2025 年 11 月 24 日 市公司 医药生物 (01093) 三季度业绩改善,创新管线布局丰富 报告原因:有业绩公布需要点评 ali (维持) | 市场数据: | 2025 年 11 月 21 日 | | --- | --- | | 收盘价 (港币) | 7.38 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币) | 11.63/4.27 | | H 股市值（亿港币） | 850.36 | | 流通 H 股 (百万股) | 11.522.45 | | 汇率（港币/人民币） | 0.9106 | 一年内股价与基准指数对比走势: 134% 84% 资料来源：Bloomberg 相关研究 《石药集团 (01093) 点评：上半年业绩基 本符合预期，创新管线持续投入》 2025/08/28 证券分析师 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 申万宏源研究微信服务 ...

2025 年 11 月 24 日 石药集团 (01093) ——三季度业绩改善，创新管线布局丰富 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（港币） | 7.38 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币） | 11.63/4.27 | | H 股市值（亿港币） | 850.36 | | 流通 H 股（百万股） | 11,522.45 | | 汇率（港币/人民币） | 0.9106 | 上 市 公 司 医药生物 一年内股价与基准指数对比走势： -16% 34% 84% 134% HSCEI 石药集团 资料来源：Bloomberg 相关研究 《石药集团（01093）点评：上半年业绩基 本 符 合 预 期 ， 创 新 管 线 持 续 投 入 》 2025/08/28 证券分析师 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A023052 ...

11月19日，新诺威盘中下跌2.03%，截至09:54，报32.41元/股，成交4540.63万元，换手率0.10%，总市 值455.23亿元。 资金流向方面，主力资金净流出176.47万元，特大单买入115.08万元，占比2.53%，卖出0.00元，占比 0.00%；大单买入225.02万元，占比4.96%，卖出516.57万元，占比11.38%。 新诺威所属申万行业为：医药生物-化学制药-原料药。所属概念板块包括：创新药、基金重仓、中盘、 融资融券、维生素等。 截至10月31日，新诺威股东户数2.18万，较上期增加32.87%；人均流通股57116股，较上期减少 24.74%。2025年1月-9月，新诺威实现营业收入15.93亿元，同比增长7.71%；归母净利润-2404.89万元， 同比减少117.26%。 分红方面，新诺威A股上市后累计派现6.51亿元。近三年，累计派现5.00亿元。 机构持仓方面，截止2025年9月30日，新诺威十大流通股东中，香港中央结算有限公司位居第二大流通 股东，持股1778.22万股，相比上期减少321.69万股。中欧医疗健康混合A（003095）位居第三大流通股 东，持股1 ...

Core Viewpoint - The stock of XinNuoWei has experienced fluctuations, with a year-to-date increase of 24.73% but a significant decline of 35.29% over the past 60 days, indicating volatility in its market performance [1][2]. Company Overview - XinNuoWei, established on April 5, 2006, and listed on March 22, 2019, is based in Shijiazhuang, Hebei Province. The company focuses on the research, production, and sales of functional foods, with 88.93% of its revenue derived from functional foods and raw materials, 8.91% from biopharmaceuticals, and 2.16% from other sources [1][2]. Financial Performance - For the period from January to September 2025, XinNuoWei reported a revenue of 1.593 billion yuan, reflecting a year-on-year growth of 7.71%. However, the net profit attributable to the parent company was a loss of 24.0489 million yuan, a decrease of 117.26% compared to the previous year [2][3]. Shareholder Information - As of October 31, the number of shareholders for XinNuoWei increased by 32.87% to 21,800, with an average of 57,116 circulating shares per shareholder, down 24.74% from the previous period [2][3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 17.7822 million shares, a decrease of 3.2169 million shares from the previous period [3]. Dividend Distribution - Since its A-share listing, XinNuoWei has distributed a total of 651 million yuan in dividends, with 500 million yuan distributed over the past three years [3].

Core Viewpoint - New Nuo Wei's stock price has experienced significant fluctuations, with a year-to-date increase of 19.08% but a recent decline of 35.44% over the past 60 days, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, New Nuo Wei reported a revenue of 1.593 billion yuan, reflecting a year-on-year growth of 7.71%. However, the net profit attributable to shareholders was a loss of 24.05 million yuan, a decrease of 117.26% compared to the previous year [2]. - Cumulatively, since its A-share listing, New Nuo Wei has distributed a total of 651 million yuan in dividends, with 500 million yuan distributed over the past three years [3]. Shareholder Structure - As of October 31, 2025, the number of shareholders for New Nuo Wei increased by 32.87% to 21,800, while the average number of circulating shares per person decreased by 24.74% to 57,116 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 17.7822 million shares, a decrease of 3.2169 million shares from the previous period [3].

中新网合肥10月31日电 (付敏)安徽省农业农村厅厅长汪学军31日在安徽省政府新闻办举行的新闻发布会 上说，截至9月底，该省十大绿色食品产业全产业链产值1.12万亿元(人民币，下同)，同比增长11%。 截至9月底安徽十大绿色食品产业全产业链产值1.12万亿元 新闻发布会现场。安徽省政府新闻办供图 目前，安徽省国家级优势特色产业集群9个，国家现代农业产业园12个、省级现代农业产业园198个，国 家级农业产业强镇82个。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 另悉，2025皖美绿色食品暨循环农业博览会将于11月7日至9日在合肥举办。此活动将设置国际合作展 区，推动绿色食品企业与欧美、亚太等地区开展合作。 目前，来自沪苏浙的45家企业，以及来自法国、澳大利亚、泰国等国家的36家企业报名参展。(完) 来源：中国新闻网 编辑：万可义 近年来，安徽聚焦品质粮食、优质蛋白、绿色果蔬、功能食品等重点产业，创新招商方式，宣介安徽市 ...

Core Insights - The third China Pet Industry Innovation Conference will be held in Ganzhou, Jiangxi Province, focusing on industry pain points with the theme "Innovation Leads Development, Technology Empowers Industry" [1] - The conference will see the establishment of three key systems aimed at enhancing industry standards and credibility, which are crucial for high-quality development [1][2] - China's pet industry has surpassed 100 billion yuan and is expected to reach a trillion yuan market by 2030, but faces challenges such as weak research foundations, product homogenization, lack of standards, and low brand concentration [1] Group 1 - The conference aims to gather various stakeholders from government, industry, academia, and research to explore solutions to systemic challenges in the pet industry [2] - The Pet Food Quality Testing and Efficacy Evaluation Research Center will be jointly established to set quality benchmarks and transform validated technologies into recognized standards [2][3] - The China Veterinary Association's Technical Committee for Pet Product Functional Evaluation will focus on developing systematic standards for the functional and safety evaluation of pet products [2][3] Group 2 - The China Pet Industry Credit and Brand Center aims to cultivate national brands and build a healthy credit ecosystem within the industry [5] - The center will provide dual certifications for quality and credit evaluation, addressing five major industry challenges including trust in product quality and brand building [5] - The industry is transitioning from "wild growth" to "scientific validation" and "standard leadership," aiming for high-quality and sustainable development [7] Group 3 - The Ganzhou conference will also introduce the latest developments of the China Pet Technology Innovation Service Platform, which addresses five core industry challenges [8] - The platform aims to create a comprehensive service system covering key aspects from basic research to market entry, facilitating organized and standardized high-quality development [8] - The conference will feature discussions on cutting-edge topics such as innovative drugs, functional foods, smart services, and AI technology in the pet industry [8]

Core Insights - The transformation in the agricultural high-tech zone (农高区) from theoretical research to practical applications in saline-alkali land management has been significant over the past four years, with tangible products now available in the market [1][2] - The collaboration between enterprises and research institutions has led to the successful commercialization of health products derived from salt-tolerant plants, marking a successful integration of research and industry [1][2] Group 1 - The National Agricultural Product Processing Industry Technology Innovation Alliance and the National Food and Drug Homologous Industry Technology Innovation Alliance have provided over 20 million yuan in funding for research on saline-alkali land resources [2] - Collaborative efforts with local enterprises and research institutions have resulted in products that have already been launched, with some individual products achieving sales exceeding one million yuan [2] - The successful integration of scientific research and market needs has been highlighted as a key factor in achieving both scientific and market value [2] Group 2 - The core driving force for the success of the Dongying Agricultural High-tech Zone is identified as technology, supported by institutions such as the Chinese Academy of Agricultural Sciences and Shandong Agricultural University [2] - Future breakthroughs are contingent upon increased investment in fundamental research, which is essential for continuous innovation in the industry [2]

Core Viewpoint - New Nuo Wei's stock price has experienced fluctuations, with a year-to-date increase of 57.85%, but recent declines in the short term indicate potential volatility in investor sentiment [1][2]. Financial Performance - For the first half of 2025, New Nuo Wei achieved revenue of 1.05 billion yuan, representing a year-on-year growth of 7.99%, while the net profit attributable to shareholders was -2.75 million yuan, a decrease of 102% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 651 million yuan, with 500 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 22, New Nuo Wei's stock price was 41.94 yuan per share, with a market capitalization of 58.91 billion yuan. The stock has seen a trading volume of 142 million yuan and a turnover rate of 0.27% [1]. - The stock has been on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the last appearance on June 6, where it recorded a net purchase of 39.71 million yuan [1]. Shareholder Structure - As of June 30, 2025, New Nuo Wei had 16,400 shareholders, a decrease of 2.77% from the previous period, with an average of 75,892 circulating shares per shareholder, an increase of 2.85% [2]. - Major shareholders include Hong Kong Central Clearing Limited and various mutual funds, with notable changes in holdings among the top ten shareholders [3].

Core Insights - The retail pharmacy sector in China is experiencing a transformation, with some companies reporting declines in both revenue and profit, while others are successfully evolving into community health hubs [1][2] Group 1: Market Trends - A recent market survey indicated that consumer satisfaction with pharmacy services reached 82%, a 27 percentage point increase over the past three years [1] - The number of pharmacies in China has grown significantly, from 381,400 at the end of 2009 to over 680,000 by the end of 2024, with an average of 4.6 pharmacies per 10,000 people [1] Group 2: Challenges Facing Retail Pharmacies - Retail pharmacies are facing operational pressures due to various factors, including reduced profit margins from drug procurement policies, the expansion of outpatient services, and changing consumer behaviors [1] - Younger consumers prefer online ordering and delivery services, while older consumers are attracted to online consultations and insurance payment options, diminishing the traditional advantages of physical pharmacies [1] Group 3: Evolution of Retail Pharmacies - Traditional retail pharmacies are recognizing the need to transform their business models, requiring both innovative service offerings and professional skill upgrades [2] - A survey revealed that 63% of respondents visit pharmacies not just for medication but also for health consultations, indicating a shift in consumer expectations towards comprehensive health services [2] Group 4: New Opportunities - Retail pharmacies are redefining their roles in communities, moving from being mere dispensers of medication to becoming partners in community health [2][3] - Policies from local health authorities are encouraging pharmacies to offer a wider range of services, including health monitoring and chronic disease management, thus creating opportunities for diversified business models [3] Group 5: Future Outlook - As the population ages and chronic diseases become more prevalent, retail pharmacies are positioned to play a crucial role in community health management, potentially reducing healthcare costs and promoting healthier consumption patterns [3]