[Table_Title2] 佐力药业(300181) [Table_Summary] 事件概述 证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 22 日 [Table_Title] 盈利能力呈现提升中，百令系列贡献业绩弹性 公司公告 2025 年中报：25H1 实现收入 16.0 亿元，同比增长 11.99%、实现归母净利润 3.74 亿元，同比增长 26.16%、实现 扣非净利润 3.72 亿元，同比增长 27.24%。 分析判断: ► 盈利能力呈现提升中，百令系列贡献业绩弹性 公司 25H1 实现收入 16.0 亿元，同比增长 11.99%，其中 25Q2 实 现收入 7.75 亿元，同比增长为 2.60%，25Q2 增速有所放缓，主 要受中药配方颗粒等基数相对较高影响。公司 25Q2 毛利率和净 利率分别为 65.26%和 25.26%，相对 24Q2 和 25Q1 均呈现提升趋 势，我们判断核心受益于高毛利率业务占比提升以及降本增效等 措施影响。展望未来，考虑到乌灵系列产品渗透率持续提升和百 令系列产品受益于集采等因素带来的市场份额提升，叠加中药饮 片配方颗粒业务呈现放 ...

医药生物/中药Ⅱ 佐力药业（300181.SZ） 2025H1 利润快速增长，战略性拓展布局大健康 2025 年 08 月 20 日 投资评级：买入（维持） | 日期 | 2025/8/19 | | --- | --- | | 当前股价(元) | 20.28 | | 一年最高最低(元) | 21.07/11.53 | | 总市值(亿元) | 142.24 | | 流通市值(亿元) | 122.27 | | 总股本(亿股) | 7.01 | | 流通股本(亿股) | 6.03 | | 近 3 个月换手率(%) | 215.48 | 股价走势图 -40% -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 2025-08 佐力药业 沪深300 数据来源：聚源 相关研究报告 《2024 营收利润增长亮眼，营销发力 强化品牌护城河 —公司信息更新报 告》-2025.4.26 《2024Q3 营收利润快速增长，股权激 励彰显发展信心—公司信息更新报 告》-2024.10.27 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 ...

Group 1: Strategic Direction - The company is focusing on the "一路向 C" strategy to enhance its presence in the consumer health market, particularly through the optimization of its OTC business and the development of innovative health products [2][3]. - The partnership with Zhejiang University aims to leverage AI technology for the deep development of medicinal fungi, enhancing the company's research capabilities and product innovation [10]. Group 2: Market Opportunities - External factors such as government support for traditional Chinese medicine and an aging population (22% of the population aged 60 and above by the end of 2024) are creating favorable conditions for the company's C-end market expansion [3]. - The company's C-end revenue currently accounts for just over 10%, indicating significant growth potential in the future [3]. Group 3: Operational Initiatives - In the first half of 2025, the company implemented several measures to boost C-end sales, including the development of large packaging products and strengthening partnerships with online platforms like Meituan and Ele.me [4][5]. - The establishment of the OTC division aims to enhance tactical layouts and execution capabilities, facilitating a smoother transition to consumer-oriented sales [5]. Group 4: Financial Performance - The net cash flow from operating activities for the first half of 2025 is projected to be between 27 million and 29 million, showing significant improvement compared to the first quarter [7]. - The company is confident in achieving a 30% net profit growth target for 2025, supported by its core business strategy and the "一路向 C" initiative [8]. Group 5: Competitive Advantage - The unique raw material, 乌灵菌粉, provides a competitive edge due to its differentiated efficacy in treating various health issues, making it difficult for competitors to replicate [6]. - The 乌灵 series products have been recommended in 82 clinical guidelines and textbooks, establishing a strong academic and brand influence that supports market expansion [3].