Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 2.374 billion in the first half of 2025, a decrease of 8.2% year-on-year. The net profit attributable to shareholders was 371 million, down 21.9% year-on-year, and the net profit after deducting non-recurring items was 355 million, down 22.0% year-on-year [3][8]. - In Q2, the company achieved a revenue of 1.131 billion, a decline of 14.2% year-on-year, with a net profit of 148 million, down 42.0% year-on-year [3][8]. - The company maintains a stable gross margin of 31.6% in the first half of 2025, despite a slight decrease of 0.7 percentage points year-on-year [8]. Financial Performance - The company’s revenue from packaging products decreased by 10.2% year-on-year, while trade revenue increased by 4.46% [8]. - The gross margin for Q2 was 33.2%, down 0.8 percentage points year-on-year, but still at a relatively high level [8]. - The company’s net profit margin improved to 15.6%, an increase of 2.7 percentage points year-on-year [8]. Dividend Policy - The company proposed a mid-year dividend of 186 million, with a dividend payout ratio of 50.06% [8]. Market Outlook - The demand in the pharmaceutical industry is under pressure, but the penetration rate of borosilicate glass is expected to continue to rise in the medium term [8]. - The company is expected to achieve revenues of 790 million and 900 million in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 18.8 and 16.5 [8].

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2025 年 9 月 1 日 公司研究 出口保持增长，预灌封项目继续推进。 国内需求阶段性承压背景下，公司主动调整经营策略，实现多元化业务布局和精 准市场开拓；得益于模制瓶（注射类）、日化食品瓶国际市场占有率进一步提升， 25H1 出口保持增长；产能方面，一级耐水药用玻璃瓶产能基本达到预期目标， 年产 5.6 亿只预灌封注射器扩产改造项目除一条进口清洗硅化包装线还未到货 外，其余进口设备均已到位，陆续进行调试和验收。 盈利预测、估值与评级：考虑到国内需求阶段性承压，我们下调公司 25-27 年归 母净利润预测为 8.02/9.57/10.42 亿元（下调 22%/16%/17%）。公司为国内药 用玻璃龙头，受益于行业中硼硅模制瓶放量，海外市场发展势头强劲，具备长期 配置价值，维持"买入"评级。 需求阶段承压，出口保持增长 ——山东药玻（600529.SH）2025 年中报点评 要点 事件：山东药玻发布 2025 年中报，25H1 实现营收/归母净利/扣非归母净利 23.7/3.7/3.5 亿元，同比-8.2%/-21.9%/-22.0%；经营性净现金流 3.0 亿元，同 比-49.2%。单 Q2 实现营收/归 ...