来源：智通财经 受外延并购因素拖累，综合医药集团华润医药（03320.HK）中期业绩利润大幅下滑。今年上半年，华 润医药总营收1318.67亿元、同比增2.50%；归母净利润20.77亿元，同比下滑20.30%。 智通财经记者发现，虽然这家公司收入仍在增长，但背后却暗藏结构性矛盾。 一方面，华润医药制造板块靠并表"输血"，中药和生物药增长对冲化学药萎缩；另一方面分销增速放 缓，零售虽增长11.40%，但因特药占比提升毛利率摊薄至6.10%。从动向上，华润医药采取了外延并 购、增加血制品牌照、加码DTP特药药房网络等行动，但并未阻止利润的大幅走弱。 外延并购拖累 分板块来看，华润医药核心分销业务上半年实现收入1083.30亿元，同比增长2.30%；制药板块收入 248.08亿元，同比增长4.30%；零售板块收入55.15亿元，同比增长11.40%，合计支撑总营收同比微增 2.50%。毛利率则持平在16.30%，其中零售分部毛利率降至6.10%，同比下降0.40个百分点，凸显特药占 比提升对毛利结构的摊薄。 与营收小幅上扬相对照，华润医药利润端显著走低，上半年归母净利润20.77亿元，同比大降20.30%。 利润 ...

Group 1 - The stock price of Yiming Pharmaceutical (002826.SZ) has experienced a continuous six-day limit-up, with a trading volume of 186 million yuan and a turnover rate of 4.94%, indicating increasing market attention [1] - The significant stock price movement is closely related to the equity change of the company's controlling shareholder, with a share transfer agreement signed on May 31, where 44 million shares (22.94% of total shares) will be sold at 15.10 yuan per share, totaling 662 million yuan [1] - The transferor, Gao Fan, has made clear performance commitments in the agreement, ensuring that the net profit attributable to the parent company will not be less than 30 million yuan annually from 2025 to 2027, with annual revenue not less than 600 million yuan [1] Group 2 - Yiming Pharmaceutical has been focusing on the research, production, and sales of chronic disease health products since its establishment in 2003, particularly in diabetes and cardiovascular diseases [1] - The core product, Miglitol tablets, contributed 474 million yuan in revenue in 2024, accounting for 72.72% of the total revenue, showcasing its status as the company's "cash cow" [2] - Miglitol tablets have achieved continuous revenue growth from 2022 to 2024 and have been successfully awarded in various national and provincial procurement programs, demonstrating strong market competitiveness [2]