截至2025年10月16日 10:27，中证中药指数(930641)上涨0.61%，成分股达仁堂(600329)上涨4.09%，以 岭药业(002603)上涨3.22%，贵州三力(603439)上涨2.24%，方盛制药(603998)上涨1.95%，盘龙药业 (002864)上涨1.84%。中药ETF(159647)上涨0.69%， 最新价报1.02元，盘中净申购1350万份，冲刺连续 20日净申购。 消息面上，国家药监局近日发布《国家药监局 国家卫生健康委 国家中医药局关于进一步推进药品上市 许可持有人加快开展中药注射剂上市后研究和评价工作的公告（征求意见稿）》，向社会公开征求意 见。征求意见稿明确，将通过主动开展与责令开展相结合的方式，推进药品上市许可持有人加快开展中 药注射剂上市后研究和评价，最终实现"主动评价一批、责令评价一批、依法淘汰一批"的目标。 数据显示，截至2025年9月30日，中证中药指数(930641)前十大权重股分别为云南白药(000538)、片仔癀 (600436)、同仁堂(600085)、东阿阿胶(000423)、吉林敖东(000623)、华润三九(000999)、白云山 (6003 ...

Core Viewpoint - The company reported a solid performance in 1H25, with revenue and net profit growth driven by high-margin industrial income, and plans to maintain a "buy" rating due to its strong core business and ongoing improvements in efficiency [1][5]. Financial Performance - 1H25 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 21.26 billion, 3.63 billion, and 3.46 billion CNY, representing year-on-year increases of 4%, 14%, and 10% respectively [1]. - In 2Q25, revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 10.42 billion, 1.70 billion, and 1.57 billion CNY, with year-on-year growth rates of 8%, 14%, and 9% respectively [1]. Industrial Revenue Growth - Industrial revenue reached 8.50 billion CNY in 1H25, marking an 11% year-on-year increase, with a gross margin of 67.9%, up 0.6 percentage points year-on-year [2]. - The pharmaceutical business group generated 4.75 billion CNY in revenue, also up 11% year-on-year, with notable performance in aerosol products and a doubling of revenue for the Qi Xue Kang product to 200 million CNY [2]. Operational Metrics - The company's selling, administrative, and R&D expense ratios were 11.8%, 1.7%, and 0.7%, reflecting increases of 0.6, 0.1, and 0.0 percentage points year-on-year, respectively [3]. - Accounts receivable stood at 10.5 billion CNY, up 600 million CNY year-on-year, while inventory decreased by 500 million CNY to 5.8 billion CNY [3]. R&D Progress - The company is advancing several key R&D projects, including short-term developments for Yunnan Baiyao and Qi Xue Kang, and mid-term projects like the completion of Phase II for Sanqi tablets [4]. - Long-term projects include the initiation of Phase III clinical trials for INR101 and Phase I for INR102, with ongoing research in AI and cutting-edge technologies published in notable journals [4]. Rating and Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders of 5.27 billion, 5.83 billion, and 6.44 billion CNY for 2025-2027, reflecting year-on-year growth rates of 11%, 11%, and 10% respectively [5]. - A target price of 76.82 CNY is set, with a price-to-earnings ratio of 26x for 2025, reflecting a premium due to the company's diversified business model [5].

Summary of Conference Call on Pharmaceutical Sector Industry Overview - The conference call focuses on the pharmaceutical sector, particularly the impact of tariffs on innovative drugs and the performance of traditional Chinese medicine (TCM) [1][2][5]. Key Points and Arguments Impact of Tariffs on Innovative Drugs - Innovative drugs are minimally affected by tariffs due to the "borrowing ship" model, which allows companies to avoid customs duties by licensing patents to U.S. firms [2]. - For example, even with a 100% tariff on certain oncology products from Hehuang Pharmaceutical, the valuation impact is only 1% to 2% [1][2]. Future Development of Innovative Drug Sector - The future growth of the innovative drug sector relies heavily on business development (BD) logic. The second half of 2025 may see a divergence in market performance, with companies that can deliver on BD continuing to rise, while those that cannot may face declines [3][4]. - A significant increase in conflict of interest agreements is expected in 2025, which will transition into service contracts requiring about two quarters to digest, indicating sustained BD activity throughout the year [4]. Export Dynamics - China's exports of pharmaceutical products to the U.S. are relatively low, with medical devices and diagnostic reagents making up over 30% of total exports, while ordinary drugs account for less than 20% [5]. Performance of Traditional Chinese Medicine (TCM) - The TCM market is showing signs of improvement in Q2 2025, with the high base effect from Q1 diminishing. The third quarter is expected to see accelerated performance due to a lower base from the previous year’s anti-corruption measures in healthcare [6]. - Key stocks to watch include Zhaoli Pharmaceutical, which has a high degree of certainty in procurement and performance completion [6]. Biopharmaceutical Sector Stability - The biopharmaceutical sector, particularly vaccines and blood products, is expected to maintain stable growth. Investors are encouraged to focus on the long-term potential of these companies based on their existing business foundations [3][8]. Additional Important Insights - The overall valuation in the innovative drug sector is currently around three times price-to-sales (PS) ratio, with expectations to correct to five times PS, indicating significant upside potential [4]. - Retail performance for TCM products is strong, with notable sales growth for products like Ma Ying Long hemorrhoid ointment and Yunnan Baiyao's Qi Xue Kang [6]. This summary encapsulates the key insights from the conference call regarding the pharmaceutical sector, highlighting the resilience of innovative drugs against tariffs, the promising outlook for TCM, and the stability of the biopharmaceutical industry.