每经记者｜林姿辰 每经编辑｜文多 8月24日晚间，原料药龙头股津药药业发布了20年来半年度净利润同比下滑最严重的中报。 2025年上半年，公司实现营业收入约15.88亿元，同比减少11.81%，归母净利润为4930.42万元，同比减少65.28%，经营活动 产生的现金流量净额为2020.06万元，同比减少93.60%。 《每日经济新闻》记者注意到，津药药业的甾体激素原料药仍在国内外掌握销售优势，但公司总收入倒退到2019年水平。 近年来，公司屡次因垄断行为受罚，仅在上半年，津药药业因反垄断事项交的罚款就超过6900万元，甚至超过了上半年净 利润。 津药药业主要从事甾体激素类、氨基酸类原料药及制剂的研发、生产和销售，以原料药销售见长。其甾体激素原料药有60% 以上出口到亚洲、欧洲、美洲等大洲的70多个国家和地区。 今年上半年，甾体激素原料药的销售仍撑起公司收入的半壁江山。在近16亿元的主营业务收入中，按产品划分，甾体激素 类原料药、制剂、氨基酸类原料药的收入贡献依次递减，前两者在公司收入中的占比约为六成和三成。按区域来看，公司 出口收入超过5亿元，在总收入中占比超过三分之一。 然而，津药药业上半年的收入体量，甚 ...

医药生物 G [Table_ReportDate] 2025 年 08 月 25 日 [Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 MRD 有望成为新的免疫伴随诊断 [Table_ReportType] 医药生物行业周报（8 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（8 月 18 日-8 月 22 日）医药生物板 块收涨 1.05%，跑输 Wind 全 A（3.87%）和沪深 300 （4.18%）。从板块来看，医疗设备（4.49%）、疫苗 （4.41%）和中药（2.86%）涨幅居前，医疗研发外包 （-3%）、原料药（-1.44%）和医疗耗材（-0.01%）跌幅 居前。从个股来看，香雪制药（40.4%）、欧林生物 ...

Company Overview - Prolo Pharmaceutical Co., Ltd. is located at 399 Jiangnan Road, Hengdian, Dongyang, Zhejiang Province, established on May 6, 1997, and listed on May 9, 1997. The company’s main business includes raw materials, intermediates, contract development and manufacturing services (CDMO), formulation business, and import-export trade [2]. Business Segmentation - The revenue composition of Prolo Pharmaceutical is as follows: 66.18% from raw materials and intermediates, 22.71% from innovative drug R&D and manufacturing services, 10.71% from pharmaceuticals, and 0.40% from other supplementary services [2]. Financial Performance - For the first half of 2025, Prolo Pharmaceutical achieved operating revenue of 5.444 billion yuan, a year-on-year decrease of 15.31%. The net profit attributable to the parent company was 563 million yuan, down 9.89% year-on-year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders of Prolo Pharmaceutical was 51,400, a decrease of 0.52% from the previous period. The average circulating shares per person were 22,508, down 0.41% [2]. Dividend Distribution - Prolo Pharmaceutical has cumulatively distributed 2.472 billion yuan in dividends since its A-share listing, with 1.129 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 29.8493 million shares, a decrease of 2.0211 million shares from the previous period. Dachen Rui Xiang Mixed A (008269) increased its holdings by 4.0348 million shares to 14.2896 million shares, while Dachen Gao Xin Stock A (000628) increased its holdings by 2.3396 million shares to 13.0642 million shares [3]. Stock Performance - On August 22, Prolo Pharmaceutical's stock price fell by 2.05% to 16.26 yuan per share, with a trading volume of 88.4757 million yuan and a turnover rate of 0.47%. The total market capitalization was 18.836 billion yuan [1]. - Year-to-date, the stock price has increased by 2.22%, with a 0.55% decline over the last five trading days, a 1.31% increase over the last 20 days, and a 16.81% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on March 11, where it recorded a net buy of -145 million yuan [1].

截至2025年8月20日收盘，国邦医药股价报23.07元，较前一交易日上涨0.65%。当日成交量为78588手， 成交金额达1.79亿元。 国邦医药主要从事医药原料药及动物保健品的研发、生产和销售。公司产品涵盖医药原料药、关键医药 中间体及动物保健品等领域，业务布局涵盖医药和动物保健品两大板块。2024年年报显示，公司医药板 块收入占比64.87%，动物保健品板块占比34.24%。 8月20日晚间，国邦医药发布公告称，公司股东仕琦汇、洪德辉、庆世德合计向浙江省国有资本运营公 司协议转让3830.63万股股份，占公司总股本的6.85%，转让价格为20.66元/股，总对价7.91亿元。转让 完成后，浙江省国有资本运营公司将成为公司战略投资者。公告显示，国有运营公司拟支持公司在医药 领域的全面发展，在产业链协同、新业务培育、资本运作等领域开展战略合作。 风险提示：投资有风险，入市需谨慎。本文不构成任何投资建议，投资者应自主决策并自行承担风险。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001367 证券简称：海森药业 公告编号：2025-031 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 ■ 3、公司股东数量及持股情况 □适用 √不适用 公司报告期控股股东未发生变更。 实际控 ...

Group 1: Guizhou Moutai - Guizhou Moutai achieved a net profit of 45.403 billion yuan in the first half of 2025, an increase of 8.89% year-on-year [1] - The company's operating income for the same period was 89.389 billion yuan, reflecting a growth of 9.1% year-on-year [1] - Basic earnings per share were reported at 36.18 yuan per share [1] Group 2: Weixing New Materials - Weixing New Materials reported a net profit of 271 million yuan in the first half of 2025, a decrease of 20.25% year-on-year [1] - The company's operating income was 2.078 billion yuan, down 11.33% year-on-year [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares [1] Group 3: Jianyuan Trust - Jianyuan Trust's net profit for the first half of 2025 was 40.2897 million yuan, an increase of 13.36% year-on-year [1] - The company achieved an operating income of 15 million yuan, a significant growth of 84.89% year-on-year [1] - Basic earnings per share were reported at 0.0041 yuan per share [1][2] Group 4: Weili - Weili won a bid for a leachate treatment project, expected to generate an annual revenue of approximately 61 million yuan [1] - The project has a total expected revenue of about 610 million yuan over a 10-year operational period [1] - The project includes a 0.5-year construction period followed by a 10-year operational period [1] Group 5: Tianjun Wind Power - Tianjun Wind Power provided a guarantee for a credit line of 150 million yuan for its wholly-owned subsidiary [1] - The guarantee covers the principal amount, interest, penalties, and other related costs [1] - The guarantee period is three years from the maturity of the main contract [1] Group 6: Jiangshan Oupai - Jiangshan Oupai's wholly-owned subsidiary completed the registration for a change in business type [1] - The subsidiary is now classified as a limited liability company [1] Group 7: Ningbo Port - Ningbo Port announced the resignation of independent director Yan Guoqing due to personal reasons [1] Group 8: Yangfan New Materials - Yangfan New Materials reported a net profit of 23.1372 million yuan in the first half of 2025, marking a turnaround from losses [1] - The company's total operating revenue was 473 million yuan, an increase of 47.93% year-on-year [1] Group 9: Zhongguancun - Zhongguancun's subsidiary received a drug registration certificate for a new injection [1] - The company also announced that another product passed the consistency evaluation for generic drugs [1] Group 10: Hengtong Oriental - Hengtong Oriental is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [1] Group 11: Quzhou Development - Quzhou Development plans to acquire 95.46% of Xian Dao Electronics and will resume trading on August 13, 2025 [1] Group 12: Jiangsu Sop - Jiangsu Sop reported a net profit of 102 million yuan in the first half of 2025, a decrease of 13.01% year-on-year [1] - The company's operating income was 3.158 billion yuan, down 1.08% year-on-year [1] Group 13: Fudan Fuhua - Fudan Fuhua's subsidiary plans to invest 48.87 million yuan in a capital increase for another company [1] Group 14: Shaanxi Huada - Shaanxi Huada is planning to acquire 100% of Huajing Microelectronics and has suspended trading [1]

Core Viewpoint - Tianyu Co., Ltd. has received CEP certification for its raw material drug, Telmisartan, which is used for treating primary hypertension and reducing cardiovascular risk, allowing it to sell in European markets and other regions that recognize the certification [1] Company Overview - As of August 12, 2025, Tianyu Co., Ltd. stock price is 29.28 yuan, down 1.65% from the previous trading day [1] - The company reported a trading volume of 464 million yuan and a turnover rate of 7.50% on the same day [1] - Tianyu Co., Ltd. specializes in the research, production, and sales of pharmaceutical intermediates, active pharmaceutical ingredients, and formulations, covering treatment areas such as hypertension, hyperlipidemia, and diabetes [1] Financial Flow - On August 12, the net outflow of main funds was 24.54 million yuan, while the net inflow over the past five days was 11.32 million yuan [1]

2025 年 7 月原料药相关价格情况 医药生物 证券研究报告 行业投资策略月报 / 2025.08.12 投资评级:看好(维持) 最近 12 月市场表现 -10% -2% 7% 15% 24% 32% 医药生物 沪深300 分析师 华挺 SAC 证书编号：S0160523010002 huating@ctsec.com 分析师 邹一瑜 SAC 证书编号：S0160522100001 zouyy@ctsec.com 相关报告 1. 《重视幽门螺杆菌疫苗胃癌防治的作用》 2025-08-11 2. 《疾病治疗专题报告三-痛风新药物崛 起》 2025-08-07 3. 《看好小分子偶联药物及相关标的》 2025-07-28 原料药相关价格情况更新 核心观点 请阅读最后一页的重要声明！ ❖ 激素类价格情况：2025 年 7 月，激素类中，黄体酮、醋酸甲地孕酮、皂素、 地塞米松磷酸钠、氢化可的松、醋酸氢化可的松及双烯价格分别环比持平。和 去年同期相比，黄体酮价格同比持平，醋酸甲地孕酮、皂素、地塞米松磷酸 钠、氢化可的松、醋酸氢化可的松及双烯价格分别同比下降 1.85%、3.23%、 84.22%、14.04%、12. ...

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector is currently undervalued [9]. Core Insights - The brain-computer interface (BCI) market is expected to grow significantly, with a projected global market size of $7.63 billion by 2029, reflecting a CAGR of 25.2% from 2023 to 2029 [21]. - The Chinese BCI market is anticipated to reach 10.5 billion yuan by 2029, with a CAGR of 35.5% from 2023 to 2029 [21]. - The report highlights the increasing support from national and local policies aimed at accelerating the development of the BCI industry, including funding for research and standardization efforts [20]. Summary by Sections Market Overview - The BCI technology is categorized into invasive, semi-invasive, and non-invasive types, with non-invasive BCI currently dominating the market, accounting for 78% of the global market share [17][14]. - The medical sector is identified as the primary application area for BCI technology, with over 60% of the market demand coming from healthcare applications [17]. Industry Events - The report outlines various supportive policies from the government, including the establishment of a standardization committee for BCI technology and specific pricing guidelines for BCI-related medical services [18][19]. Company Analysis - Several companies are highlighted for their advancements in the BCI field, including: - **Xiangyu Medical**: Focused on rehabilitation BCIs with a wide range of product configurations and a strong R&D pipeline [30]. - **Chengyi Tong**: Engaged in both invasive and non-invasive BCI technologies, with recent product launches aimed at the consumer market [30]. - **Weisi Medical**: Specializes in non-invasive BCIs and has a robust patent portfolio related to BCI technologies [31]. - **Milan De**: Develops brain-machine interface systems for rehabilitation, integrating advanced technologies for neurological disorders [32]. Investment Opportunities - The report suggests that the BCI industry is still in its early stages in China, with significant growth potential as competition remains limited [24]. - The pharmaceutical sector is advised to focus on innovative drugs and medical devices, with a recommendation to invest in companies with strong R&D capabilities and market positioning [9][33].

Core Viewpoint - China National Pharmaceutical Group announced the convening of its 30th board meeting on August 8, 2025, to review various proposals, including amendments to existing documents [2] Revenue Composition - For the year 2024, the revenue composition of China National Pharmaceutical Group is as follows: - Pharmaceutical commerce accounts for 77.31% - Pharmaceutical trade accounts for 14.35% - Chemical preparations account for 4.47% - Raw materials account for 2.78% - Traditional Chinese medicine accounts for 1.47% [2]