in industrial revenue in the first half of 2025, with new pediatric drugs anticipated to gain market traction [5] - The company's revenue for the first half of 2025 was 1.805 billion yuan, a year-on-year decrease of 10.20%, while the net profit attributable to the parent company was 221 million yuan, down 7.83% [7] - The pharmaceutical industrial segment showed strong performance with a revenue increase of 23.07%, while the pharmaceutical commercial segment saw a decline of 37.82% due to restructuring efforts [7] - The company is focusing on a dual-brand strategy with "Longmu" for pediatric drugs and "Jianmin" for chronic disease and family medicine, which is expected to drive growth in the OTC product line [7] - The company is accelerating the commercialization of innovative traditional Chinese medicine, with significant new product launches and increased R&D investment [7] Summary by Sections Financial Performance - For 2023, the projected revenue is 4.213 billion yuan, with a year-on-year growth rate of 15.72%. However, a decline is expected in 2024 and 2025, with revenues of 3.505 billion yuan and 3.205 billion yuan respectively [6] - The net profit attributable to the parent company is forecasted to be 521 million yuan in 2023, with a significant drop in 2024 to 362 million yuan, followed by a recovery to 448 million yuan in 2025 [6] - The earnings per share (EPS) is expected to be 3.40 yuan in 2023, decreasing to 2.36 yuan in 2024, and then recovering to 2.92 yuan in 2025 [6] Business Strategy - The company is implementing a brand strategy that focuses on enhancing the market share and influence of its pediatric drug line and OTC products [7] - The innovative traditional Chinese medicine products are expected to gain traction, with new approvals and increased market coverage [7] Future Outlook - The company anticipates net profits of 448 million yuan in 2025, 514 million yuan in 2026, and 586 million yuan in 2027, with respective growth rates of 24%, 15%, and 14% [7] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 14X for 2025, indicating a favorable valuation for potential investors [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a revenue of 2.099 billion yuan in H1 2025, representing a year-on-year increase of 10.14%. The net profit attributable to the parent company was 474 million yuan, up 14.85% year-on-year [3][4] - The acquisition of 90% of Yingu Pharmaceutical is expected to enhance the company's competitiveness and create a second growth curve, contributing 99 million yuan in revenue and 13 million yuan in net profit post-acquisition [4][5] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 831 million yuan, 955 million yuan, and 1.069 billion yuan respectively, with corresponding EPS of 1.47 yuan, 1.68 yuan, and 1.89 yuan [3][7] Financial Performance Summary - In H1 2025, the gross margin was 81.33%, an increase of 5.29 percentage points, while the net margin was 22.67%, up 0.99 percentage points [3] - The company’s revenue is projected to grow from 3.311 billion yuan in 2023 to 5.079 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.8% [7][9] - The projected P/E ratios for 2025, 2026, and 2027 are 15.8, 13.8, and 12.3 respectively, indicating a favorable valuation trend [7][9]

证券研究报告 | 公司研究 gszqdatemark 2025 08 20 年 月 日 康缘药业（600557.SH） 三靶点有序推进，创新研发多点开花 在当前时点，我们认为公司创新药持续推进，对重点产品管线进行了更新 梳理。 收购中新医药，获【三靶点减肥药】在内四款创新产品。2024 年康缘药业 股收购中新医药 100%股权，对价 2.7 亿元，对手方为康缘集团、南京康 竹。中新医药已获取 4 个创新药的 6 个临床批件，均进入临床阶段。技术 平台：拥有分子设计技术平台，从细胞因子、融合蛋白、单克隆抗体类别 药物的分子发现和分子改造，形成具有可持续的创新型生物药分子发现能 力。 化药生物药有序推进，各领域多点开花。1）心脑血管领域：SIPI-2011 片 治疗室性心律失常，与上海医药工业研究院合作，处于Ⅱ期临床。2）心脑 血管领域：注射用 AAPB 治疗急性缺血性脑卒中，处于 I 期临床。3）神经 领域：氟诺哌齐治疗阿尔茨海默症。4）生物药拥抗体、溶瘤病毒、重组蛋 白和融合蛋白四个平台。自免领域 KYS202002A（CD38 单抗）针对骨髓瘤 和红斑狼疮，展开中美双报，KYS202004A（TNF-α/I ...

医药生物/中药Ⅱ 佐力药业（300181.SZ） 2025H1 利润快速增长，战略性拓展布局大健康 2025 年 08 月 20 日 投资评级：买入（维持） | 日期 | 2025/8/19 | | --- | --- | | 当前股价(元) | 20.28 | | 一年最高最低(元) | 21.07/11.53 | | 总市值(亿元) | 142.24 | | 流通市值(亿元) | 122.27 | | 总股本(亿股) | 7.01 | | 流通股本(亿股) | 6.03 | | 近 3 个月换手率(%) | 215.48 | 股价走势图 -40% -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 2025-08 佐力药业 沪深300 数据来源：聚源 相关研究报告 《2024 营收利润增长亮眼，营销发力 强化品牌护城河 —公司信息更新报 告》-2025.4.26 《2024Q3 营收利润快速增长，股权激 励彰显发展信心—公司信息更新报 告》-2024.10.27 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 ...

Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [6] Core Views - The company has shown stable fundamental performance but faces challenges due to insufficient demand, intensified industry competition, and ongoing policy impacts, leading to a decline in some business operations [1][5] - The company is expanding its overseas market presence, with successful registrations of traditional Chinese medicine products in regions like Macau and Saudi Arabia [4] - The health product segment has seen growth, with a focus on innovative marketing strategies to capture market share in the ready-to-drink beverage sector [3] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 41.835 billion yuan, a year-on-year increase of 1.93%, while the net profit attributable to shareholders was 2.516 billion yuan, a decrease of 1.31% [1] - The company's revenue forecast for 2025-2026 has been revised down from 88.223 billion yuan to 78.013 billion yuan and from 95.710 billion yuan to 81.185 billion yuan, respectively [5] - The net profit forecast for 2025-2026 has also been adjusted down from 5.015 billion yuan to 3.065 billion yuan and from 5.545 billion yuan to 3.299 billion yuan, respectively [5] Segment Performance - The traditional Chinese medicine segment reported a revenue of 5.241 billion yuan in the first half of 2025, a decline of 15.23%, while the gross margin was 49.71% [2] - The health product segment generated revenue of 7.023 billion yuan, reflecting a year-on-year increase of 7.42%, with a gross margin of 44.67% [3]

Group 1 - The report highlights that Kaiyin Technology achieved a year-on-year increase in net profit of 11.75% in the first half of 2025, despite a slight decline in revenue [3][4] - The company reported a revenue of 5.66 billion yuan in H1 2025, with a net profit of 0.47 billion yuan, indicating a strong performance in profitability [4][5] - The company is increasing its R&D investment, with a total of 71.41 million yuan in H1 2025, which is expected to support the launch of innovative products [5] Group 2 - Dingyang Technology reported a revenue of 2.79 billion yuan in H1 2025, representing a year-on-year growth of 24.61%, and a net profit of 0.77 billion yuan, up 31.54% [6][7] - The company’s high-end products saw a revenue increase of 71.92%, with high-end products now accounting for 30% of total revenue [7][8] - The overall gross margin for Dingyang Technology was 60.06%, with a net margin increase to 27.57% [8] Group 3 - Baiya Co. achieved a revenue of 17.64 billion yuan in H1 2025, a 15.12% increase year-on-year, with a net profit of 1.88 billion yuan, up 4.64% [9][10] - The company is focusing on optimizing its product structure and expanding its offline channels, which have shown steady growth despite challenges in online sales [10][11] - The gross margin for Baiya Co. was 53.24%, with a net margin of 10.66% [11][12] Group 4 - Darentang reported a revenue of 26.51 billion yuan in H1 2025, a decrease of 33.15%, but a significant net profit increase of 193.08% to 19.28 billion yuan due to asset transfers [13][14] - The company’s core product sales, particularly the fast-acting heart-saving pill, showed robust growth, with sales reaching 11.28 billion yuan [14][15] - Darentang is actively expanding its retail presence and promoting new retail strategies to drive growth [15] Group 5 - The automotive industry saw a 14.7% year-on-year increase in passenger car wholesale sales in July 2025, with a total of 228.7 million units sold [17][19] - The new Wanjie M7 model is set to launch in September 2025, indicating ongoing innovation in the automotive sector [18][19] - The report suggests a positive outlook for the automotive sector, driven by policies supporting vehicle upgrades and a shift towards high-end and intelligent vehicles [20] Group 6 - Beite Technology reported a revenue of 11.13 billion yuan in H1 2025, a 15% increase year-on-year, with a net profit of 0.55 billion yuan, up 45% [22][23] - The company is focusing on cost reduction and efficiency improvements, which have positively impacted its profitability [23][24] - Beite Technology is expanding its global production capacity, particularly in the robotics sector, which is expected to contribute significantly to future growth [24][25] Group 7 - Geely Automobile achieved a revenue of 150.28 billion yuan in H1 2025, a 26.5% increase, with a core net profit of 66.6 billion yuan, up 101.7% [26][27] - The company is launching several new models in the second half of 2025, which is expected to boost sales further [28][29] - Geely's strategy includes integrating its resources with Zeekr to enhance operational efficiency and reduce costs [29][30] Group 8 - Jingfeng Mingyuan reported a revenue of 7.31 billion yuan in H1 2025, with a net profit of 15.76 million yuan, marking a significant turnaround [32][33] - The company’s high-performance computing power supply and motor drive chips have seen substantial growth, contributing to improved profitability [33][34] - Jingfeng Mingyuan is planning to acquire Yichong Technology to enhance its product offerings and market competitiveness [35][36] Group 9 - China Hongqiao reported a revenue of 81.04 billion yuan in H1 2025, a 10.1% increase, with a net profit of 12.36 billion yuan, up 35% [39][40] - The growth in revenue is attributed to increased sales and prices of aluminum and alumina products [40][41] - The company plans to repurchase shares worth at least 3 billion HKD, reflecting confidence in its long-term prospects [41][42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is undergoing deep reforms in its channels to solidify its development foundation, despite facing operational pressures. The report maintains a "Buy" rating due to the potential growth from its health initiatives targeting the elderly and the transformation of its business model [4][6] Financial Performance Summary - In H1 2025, the company achieved revenue of 3.351 billion yuan, a year-on-year decrease of 11.68%. The net profit attributable to the parent company was 198 million yuan, down 26.88%, while the non-recurring net profit was 151 million yuan, a decline of 5.57%. The gross margin was 39.85%, down 1.25 percentage points, and the net margin was 7.46%, up 0.88 percentage points [4][8] - The report projects net profits for 2025-2027 to be 630 million, 759 million, and 912 million yuan respectively, with corresponding EPS of 0.83, 1.00, and 1.21 yuan. The current stock price corresponds to PE ratios of 17.5, 14.5, and 12.1 for the respective years [4][8] Market Participation and Procurement - The company actively participated in the national procurement of traditional Chinese medicine, with its series of products successfully selected. The execution of procurement results in various provinces is expected to accelerate in H2 2025 [5] Channel Reform and Strategy - The company is committed to a thorough restructuring of its channel system, transitioning from a decentralized sales model to a highly centralized and clearly defined business model. This transformation aims to establish a stable, efficient, and long-term commercial channel system [6]