公司上半年业绩：收入、归母净利、扣非归母21.4、5.2、4.8 亿元（-6%、+6%、+2% yoy），其中二季 度收入、归母净利、扣非归母9.6、2.4、2.2亿元（-4%、+6%、+7% yoy）。公司公布1H25 利润分配方 案，每股派发0.5 元（含税），占同期归母净利润60.78%。收入下滑主因OTC 需求变化，公司成本费用 进一步优化、盈利能力持续提升。我们看好江中作为我国肠胃OTC 领军企业，内生外延持续稳健成 长，维持"买入"评级。 OTC 承压，健康消费品、处方药逆势增长 1）4M25 公司股权激励计划获得批复通过，1M25 公司提升股权激励解锁条件，2025-27 资本回报率、 归母净利符合增长率和研发投入强度均较此前有所上调，充分彰显经营信心。我们看好公司稳健增长兑 现经营目标；2）1H25公司现金分红占同期归母净利润60.78%，公司在"十四五"期间保持每年2 次的现 金分红频次，充分体现公司高度重视股东回报。4M25 公司发布《2025"提质增效重回报"行动方案》， 再次强调重视投资者回报，共享公司发展成果，我们看好2025 年公司维持较高分红比率。 维持"买入"评级 我们维持盈利 ...

证券研究报告 江中药业 (600750 CH) 盈利能力提升、维持稳健分红 2025 年 8 月 22 日│中国内地 中药 公司上半年业绩：收入、归母净利、扣非归母 21.4、5.2、4.8 亿元（-6%、 +6%、+2% yoy），其中二季度收入、归母净利、扣非归母 9.6、2.4、2.2 亿元（-4%、+6%、+7% yoy）。公司公布 1H25 利润分配方案，每股派发 0.5 元（含税），占同期归母净利润 60.78%。收入下滑主因 OTC 需求变化， 公司成本费用进一步优化、盈利能力持续提升。我们看好江中作为我国肠胃 OTC 领军企业，内生外延持续稳健成长，维持"买入"评级。 OTC 承压，健康消费品、处方药逆势增长 行业承压背景下公司经营彰显韧性（1H25 我国医药制造业营业收入同比下 降 1.2%、利润同比下降 2.8%）：1）受终端需求变化影响，1H25 OTC 收 入 15.5 亿元（-10% yoy）；2）公司在 B to C、OTO、兴趣电商等各类线 上渠道推广、加强品牌渠道建设，成效显著，1H25 健康消费品板块收入 2.3 亿元（+17% yoy）；3）公司强化合规运营、积极参与集采、 ...

Core Viewpoint - The company reported its 1Q25 performance, showing a decline in revenue and net profit due to a drop in OTC sales, but a significant improvement in gross margin. The company is viewed positively as a leader in the domestic OTC market, with stable growth prospects and a strong dividend foundation, maintaining a "Buy" rating [1]. Group 1: Financial Performance - 1Q25 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.18 billion, 280 million, and 260 million respectively, reflecting a year-over-year change of -7.0%, +5.9%, and -1.1% [1]. - OTC segment revenue in 1Q25 was 890 million, down 12.1% year-over-year, with a gross margin of 76.1%, up 2.1 percentage points year-over-year [2]. - Prescription drug revenue in 1Q25 was 190 million, up 23.7% year-over-year, with a gross margin of 23.7%, up 9.2 percentage points year-over-year [2]. - Health consumer products revenue in 1Q25 was 110 million, up 0.6% year-over-year, with a gross margin of 37.0%, down 3.6 percentage points year-over-year [2]. - The company's gross margin improved to 68.2% in 1Q25, up 13.1 percentage points quarter-over-quarter, mainly due to adjustments in the beverage business [3]. Group 2: Cost Management and Efficiency - The company's selling, general, and administrative expense ratios were 33.8%, 4.5%, and 2.3% respectively, showing an overall decrease in expense ratios [3]. - As of 1Q25, accounts receivable, inventory, and cash were 640 million, 430 million, and 1.62 billion respectively, indicating good inventory and cash turnover [3]. Group 3: Shareholder Returns and Incentives - The company's stock incentive plan was approved in 4M25, with enhanced unlocking conditions for 2025-27, reflecting confidence in operational goals [4]. - In 2024, the company's cash dividends accounted for 95.77% of the net profit attributable to shareholders, highlighting a strong commitment to shareholder returns [4]. - The company emphasized its focus on investor returns in its 2025 action plan, aiming to share the benefits of its growth with shareholders [4]. Group 4: Future Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders for 2025-27 to be 897 million, 1.015 billion, and 1.145 billion respectively, reflecting year-over-year growth of 14%, 13%, and 13% [5]. - The company is assigned a target price of 29.96, based on a 21x PE ratio for 2025, maintaining a "Buy" rating [5].