马应龙 20251021 摘要 马应龙主营业务集中于痔疮膏、痔疮栓等医药工业产品，以及医疗服务 和医药商业，其中痔疮膏和痔疮栓是核心产品，同时涉足皮肤科、眼科 及其他大健康品类。 2024 年至 2025 年，马应龙痔疮业务受益于渠道优化，中小连锁销售 持续正增长，2024 年机床品类增长 23%，2025 年上半年仍保持高双 位数增长，一级经销商管控加强，库存保持健康水平。 马应龙通过线上广告和线下联名推广，实现线上线下、院内院外的全方 位营销，提升品牌知名度，并通过调整不同品类、规格产品价格，提高 收入空间和利润。 马应龙大健康消费品业务增长迅速，湿厕纸上市后销售额已达上亿元， 在线上电商领域表现突出，八宝眼霜上半年也实现高双位数增长。 截至第二季度末，马应龙账面现金约为 20 亿元，分红比例维持在 50%，现金流状况良好，应收账款及库存均处于健康水平，预计今年利 润将稳健增长。 渠道优化与提价措施带动马应龙纯销端实现同比正增长，为公司利润增 长提供动力，公司整体财务状况稳健。 马应龙凭借低价高频消费模式，在 OTC 渠道中展现出较强韧性，即使面 临压力仍能保持质量较高的双位数增长，具有显著竞争优势和投资 ...

Core Viewpoint - The company has achieved significant growth in its financial performance, with a focus on enhancing operational efficiency and expanding its market presence in the pharmaceutical industry. Group 1: Financial Performance - The net profit attributable to the parent company reached 528 million yuan, representing a year-on-year increase of 19.14%, while the net profit excluding non-recurring gains and losses was 511 million yuan, up 44.98% year-on-year [2]. - The main business revenue from the pharmaceutical industry was 2.161 billion yuan, reflecting a year-on-year growth of 17.82% [3]. - The medical service segment reported a revenue of 449 million yuan, marking a year-on-year increase of 30.15% [9]. Group 2: Business Strategy and Operations - The company is consolidating its core advantages in the anorectal field and has launched a new series of sanitary wet wipes targeting anal care, enhancing its competitive edge [4]. - The company has strengthened its brand marketing through various channels, including content marketing and strategic partnerships, to expand its market reach [5]. - The company is focusing on optimizing its research and development structure, particularly in strategic areas such as anorectal, ophthalmology, and dermatology, with multiple projects making progress [6]. Group 3: Governance and Compliance - The board of directors has held six meetings during the reporting period, reviewing 23 proposals, including regular reports and profit distribution [10]. - The independent directors have actively fulfilled their responsibilities, ensuring compliance with relevant laws and regulations while maintaining the interests of all shareholders [23][24]. - The supervisory board has conducted effective oversight of the company's operations, financial status, and compliance with internal controls [20][21]. Group 4: Future Outlook - The pharmaceutical industry is expected to face stricter regulations and price governance, necessitating adjustments in market and pricing strategies [14]. - The retail pharmacy sector is undergoing transformation, with opportunities arising from the government's focus on enhancing health promotion functions [15]. - The company aims to continue its focus on the health and wellness market, leveraging advancements in artificial intelligence to enhance operational efficiency and service innovation [16][18].