机构：中信建投证券 简评 2025H1 业绩短期承压，盈利能力环比改善 2025 年上半年公司收入与净利润低于预期。2025H1 公司实现收入19.90 亿元，同比-16.47%；实现归母 净利润2.47 亿元，同比-35.76%；经调整净利润2.63 亿元，同比-34.5%。收入利润下滑主要系宏观经济 与行业形势变化影响，25H1 公司旗下医院就诊人次约220 万人，同比基本持平，但客单价或受DRG/DI P 支付改革等因素影响有所下降。 研究员：贺菊颖/王在存/吴严 核心观点 短期来看，宏观环境与医保支付改革对综合医院行业增长带来挑战，公司上半年业绩已有所反映。2025 年下半年随着无锡、曲阜、开远解化等新院区陆续投用，有望为公司带来新的增长动能，收入增速预计 好于25H1。2025 年公司资本开支高峰已过，25H1 经营性现金流表现较好。公司注重股东回报，创始人 及一致行动人上市以来从未减持并22 次增持股票。自2024 年9 月以来，公司累计回购并注销股票 1302.52 万股，占注销前已发行股份总数的2.06%，以实际行动彰显对公司长期价值的信心。 事件 公司发布2025 年中报 2025 年上半年 ...

Core Viewpoint - The pharmaceutical sector is experiencing a recovery with improved profit growth and increased fund allocation, indicating potential for continued outperformance in the market [1][2]. Market Overview - As of August 29, 2025, the CITIC Pharmaceutical Index rose by 26.28%, outperforming the CSI 300 Index by 12.01 percentage points, ranking 9th among 30 CITIC primary industries [1]. - The proportion of public funds heavily invested in pharmaceuticals increased in Q2 2025, with a total public fund pharmaceutical heavy position of 9.8%, up by 0.7 percentage points from the previous quarter [1]. Macro Situation - Profit growth in the pharmaceutical industry showed significant improvement in June 2025, with Q2 profits rising by 4.5% year-on-year [2]. - The number of bidding activities accelerated in Q1 2025, indicating a positive demand outlook for the year [2]. - License-out transactions surged in H1 2025, with 72 deals completed, exceeding half of the total transactions in 2024, and the total transaction amount was 16% higher than the entire 2024 [2]. Subsector Performance - Chemical Pharmaceuticals: Q2 2025 revenue was 967 billion yuan, a year-on-year decrease of 0.9%, but net profit increased by 8.3% [3]. - A-share Innovative Drugs: Q2 2025 revenue grew by 31.6% year-on-year, with net losses narrowing by 61% [3]. - Hong Kong Innovative Drugs: H1 2025 revenue reached 735.6 billion yuan, up 12.4% year-on-year, with net profit increasing by 239.9% [3]. Specific Sector Insights - Vaccines: Q2 2025 revenue fell by 37.5% year-on-year, with net profit down 94.8%, indicating industry growth challenges [4]. - Blood Products: H1 2025 revenue was 114 billion yuan, a slight increase of 0.6%, but net profit decreased by 13.1% [4]. - Traditional Chinese Medicine: H1 2025 revenue was 1775 billion yuan, down 5.5%, but net profit increased by 0.4% [4]. - Medical Devices: H1 2025 revenue decreased by 5.0%, with a net profit decline of 17.6% [4]. Chain Performance - Specialty Chains: H1 2025 revenue was 315 billion yuan, down 3.9%, with net profit decreasing by 9.7% [5]. - General Hospitals: H1 2025 revenue was 89 billion yuan, down 9%, with a significant net profit drop of 38.2% [6]. - Pharmacies: H1 2025 revenue was 578 billion yuan, slightly up by 0.1%, with net profit increasing by 0.9% [6]. - Pharmaceutical Distribution: H1 2025 revenue was 4681 billion yuan, nearly flat, but net profit increased by 8.1% [6]. - Raw Materials: Q2 2025 revenue was 355 billion yuan, down 5.3%, with net profit decreasing by 13.6% [7]. Life Sciences and CXO - Life Sciences Services: H1 2025 revenue was 79 billion yuan, up 6.6%, with net profit increasing by 18.1% [7]. - CXO: H1 2025 revenue reached 447 billion yuan, up 12.7%, with net profit rising by 61.7% [7].