从业务构成来看，医药行业仍然是佛慈制药的绝对主力，收入为4.29亿元，收入占比达99.85%。公司持 续优化营销架构与市场布局，加强渠道开发与管理，全力提升产品市场占有率。一是拓展市场，巩固西 北，发力华南、华东、华北、西南及海外，提升覆盖率与份额。二是拓宽渠道，差异化运营，整合京 东、天猫等电商，实现线上线下（300959）融合。三是强化管控，依托"码上放心"系统构建全链条管理 体系，严格价格监督。四是深化推广，开展经销商会议、培训及终端促销活动，结合节日推动销售。 8月26日晚间，佛慈制药（002644）发布了2025年半年度报告。报告显示，在医药制造业整体下滑的背 景下，公司上半年营业收入为4.29亿元，相较上年同期有所下降；归属于上市公司股东的净利润为 3010.46万元；经营现金流1788.09万元，成功实现转正，同比增长364.33%。值得注意的是，公司净资 产同比增长率平均为2.69%，处于行业头部水平。 公司全力推进品牌建设，通过"非遗传承+权威认证+多元传播"组合拳，斩获行业多项殊荣，"佛慈"品牌 荣获首批中国消费名品名单中的医药行业"时代优品"，"佛慈"六味地黄丸成功通过"陇字号"首批品牌 ...

今年上半年，面对行业政策、市场环境等变化，佛慈制药以高质量发展为导向，通过深挖市场潜力、强 化成本管控、提高运营效率、完善内控管理，推动公司各项经营管理指标稳定向好。 报告期内，佛慈制药持续优化营销架构与市场布局，加强渠道开发与管理，全力提升产品市场占有率。 网络布局方面，公司在巩固深耕西北存量市场销量的同时，加大对华南、华东、华北、西南以及海外市 场的开发覆盖，不断提升市场覆盖率和市场份额。销售渠道方面，公司系统梳理不同渠道及重点客户， 制定差异化产品销售政策，并借助"京东""天猫"等互联网电商平台，实现线上线下（300959）销售结 合，进一步提高市场占有率。 佛慈制药是一家集药材种植与加工、天然药物与保健品研发、中药现代剂型及保健食品生产销售于一体 的西北地区中医药行业骨干企业。"佛慈"品牌创建于1929年，为商务部首批认定的"中华老字号"，入选 中国消费名品"时代优品"，商标被认定为"中国驰名商标"，产品远销32个国家和地区，出口认证数量、 海外注册数和品种数居行业前列，连续多年位列中国中成药出口十强企业。 佛慈制药拥有丰富的药号资源，现有药品批准文号467个，拥有参茸固本还少丸、定眩丸、竹叶椒片、 ...

Group 1: Brand Awareness and Market Expansion - In 2024, the company implemented various measures to enhance brand awareness and market share, including cultural events and exhibitions [2][3] - The company aims to strengthen its presence in five key markets: Shaanxi, Gansu, Guangdong, Yunnan, and international markets, targeting sales of over 1 billion yuan in each [3][4] - Future strategies include deepening market penetration in the Northwest and expanding sales management to boost overall performance [3][4] Group 2: Financial Performance - In Q1 2025, the company reported a revenue of 216.12 million yuan, a decrease of 21.22% year-on-year, while net profit increased by 5.41% to 19.38 million yuan [3][4] - The operating cash flow for the same period was 8.11 million yuan, reflecting a significant increase of 150.46% [3][4] Group 3: Product Development and Innovation - The company holds 467 drug approval numbers and produces over 110 products, focusing on enhancing the market share of traditional concentrated pills [5][6] - Plans for 2024 include advancing research on new traditional Chinese medicine formulations and improving product quality control standards [9][8] Group 4: Market Strategy and Competition - The company is committed to expanding its market presence in the Northwest, Southwest, East China, South China, and international markets, with tailored strategies for each region [6][8] - The company emphasizes compliance with local regulations and cultural differences in international markets to enhance competitiveness [6][8] Group 5: Future Outlook and Challenges - The pharmaceutical industry is expected to grow due to increasing healthcare demands and government support for traditional Chinese medicine [6][8] - The company is focused on improving operational efficiency and profitability through various strategies, including mergers, equity incentives, and investor relations management [8][9]

Core Viewpoint - The company aims to enhance marketing breakthroughs, strengthen R&D innovation, and achieve profit growth through cost reduction and efficiency improvement in 2025 [1] Financial Performance - In 2024, the company achieved operating revenue of 980 million yuan and a net profit attributable to shareholders of 60.07 million yuan [2] - In Q1 of 2025, the company reported operating revenue of 216 million yuan, with a net profit of 19.38 million yuan, reflecting a year-on-year growth of 5.41% [2] - The net cash flow from operating activities for Q1 was 8.11 million yuan, up 150.46% year-on-year [2] Market Expansion - The company has intensified market development efforts, successfully developing 652 medical institutions and conducting 217 academic promotions and departmental meetings in 2024 [2] - Collaborations with platforms like JD, Alibaba, and Meituan have been established to expand online sales [2] - The company plans to focus on five billion-yuan sales markets and four ten-million-yuan sales markets to drive sales and performance improvement [3] Brand Development - The company is enhancing brand influence by celebrating its 95th anniversary through cultural activities and has successfully applied for the "Buddha 1929 Industrial Museum" [3] - Four traditional Chinese medicine production techniques have been included in the Gansu Province Intangible Cultural Heritage list [3] - The company is actively participating in industry exhibitions and utilizing social media for brand marketing [3] R&D Achievements - The company has made significant progress in R&D, continuing the development of new Chinese medicine products and completing research on three classical formulas [4] - Ongoing research includes four proprietary products and five product standard supplement studies, with 17 products registered for sale in Hong Kong [4] - The company is exploring the health industry by developing food-medicine products and establishing "Charity Tea Houses" to attract younger consumers [4] Product Structure and Market Competitiveness - The company is optimizing its product structure and enhancing profitability by revitalizing idle drug approval numbers and integrating resources [5] - It holds 467 drug production approval numbers and has ten nationwide exclusive products, producing over 110 types of products [5] - The company has implemented a market value management system to enhance operational efficiency and investment value through various strategies [5]

Core Viewpoint - The company reported a decline in revenue for Q1 2025 but an increase in net profit, highlighting a focus on brand enhancement and market expansion strategies to drive future growth [1][7][18]. Financial Performance - In Q1 2025, the company achieved revenue of 216.12 million yuan, a year-on-year decrease of 21.22% - The net profit attributable to shareholders was 19.38 million yuan, an increase of 5.41% year-on-year - The net cash flow from operating activities was 8.11 million yuan, up 150.46% year-on-year [1][7][18]. Brand and Market Strategy - The company implemented various initiatives in 2024 to enhance brand awareness and market share, including cultural events and participation in industry exhibitions - Future plans include deepening market penetration in the northwest region and expanding into five key markets: Shaanxi, Gansu, Guangdong, Yunnan, and international markets [1][2][3][11]. Product Development and Innovation - The company holds 467 drug approval numbers and aims to leverage these resources to enhance product offerings and market competitiveness - Ongoing efforts include the development of new traditional Chinese medicine products and the improvement of existing product standards [3][10][16]. Industry Outlook - The pharmaceutical industry is considered a strategic emerging industry in China, with a positive long-term growth outlook driven by increasing healthcare demands and government support for traditional Chinese medicine [5][6][12]. Market Competition and Positioning - The company has a strong brand presence in the northwest region and aims to enhance its competitive edge through marketing breakthroughs and brand management - Plans to expand into international markets while respecting local regulations and cultural differences are also in place [2][11][12]. R&D and Future Plans - The company is focused on innovation, with plans to advance research on traditional Chinese medicine and develop new products - In 2024, the company aims to complete several key research projects and enhance its innovation capabilities [10][16][18].

Financial Performance - In 2024, the company achieved operating revenue of 98,022.54 million CNY, with a net profit attributable to shareholders of 6,006.98 million CNY, reflecting a decline due to economic conditions, healthcare policy changes, and intensified industry competition [2][3] - In Q1 2025, the company reported operating revenue of 21,612.47 million CNY, a year-on-year decrease of 21.22%, while net profit attributable to shareholders increased by 5.41% to 1,938.16 million CNY [3] - The net cash flow from operating activities in Q1 2025 was 811.04 million CNY, showing a significant year-on-year growth of 150.46% [3] Product Sales and Strategy - The top-selling products in 2024 included Liuwei Dihuang Wan, Xiaoyao Wan, and others, with the top ten products accounting for nearly 50% of total revenue [3] - The company plans to continue developing major products and enhance market share for traditional concentrated pill products [3] Cost Management and Profitability - The increase in gross and net profit margins in Q1 2025 was attributed to optimized marketing channel management, diversified sales strategies, and a decrease in raw material costs [3] - The decline in sales expense ratio in 2024 and Q1 2025 was primarily due to a decrease in operating revenue and effective cost control measures [4] Market Expansion and Subsidiary Management - The company aims to strengthen its presence in traditional markets while expanding into Southern China and international markets [4] - The subsidiary Longnan Foci was dissolved due to changes in market conditions and lack of business operations, with future plans focusing on core business efficiency [5] Strategic Planning and Future Outlook - The company is currently developing its "14th Five-Year" strategic plan, focusing on marketing, R&D innovation, digital transformation, and management improvement [5] - There are plans for potential mergers and acquisitions aimed at enhancing market channels and product development [5] - A shareholder dividend plan for 2024-2026 has been established to ensure reasonable returns to investors [5]