[Table_ReportDate] 2025 年 08 月 26 日 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 普洛药业(000739) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] CDMO 业务保持高景气度，项目管线储备丰富 [Table_S 事件：2025 ummar年y]8 月 20 日，公司发布《2025 年半年度报告》。2025H1 公司 实现营业收入 54.44 亿元，同比下滑 15.31%；实现归母净利润 5.63 亿元， 同比下滑 9.89%；实现扣非净利润 5.21 亿元，同比下滑 13.59%。单季度 来看，2025Q2 公司实现营业收入 27.14 亿元，同比下滑 1 ...

开源证券研报指出，普洛药业2025年上半年业绩有所下降，CDMO业务较快增长。2025年上半年公司 CDMO业务实现收入12.36亿元（+20.32%），毛利率44.04%（+3.95pct），公司进行中项目1180个，同 比增长35%，其中，商业化阶段项目377个，同比增长19%，包括人用药项目279个，兽药项目49个，其 他项目49个；研发阶段项目803个，同比增长44%。2025年上半年公司原料药中间体板块实现收入36.03 亿元（-23.41%），毛利率13.7%（-2.52pct），公司制剂板块收入5.83亿元（-14.2%），毛利率61.03% （+0.73pct）。当前股价对应PE为16.1/13.8/11.5倍，估值性价比高，维持"买入"评级。 ...

Company Overview - Prolo Pharmaceutical Co., Ltd. is located at 399 Jiangnan Road, Hengdian, Dongyang, Zhejiang Province, established on May 6, 1997, and listed on May 9, 1997. The company’s main business includes raw materials, intermediates, contract development and manufacturing services (CDMO), formulation business, and import-export trade [2]. Business Segmentation - The revenue composition of Prolo Pharmaceutical is as follows: 66.18% from raw materials and intermediates, 22.71% from innovative drug R&D and manufacturing services, 10.71% from pharmaceuticals, and 0.40% from other supplementary services [2]. Financial Performance - For the first half of 2025, Prolo Pharmaceutical achieved operating revenue of 5.444 billion yuan, a year-on-year decrease of 15.31%. The net profit attributable to the parent company was 563 million yuan, down 9.89% year-on-year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders of Prolo Pharmaceutical was 51,400, a decrease of 0.52% from the previous period. The average circulating shares per person were 22,508, down 0.41% [2]. Dividend Distribution - Prolo Pharmaceutical has cumulatively distributed 2.472 billion yuan in dividends since its A-share listing, with 1.129 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 29.8493 million shares, a decrease of 2.0211 million shares from the previous period. Dachen Rui Xiang Mixed A (008269) increased its holdings by 4.0348 million shares to 14.2896 million shares, while Dachen Gao Xin Stock A (000628) increased its holdings by 2.3396 million shares to 13.0642 million shares [3]. Stock Performance - On August 22, Prolo Pharmaceutical's stock price fell by 2.05% to 16.26 yuan per share, with a trading volume of 88.4757 million yuan and a turnover rate of 0.47%. The total market capitalization was 18.836 billion yuan [1]. - Year-to-date, the stock price has increased by 2.22%, with a 0.55% decline over the last five trading days, a 1.31% increase over the last 20 days, and a 16.81% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on March 11, where it recorded a net buy of -145 million yuan [1].

Core Insights - Pro Pharmaceutical (000739.SZ) reported a revenue of 5.444 billion yuan for the first half of 2025, representing a year-on-year decrease of 15.31% [1] - The net profit attributable to shareholders was 563 million yuan, down 9.89% year-on-year [1] - The net profit excluding non-recurring gains and losses was 521 million yuan, a decrease of 13.59% year-on-year [1] - Basic earnings per share were 0.4861 yuan [1] - The company plans to distribute a cash dividend of 3.4835 yuan (including tax) for every 10 shares to all shareholders [1] Revenue Breakdown - The sales revenue from the raw material pharmaceutical intermediates business was 3.603 billion yuan, a year-on-year decline of 23.41% [1] - The gross profit from this segment was 493 million yuan, down 35.32% year-on-year [1] - The gross margin for this business was 13.70%, which is a decrease of 2.52 percentage points year-on-year [1]

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Apeloa Pharmaceutical Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit while emphasizing ongoing efforts in innovation and operational efficiency [1][6][8]. Financial Performance - The company reported a revenue of CNY 5,444.49 million, a decrease of 15.31% compared to the previous year [6][8]. - The net profit attributable to shareholders was CNY 520.55 million, down 13.59% year-on-year [6][8]. - Basic earnings per share decreased by 9.14% to CNY 0.4861 [6][8]. Business Overview - The company operates in four main business segments: raw material intermediates, CDMO (Contract Development and Manufacturing Organization), pharmaceuticals, and medical beauty raw materials [7][21]. - The raw material intermediates business includes various series such as cephalosporins and penicillins, while the CDMO segment has seen a 20.32% increase in revenue [9][10]. Industry Context - The biopharmaceutical industry is undergoing significant transformation, driven by technological advancements and an aging population, with the global pharmaceutical market projected to reach USD 2.5 trillion by 2030 [12][13]. - The CDMO market is expected to grow from USD 146.29 billion in 2024 to USD 180 billion in 2025, indicating a robust demand for integrated pharmaceutical services [12][13]. Strategic Initiatives - The company is committed to its "2030 Development Strategy," focusing on enhancing its core competencies in raw materials, strengthening CDMO capabilities, and expanding its pharmaceutical offerings [7][8]. - Ongoing investments in R&D and technology platforms aim to improve production efficiency and product quality, with a focus on automation and digitalization [19][24]. Research and Development - The company employs 1,155 R&D personnel, with significant investments in various technology platforms to support its API and CDMO businesses [23][24]. - Recent achievements include the approval of three API products and one domestic formulation, reflecting the company's commitment to innovation [14][15]. Regulatory Environment - The pharmaceutical industry is experiencing a wave of policy changes aimed at enhancing drug quality and pricing mechanisms, which are expected to support sustainable growth [13][26]. - The company has successfully passed multiple audits from international regulatory bodies, ensuring compliance with high-quality standards [25][26].