以下文章来源于21世纪经济报道 ，作者21记者 21世纪经济报道 . 流传消息指出，根据国家将于2026年1月1日正式施行的《中华人民共和国增值税法》相关规定，避孕药品的增值税政策将进行调整。为积极响应国 家政策，并基于当前市场环境与公司战略发展需要，某药业经审慎研究，决定对"左炔诺孕酮肠溶片"的价格体系进行相应变更。 针对避孕药是否会涨价的相关问题，12月12日，该药业回复21世纪经济报道记者称，网传信息不实，该产品目前还没有明确的调价计划，未来是否 调整还需等待相关部门的通知。 权威、专业、深度、有趣！用经济思维看世界。 互联网新闻信息服务许可证编号：44120180007 来源|21世纪报道 记者丨闫硕 编辑丨季媛媛 近日，一则避孕药将涨价的消息传出，引发广泛关注。 业内观点认为，受我国人口政策调整影响，避孕药品和用具的税收优惠政策应当相应调整。这一政策变化将推动企业重新评估成本结构、优化产品定 价策略，新增成本可能传导至终端售价，最终推动相关产品价格上涨。也有专家认为企业经营的实际税负增加较为有限，不会造成价格的大幅波动。 记者也就相关话题同步联系了行业龙头紫竹药业，但截至发稿尚未得到回复。 01 不 ...

记者丨 闫硕 编辑丨季媛媛 近日，一则避孕药将涨价的消息传出，引发广泛关注。 流传消息指出，根据国家将于2026年1月1日正式施行的《中华人民共和国增值税法》相关规 定，避孕药品的增值税政策将进行调整。为积极响应国家政策，并基于当前市场环境与公司战 略发展需要，某药业经审慎研究，决定对"左炔诺孕酮肠溶片"的价格体系进行相应变更。 针对避孕药是否会涨价的相关问题， 12月12日，该药业回复21世纪经济报道记者称，网传信 息不实，该产品目前还没有明确的调价计划，未来是否调整还需等待相关部门的通知。 业内观点认为，受我国人口政策调整影响，避孕药品和用具的税收优惠政策应当相应调整。 这一政策变化将推动企业重新评估成本结构、优化产品定价策略，新增成本可能传导至终端售 价，最终推动相关产品价格上涨。也有专家认为企业经营的实际税负增加较为有限，不会造成 价格的大幅波动。 根据2024年12月25日第十四届全国人大常委会第十三次会议通过的《中华人民共和国增值税 法》，明确 自2026年1月1日起，避孕药品和用具将不再享受免征增值税政策。新增托儿所、 幼儿园等提供的育养服务，以及婚姻介绍服务免征增值税。 一减一增之间，彰显了国 ...

Investment Rating - The investment rating for Xianju Pharmaceutical (002332.SZ) is "Buy" (maintained) [1][3][18] Core Views - The report indicates that negative factors are gradually being resolved, and a transition between old and new growth drivers is expected, making an inflection point worth anticipating [1][3] - The company's performance is under pressure due to intensified competition in raw materials and pricing pressures in the formulation business, but there are signs of recovery with new product approvals and a potential turnaround in performance [3][4] Financial Performance Summary - For 2025H1, the company achieved revenue of 1.869 billion yuan, a year-on-year decrease of 12.56%, and a net profit attributable to shareholders of 308 million yuan, down 9.26% year-on-year [3][5] - The revenue for 2025 is projected to be 3.986 billion yuan, with a slight decline of 0.36%, followed by growth rates of 11.70% and 15.85% in 2026 and 2027, respectively [1][3] - The net profit attributable to shareholders is expected to be 632 million yuan in 2025, reflecting a significant year-on-year increase of 59.10% [1][3] Segment Performance - The formulation segment's revenue for 2025H1 was 1.127 billion yuan, down 7.2%, with respiratory products showing stable growth [3][4] - The raw materials and intermediates segment saw a revenue decline of 20% in 2025H1, but the Italian subsidiary has resumed growth [3][4] Cost and Profitability Metrics - The gross margin for 2025H1 was 63.16%, an increase of 8.32 percentage points, attributed to a higher proportion of high-margin formulation revenue [3][5] - The report notes an increase in the selling expense ratio to 29.30% and a management expense ratio of 8.80% for 2025H1 [3][5] Research and Development - The company continues to advance its R&D efforts, with several new products approved for production and ongoing clinical trials for innovative drugs [3][4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.869 billion yuan in the first half of 2025, a decrease of 12.56% year-on-year, with a net profit attributable to shareholders of 308 million yuan, down 9.26% [7] - The decline in performance is attributed to falling raw material prices and the impact of centralized procurement on the revenue from generic drugs and existing products [7] - The company has a rich pipeline of new formulations, with four products approved for production and several others in the research phase, indicating potential growth in the future [7] - The forecast for revenue from 2025 to 2027 is 3.836 billion yuan, 4.368 billion yuan, and 5.058 billion yuan respectively, with net profits expected to be 572 million yuan, 660 million yuan, and 776 million yuan [7] Financial Summary - Revenue for 2023 is projected at 4.123 billion yuan, with a revenue growth rate of -5.9% [6] - The net profit for 2023 is estimated at 563 million yuan, with a net profit growth rate of -24.9% [6] - The company’s earnings per share (EPS) for 2025 is expected to be 0.58 yuan, with a price-to-earnings (PE) ratio of 18.6 [6] - Return on equity (ROE) is projected to be 9.2% in 2025, improving to 11.5% by 2027 [6] Market Performance - The company's stock has underperformed compared to the CSI 300 index, with a decline of 23% over the past 12 months [4]

Core Viewpoint - In 2024, the company achieved revenue of 4 billion yuan, a slight year-on-year decline, while net profit attributable to shareholders was significantly impacted by a fine related to sodium dexamethasone sales, with a stable growth in non-recurring net profit [1][2][3] - The impact of centralized procurement on the formulation segment has been largely digested, and new products are continuously being introduced, with expectations for accelerated growth in 2025 [1][4] - Revenue from the raw materials segment declined due to inventory destocking by overseas clients and price decreases, but sales volume remains stable, with a positive outlook for gradual recovery [1][5] Financial Performance - In 2024, the company reported operating revenue of 4.001 billion yuan, a year-on-year decrease of 2.98%, and a net profit attributable to shareholders of 397 million yuan, down 29.46% [2][3] - The non-recurring net profit for 2024 was 549 million yuan, reflecting a year-on-year increase of 2.15% [2][3] - For Q1 2025, the company achieved operating revenue of 1.01 billion yuan, a year-on-year decline of 2.9%, with a net profit of 140 million yuan, down 4.7% [2][3] Formulation Segment - In 2024, the formulation sales revenue reached 2.276 billion yuan, an increase of 8% year-on-year [4] - Key therapeutic areas showed varied performance, with gynecology and family planning sales at 450 million yuan, stable year-on-year; anesthetic muscle relaxants at 160 million yuan, up 55%; respiratory products at 880 million yuan, up 31%; and dermatology products at 230 million yuan, up 19% [4] - The company’s new products are expected to accelerate growth, with significant sales increases in new offerings such as sodium glucosamine injection [4][6] Raw Materials Segment - In 2024, revenue from raw materials and intermediates was 1.55 billion yuan, a year-on-year decline of 13% [5] - The decline was attributed to inventory destocking in the international market and increased competition leading to price drops [5][6] - The company is expected to see a recovery in the raw materials segment as prices stabilize and market share increases [5][6] Expense Analysis - In 2024, the company's sales, management, and R&D expense ratios were 25.84%, 7.74%, and 6.63%, respectively, with slight increases year-on-year [7] - The gross margin improved to 57.49%, up 4.61 percentage points, attributed to the clearing of centralized procurement impacts and operational efficiency [7] - The net profit margin was 10%, significantly impacted by a fine provision of 195 million yuan [7] Future Outlook - The company is expected to achieve stable growth in revenue and profit in 2025, with non-centralized procurement products anticipated to grow steadily [8] - Revenue projections for 2025-2027 are 4.35 billion, 4.81 billion, and 5.48 billion yuan, with year-on-year growth rates of 8.6%, 10.7%, and 13.8% respectively [8]