摘要 2025 年上半年，山东药玻中硼硅模制瓶销量同比下降约 30%，收入在 3-4 亿元区间，尽管均价略有上升，但整体盈利水平稳定。市场竞争激 烈，医保政策调整导致医院需求减少是主要原因。 受出口退税率从 13%降至 9%的影响，公司利润减少约 3,000 万元。同 时，中硼硅产品销量下降和资产减值增加也导致利润下滑。2025 年二 季度净利润环比一季度下降，主要因提取了近 5,000 万元的资产减值准 备。 2025 年上半年，日化品销量增长 3-4%，中色品下降 7-8%，模抗瓶小 幅下降约 13%，胶塞下降约 10%。各产品收入变化与销量一致，毛利 率整体增长，经济胶塞毛利率超 40%，铝塑盖显著提升，管瓶扭亏为盈。 管理费用增加主要由于职工薪酬（增加近 800 万元）和折旧费用（增加 约 1,000 万元）增长。二季度管理费用高于一季度 4,000 万元，上半年 总计 1.2-1.3 亿元。 公司重点工作为降成本、保质量和抢市场。国外市场表现优于国内，模 制品销售同比增长超 20%，胶塞增长超 50%，日化品和铝塑盖增幅显 著。国外毛利率接近 31%，国内为 32%。 Q&A 山东药玻在 2025 ...

Q2 费用率18.9%，同比提升8 个pct，预计一是产线建设导致费用化支出增加；二是新品推广前期人员 增加较多。最终Q2 归属净利润小幅盈利，净利率同比下滑8.8pct。 收并购推进，向上游扩张。公司与上海妙翔等签订股权转让协议，公司拟合计受让标的公司苏州创扬新 材料科技股份有限公司3405 万股股份，转让价款合计为8400 万元，转让完成后公司持股标的公司30% 股份，标的公司主营药用塑料组合盖等，并承诺2025-2027年归属净利润不低于2500 万元、3500 万元、 4500 万元。 从管制到模制，从制瓶到拉管。公司最早从事低硼硅药用玻璃销售，后逐步切入中硼硅领域，并在管制 瓶领域处领先地位。展望未来，公司优势产品中硼硅管制瓶将继续扩张。此外产品的横纵向扩张也将加 速，一方面中硼硅模制瓶有望放量，另一方面开始切入管制瓶上游拉管生产。公司2024 年4 月底中硼硅 模制瓶的注射剂瓶通过转A、10 月输液瓶通过转A，后续随着其他客户的备案完成公司模制瓶有望进入 放量周期。 事件描述 公司上半年实现收入5.0 亿，同比下滑11.1%；归属净利润0.4 亿 ，同比下滑20.1%。折合Q2 收入2.23 亿， ...

丨证券研究报告丨 公司研究丨点评报告丨力诺药包（301188.SZ） [Table_Title] 药包承压，耐热盈利改善 报告要点 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary] 公司上半年实现收入 5.0 亿，同比下滑 11.1%；归属净利润 0.4 亿 ，同比下滑 20.1%。折合 Q2 收入 2.23 亿，同比下滑 24.2%；归属净利润 44 万元，同比下滑 98.3%。 [Table_Title2] 药包承压，耐热盈利改善 [Table_Summary2] 事件描述 公司上半年实现收入 5.0 亿，同比下滑 11.1%；归属净利润 0.4 亿 ，同比下滑 20.1%。折合 Q2 收入 2.23 亿，同比下滑 24.2%；归属净利润 44 万元，同比下滑 98.3%。 事件评论 风险提示 1、新产品扩张不及预期； 1 力诺药包（301188.SZ） cjzqdt11111 ...

中国中硼硅玻璃行业上游石英砂龙头企业主要为石英股份，制作管制瓶的玻璃原材料主要来自国际机构康宁 等。上游设备供应企业较多，主要如生产马弗炉的上海恒字等企业，生产拉管机的东莞神龙机械等。行业中 游生产制造企业主要国际企业德国肖特(SCHOTT)公司、美国康宁公司(Corning)、日本NEG 公司(Nippon Electric Glass)和格雷斯海姆公司(Gerresheimer)，国内企业山东药玻、正川股份、沧州四星玻璃、凯盛君 恒、旗滨集团、东旭光电等。 转自：前瞻产业研究院 行业主要上市公司：力诺药包(301188.SZ)、山东药玻(600529.SH)、旗滨集团(601636.SH)、威高股份 (01066.HK)、正川股份(603976.SH)等 本文核心数据：产业链生态图谱;代表性企业产销量 产业链剖析：中游为核心环节 中国中硼硅玻璃行业上游原材料主要包括石英砂、硼砂、碎玻璃、方解石、长石等产品，主要生产设备为马 弗炉和拉管机，除此在制造中硼硅玻璃管/瓶的过程中需要大量电力、水和天然气资源。行业下游应用领域 主要为各大医疗机构和医药销售、物流机构等。 硅玻璃产业链区域热力地图：集中在东部沿海地区 ...

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [2]. Core Insights - The real estate sector remains in a weak economic environment, but changes on the supply side are more promising [1]. - The cement sector is expected to benefit from demand driven by urban renewal and supply restrictions, leading to improved market conditions [4][7]. - The report highlights the potential for price increases in waterproofing products, which could enhance industry profit margins [7]. Summary by Sections Industry Overview - The building materials industry consists of 73 listed companies with a total market value of 838.733 billion yuan and a circulating market value of 789.313 billion yuan [2]. - The report notes a decline in real estate development investment, with a 12% year-on-year decrease, and a 4% drop in commercial housing sales area [7]. Key Companies - North New Building Materials: EPS forecast for 2024A is 2.2 yuan, with a "Buy" rating [5]. - Conch Cement: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. - China Jushi: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Weixing New Materials: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Sankeshu: EPS forecast for 2024A is 0.5 yuan, with an "Overweight" rating [5]. - Huaxin Cement: EPS forecast for 2024A is 1.2 yuan, with a "Buy" rating [5]. - Shandong Pharmaceutical Glass: EPS forecast for 2024A is 1.4 yuan, with a "Buy" rating [5]. - Qibin Group: EPS forecast for 2024A is 0.1 yuan, with an "Overweight" rating [5]. - Dongfang Yuhong: EPS forecast for 2024A is 0.1 yuan, with a "Buy" rating [5]. - Jianlang Hardware: EPS forecast for 2024A is 0.3 yuan, with a "Buy" rating [5]. - China National Materials: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. Market Trends - The cement market saw a 0.2% increase in prices, with specific regions experiencing price hikes of 10-30 yuan per ton [31]. - The national cement output for January to July 2025 was 958 million tons, a 4.5% year-on-year decrease [7]. - The report anticipates a steady upward trend in cement prices due to rising coal costs and improved demand conditions [31]. Recommendations - The report recommends focusing on companies that are likely to benefit from supply restrictions and urban renewal projects, such as Huaxin Cement and Conch Cement [7][8]. - It also suggests monitoring companies in the waterproofing sector, like Dongfang Yuhong, for potential profit margin improvements [7].

Core Insights - The molded bottle market holds a significant share in the borosilicate glass segment, accounting for approximately 44% of the market in 2024 [1] - The market for borosilicate ampoules is projected to grow from 600 million yuan in 2018 to 2.5 billion yuan in 2024 [2] - The market for neutral borosilicate molded bottles is expected to increase from 900 million yuan in 2018 to 3.8 billion yuan in 2024 [5] - The market for neutral borosilicate tubular bottles (excluding ampoules) is anticipated to grow from 600 million yuan in 2018 to 2.3 billion yuan in 2024 [6] - The strategic positioning of the borosilicate glass market indicates that neutral borosilicate molded bottles and ampoules are "star markets" with high growth potential and strong competitive positions [8] Market Analysis - The molded bottle segment is the largest within the borosilicate glass market, highlighting its importance in the pharmaceutical packaging industry [1] - The growth trajectory of the borosilicate ampoule market reflects increasing demand, with a substantial rise in market size over the years [2] - The neutral borosilicate molded bottle market is also experiencing significant growth, indicating a robust demand for this type of packaging [5] - The neutral borosilicate tubular bottle market, while growing, is currently positioned with moderate demand potential and competition [6] - The analysis using the Boston Matrix framework suggests that the borosilicate glass industry has promising segments that could attract investment and development [8]

Group 1: Special Electronic Fabrics - The demand for M8/M9 and second-generation/Q fabrics is expected to increase significantly, with high barriers to entry and few players in the market, leading to a prolonged period of prosperity [1] - The supply-demand dynamics for first-generation fabrics are anticipated to be better than market expectations [1] - Low CTE electronic fabrics continue to face shortages, with recommendations for Zhongcai Technology and attention to Honghe Technology [1] Group 2: Cement Industry - Cement stock configurations are becoming increasingly cost-effective, with negative factors already fully priced in; the industry is expected to maintain a bottom line [1] - Recommendations include Huaxin Cement and Conch Cement, with attention to China National Building Material and other companies [1][4] - National cement market prices have shown a slight decline of 0.4%, with regional price drops of 10-20 yuan/ton [4] Group 3: Glass Fiber Industry - The industry is entering a new normal, with stable prices for electronic yarn and a gradual recovery in profitability [5] - The main transaction price for 2400tex non-alkali yarn is between 3300-3700 yuan/ton, while electronic yarn prices remain stable at 8800-9200 yuan/ton [5] - Recommendations include leading companies such as China Jushi, Zhongcai Technology, and Changhai Co., with attention to International Composite Materials and Shandong Glass Fiber [5] Group 4: Pharmaceutical Glass - The upgrade of borosilicate glass is accelerating, with a favorable competitive landscape for molded bottles [6] - Recommendations focus on Shandong Pharmaceutical Glass, which is expected to see significant growth due to product upgrades and cost reductions [6] Group 5: Safety Building Materials - Qingniao Fire Protection is highlighted as a leading player with strong growth potential due to its comprehensive competitive advantages [10] - Zhenan Technology is expected to benefit from legislation opening up a significant market space for building isolation [10] - Zhizhi New Materials is positioned to increase its market share domestically and expand overseas, particularly in the Middle East and Southeast Asia [10]

Industry Overview - Borosilicate glass is a specialized product with excellent thermal shock resistance and water resistance, widely used for packaging pharmaceuticals such as injections, blood products, and vaccines [1][2] - The market for borosilicate glass in China is projected to reach approximately 8.6 billion yuan by 2024, with a penetration rate of about 25% [20] Industry Chain Analysis - The upstream materials for borosilicate glass production include quartz sand, boron sand, and other raw materials, while the downstream applications primarily involve medical institutions and pharmaceutical logistics [2][6] - Key players in the upstream supply include companies like Quartz Co. and Corning, while major manufacturers in the midstream include domestic firms like Shandong Pharmaceutical Glass and Zhengchuan Co. [6] Development History - The development of borosilicate glass in China began in the 1950s, with significant advancements occurring after 2004 when Shandong Pharmaceutical Glass introduced the first domestic production technology [9] - The industry has seen a shift towards domestic production capabilities, reducing reliance on imports and addressing long-standing supply chain issues [9] Policy Background - Recent policies emphasize the importance of quality in pharmaceutical packaging materials, with the National Medical Products Administration reinforcing standards for injection packaging [11][12] - The "14th Five-Year Plan" for the pharmaceutical industry aims to enhance the standardization and quality of pharmaceutical excipients and packaging materials [11][12] Market Structure - The market for borosilicate glass is segmented, with molded bottles accounting for 44% of the market share in 2024, while ampoules and tubular bottles hold similar shares [21] - The competitive landscape features a tiered structure, with leading companies like Shandong Pharmaceutical Glass and Zhengchuan Co. dominating the market, while other firms lag behind in market share and technological advancement [26][29] Future Outlook - The market for borosilicate glass is expected to grow significantly, potentially reaching 21.5 billion yuan by 2030, driven by increased demand and ongoing policy support [32] - The industry is anticipated to experience a trend towards technological innovation and increased competition, with domestic companies improving product quality and reducing costs [35]

Group 1 - The core point of the news is the significant restructuring of Shandong Pharmaceutical Glass Co., Ltd., with China International Medical Health Co., Ltd. becoming the new controlling shareholder, and the actual controller changing to China National Pharmaceutical Group Corporation (Sinopharm Group) [1][2] - Shandong Pharmaceutical Glass is a leading company in the domestic pharmaceutical packaging materials industry, with a market share exceeding 85% in molded bottles, and has shown a cumulative revenue growth of 197% from 2015 to 2024, reaching a revenue of 5.125 billion yuan and a profit of 1.111 billion yuan in 2024, with a year-on-year growth of 21.95% [2][3] - The demand for borosilicate pharmaceutical glass is experiencing rapid growth due to national policies, and the entry of a central enterprise into the leading industry player is seen as a key signal for industry consolidation [2][4] Group 2 - Sinopharm Group, as a global pharmaceutical giant, covers the entire industry chain from R&D to manufacturing and distribution, and the restructuring is expected to create significant synergies, including accelerated international expansion and technological upgrades [3][4] - The restructuring will enhance the regional economic development by injecting central enterprise resources into the local pharmaceutical health industry, thereby strengthening the competitive edge of Shandong Province's pharmaceutical industry [4] - This move aligns with the national strategy for emerging industries and provides an innovative model for industry consolidation, which will continue to attract industry attention in terms of technological collaboration and market expansion [4]