2025年上半年，在医药行业整体承压的背景下，中华老字号企业马应龙（600993）药业集团 （600993.SH）交出一份稳健答卷。 日前，马应龙发布2025年半年报，今年上半年公司实现营业收入19.49亿元，同比增长1.11%；归母净利 润3.43亿元，同比增长10.04%，扣非净利润3.22亿元，同比增长4.24%。经营性现金流净额同比大增 37.94%，彰显经营质量提升。报告期内，公司持续深耕肛肠核心领域，加速眼科、皮肤健康布局，研 发费用为3729.16万元同比增长9.35%，功能性益生菌等新品陆续上市，大健康战略成效初显。 半年实现营收19.49亿 马应龙优化经营策略，推动高质量发展。2025年上半年，公司实现营收19.49亿元，同比增长1.11%；实 现归母净利润3.43亿元，同比增长10.04%，扣非归母净利润3.22亿元，同比增长4.24%。在复杂多变的 环境中实现了稳健发展。 面对DRG/DIP医保支付改革等行业政策影响，马应龙通过优化渠道结构和产品组合实现逆势增长。母公 司营收同比增长4.51%，其中治痔类药品营收增速超7%，零售终端品种产出显著提升。公司依托"八宝 名方"传统优势，持续拓 ...

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].

Core Insights - The report highlights a diversified investment strategy with a focus on specific stocks, including SF Holding, Anji Technology, and others, indicating a positive outlook for these companies in the near term [1] - The macroeconomic analysis points to a mixed performance in domestic and foreign demand, with improvements in the external trade environment positively impacting manufacturing sentiment [2][5] - The tourism sector shows a strong recovery during the Dragon Boat Festival, with significant increases in domestic travel and spending, driven by short-distance leisure travel and cultural events [8][10] Macroeconomic Analysis - In May, the manufacturing PMI rose to 49.5%, indicating a slight recovery but still within a contraction zone, with new orders and production indices showing improvements [5][6] - The high-tech manufacturing sector continues to expand, with a PMI of 50.9%, reflecting robust demand and export orders [7] - The report notes a positive shift in manufacturing expectations, with a production activity expectation index of 52.5% [6] Tourism Sector Insights - The Dragon Boat Festival saw 119 million domestic trips, a 5.7% increase year-on-year, with total spending reaching 42.73 billion yuan, up 5.9% [8][10] - The integration of cultural and sports events has significantly boosted tourism, with family-oriented travel becoming a prominent trend [9] - Cross-border travel remains strong, with a notable increase in inbound tourism, particularly from countries with visa-free policies [10] Pharmaceutical Sector Analysis - The report on Ma Yinglong indicates a solid revenue growth of 18.85% year-on-year for 2024, with a total revenue of 3.728 billion yuan [12] - The company’s focus on the healthcare sector, particularly in the treatment of hemorrhoids, is expected to drive future growth, supported by a strong brand presence [13][15] - The pharmaceutical industry overall is experiencing steady growth, with a significant increase in sales of hemorrhoid treatment products [13]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 29.00 and a sector rating of "Outperform" [1][3]. Core Views - The company has demonstrated steady growth in its performance, with a 2024 revenue of RMB 3.728 billion, representing an 18.85% year-on-year increase, and a net profit of RMB 528 million, up 19.14% year-on-year. The first quarter of 2025 shows a revenue of RMB 969 million, a 1.48% increase, and a net profit of RMB 204 million, up 2.99% year-on-year. The company has a strong brand presence in the anorectal field and is expected to gain new growth from its health business [3][5]. - The company is expected to see continued growth in its health business, particularly with the launch of new products targeting the anorectal health management market, which is anticipated to enhance brand recognition and sales [8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 3.728 billion, with a growth rate of 18.9%. The projected revenues for 2025, 2026, and 2027 are RMB 4.204 billion, RMB 4.720 billion, and RMB 5.250 billion, respectively, with growth rates of 12.8%, 12.3%, and 11.2% [7]. - The net profit for 2024 was RMB 528 million, with a growth rate of 19.1%. The projected net profits for the following years are RMB 616 million, RMB 714 million, and RMB 798 million, with growth rates of 16.6%, 16.0%, and 11.7% [7]. Valuation - The report slightly adjusts the profit forecast, estimating the net profit for 2025-2027 to be RMB 616 million, RMB 714 million, and RMB 798 million, respectively. The corresponding earnings per share (EPS) are projected to be RMB 1.43, RMB 1.66, and RMB 1.85. The price-to-earnings (P/E) ratios for these years are expected to be 20.3, 17.5, and 15.7 times [5][7]. Market Position - The company has a strong foothold in the anorectal market, with significant brand advantages. The health sector is anticipated to provide new growth opportunities, particularly through the introduction of innovative products and enhanced market coverage [3][8].