江[Ta中ble药_Sto业ckN（ameRptType] 600750） 公司点评 25 年业绩平稳，盈利能力持续提升 投资评级： 买入（维持） 报告日期： 2026-01-28 | 收盘价（元） | 24.19 | | --- | --- | | 近 12 个月最高/最低（元） | 24.98/20.83 | | 总股本（百万股） | 635 | | 流通股本（百万股） | 629 | | 流通股比例（%） | 99.01 | | 总市值（亿元） | 154 | | 流通市值（亿元） | 152 | 执业证书号：S0010521120002 邮箱：tangc@hazq.com 主要观点： 事件： 公司发布 2025 年年度业绩快报公告，2025 年，公司实现营业收入 42.20 亿元，同比减少 4.87%；实现归属于上市公司股东的净利润 9.06 亿元， 同比增长 14.96%。 收入端维持稳定，利润端持续增长 2025 年业绩稳定，收入端维持稳定，利润端持续增长。2025 年，公司 实现营业收入 42.20 亿元，同比减少 4.87%；归母净利润 9.06 亿元，同 比增长 14.96%；扣非归母净利润 ...

Summary of the Conference Call for Jiangzhong Pharmaceutical Company Overview - Jiangzhong Pharmaceutical is a leading Chinese OTC (over-the-counter) pharmaceutical company, known for its well-established brands such as "Jiangzhong" and "Chuyuan" [10][24]. Key Financial Performance - **2024 Revenue**: 4.44 billion RMB, a decrease of 2.6% year-on-year [1] - **Net Profit**: 790 million RMB, an increase of 9.7% year-on-year, aligning with previous forecasts [1] - **Q4 2024 Revenue**: 1.31 billion RMB, a decrease of 0.8% year-on-year [1] - **Q4 2024 Net Profit**: 140 million RMB, an increase of 11% year-on-year [1] - **Dividend**: Total cash dividend of 750 million RMB, resulting in a 96% payout ratio and a 5.4% dividend yield [1] Business Segment Performance - **OTC Business**: Revenue increased by 7% year-on-year, impacted by a high base in the first half of the year [2] - **Prescription Drugs**: Revenue decreased by 3.5% year-on-year, affected by centralized procurement policies [2] - **Health Products**: Revenue saw a significant decline of 47.3% year-on-year due to business restructuring [2] - **Gross Margin**: Overall gross margin decreased by 0.06 percentage points to 64.0% [2] - **OTC/Health Products Gross Margin**: Increased by 1 percentage point to 72.7% and 0.6 percentage points to 37.7%, respectively [2] - **Prescription Drugs Gross Margin**: Decreased by 17.5 percentage points to 39.3% [2] - **Expenses**: Sales expenses decreased by 8.9%, while management expenses increased by 3.6% [2] Future Outlook - The company will hold a live earnings release conference on March 21 in Nanchang [3]. Valuation and Investment Rating - **Target Price**: 31.00 RMB, maintaining a "Buy" rating based on the SOTP (Sum of the Parts) valuation method [4][11]. - **Current Stock Price**: 21.93 RMB as of March 19, 2025 [5][24]. - **Market Capitalization**: 13.8 billion RMB (approximately 1.91 billion USD) [5]. Risk Factors - Key risks include: - Underperformance in OTC product sales [11] - Slower-than-expected progress in mergers and acquisitions [11] - Growth and margin improvements in the health business post-restructuring may not meet expectations [11] - Price volatility of key raw materials, particularly Taizishen [11] Additional Insights - The company has a projected stock price increase of 41.4% and a forecasted dividend yield of 3.9%, leading to an expected total return of 45.2% [9]. - The stock is rated as "Buy" with a significant upside potential compared to the market return expectations [19]. This summary encapsulates the essential financial metrics, business performance, future outlook, and investment considerations for Jiangzhong Pharmaceutical as discussed in the conference call.