8月25日主力资金净流出8482.62万元，占流通市值0.17%。近五个交易日累计净流出2.65亿元，占流通 市值0.51%。 风险提示：股市有风险，投资需谨慎。 华润三九最新股价报30.93元，较前一交易日上涨0.65%。盘中最高触及30.96元，最低下探30.68元，全 天成交6.23亿元。 华润三九属于中药制造行业，是大型国有控股医药上市公司。公司主要从事医药产品的研发、生产、销 售及相关健康服务，核心业务覆盖处方药、OTC、抗生素等领域。 根据最新披露的中报数据，华润三九位列QFII持流通股市值前五名。在已披露中报的1600余家上市公司 中，华润三九获得外资机构重点配置。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 中國，上海 2025 年 8 月 25 日 於本公告日期，執行董事為連萬勇先生及孫京林先生；非執行董事為趙炳祥先生、陳啟宇先生、祖敬先 生、邢永剛先生、陳玉卿先生、文德鏞先生及馮蓉麗女士；獨立非執行董事為李培育先生、吳德龍先生、 俞衛鋒先生、石晟昊先生及陳威如先生。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據香港公司條例註冊為非香港公司。 海外監管公告 国药控股股份有限公司 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 公司债券中期报告 以下公告的中文原稿將由國藥控股股份有限公司於 2025 年 8 月 25 日於上海證券交易所網站 (http://www.sse.com.cn)發佈，僅供參閲。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 （2025 年） 二〇二五年八月 0 国药控股股份有限公司公司债券中期报告（202 ...

公司上半年业绩：收入、归母净利、扣非归母21.4、5.2、4.8 亿元（-6%、+6%、+2% yoy），其中二季 度收入、归母净利、扣非归母9.6、2.4、2.2亿元（-4%、+6%、+7% yoy）。公司公布1H25 利润分配方 案，每股派发0.5 元（含税），占同期归母净利润60.78%。收入下滑主因OTC 需求变化，公司成本费用 进一步优化、盈利能力持续提升。我们看好江中作为我国肠胃OTC 领军企业，内生外延持续稳健成 长，维持"买入"评级。 OTC 承压，健康消费品、处方药逆势增长 1）4M25 公司股权激励计划获得批复通过，1M25 公司提升股权激励解锁条件，2025-27 资本回报率、 归母净利符合增长率和研发投入强度均较此前有所上调，充分彰显经营信心。我们看好公司稳健增长兑 现经营目标；2）1H25公司现金分红占同期归母净利润60.78%，公司在"十四五"期间保持每年2 次的现 金分红频次，充分体现公司高度重视股东回报。4M25 公司发布《2025"提质增效重回报"行动方案》， 再次强调重视投资者回报，共享公司发展成果，我们看好2025 年公司维持较高分红比率。 维持"买入"评级 我们维持盈利 ...

根据最新财报，九芝堂上半年营业收入12.65亿元，同比下降24.71%；归母净利润1.44亿元，同比下滑 29.71%。核心产品OTC业务收入下滑36.05%，处方药收入下降10.67%。 8月22日主力资金净流出4541.54万元，近五日主力资金累计净流出4903.47万元。 风险提示：市场有风险，投资需谨慎。 截至2025年8月22日15时，九芝堂股价报11.76元，较前一交易日下跌1.92%。当日成交额4.81亿元，换 手率5.92%。 九芝堂主要从事中药及大健康产品的研发、生产和销售，业务涵盖OTC、处方药、医药商业等领域。公 司实际控制人为黑龙江省国资委。 ...

公司研究丨点评报告丨九芝堂（000989.SZ） [Table_Title] 业绩符合预期，干细胞药物进展顺利 报告要点 丨证券研究报告丨 1 [Table_Summary] 2025 年 8 月 20 日，公司发布 2025 年半年度报告。2025 年上半年实现营业收入 12.65 亿元， 同比下滑 24.71%；实现归母净利润 1.44 亿元，同比下滑 29.71%；实现扣非归母净利润 1.36 亿元，同比下滑 28.45%。2025 年第二季度，公司实现营业收入 4.59 亿元，同比下滑 23.52%； 实现归母净利润 0.27 亿元，同比下滑 54.58%；实现扣非归母净利润 0.22 亿元，同比下滑 57.27%。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 九芝堂（000989.SZ） cjzqdt11111 [Table_Title2] 业绩符合预期，干细胞药物进展顺利 [Table_Summ ...

证券研究报告 江中药业 (600750 CH) 盈利能力提升、维持稳健分红 2025 年 8 月 22 日│中国内地 中药 公司上半年业绩：收入、归母净利、扣非归母 21.4、5.2、4.8 亿元（-6%、 +6%、+2% yoy），其中二季度收入、归母净利、扣非归母 9.6、2.4、2.2 亿元（-4%、+6%、+7% yoy）。公司公布 1H25 利润分配方案，每股派发 0.5 元（含税），占同期归母净利润 60.78%。收入下滑主因 OTC 需求变化， 公司成本费用进一步优化、盈利能力持续提升。我们看好江中作为我国肠胃 OTC 领军企业，内生外延持续稳健成长，维持"买入"评级。 OTC 承压，健康消费品、处方药逆势增长 行业承压背景下公司经营彰显韧性（1H25 我国医药制造业营业收入同比下 降 1.2%、利润同比下降 2.8%）：1）受终端需求变化影响，1H25 OTC 收 入 15.5 亿元（-10% yoy）；2）公司在 B to C、OTO、兴趣电商等各类线 上渠道推广、加强品牌渠道建设，成效显著，1H25 健康消费品板块收入 2.3 亿元（+17% yoy）；3）公司强化合规运营、积极参与集采、 ...

Core Viewpoint - The introduction of self-service medicine dispensing machines has raised concerns among traditional pharmacy owners about competition and safety, particularly regarding the dispensing of prescription medications [1][9][10]. Summary by Relevant Sections Self-Service Machines and Regulations - A draft regulation in City A allows self-service machines to dispense prescription and Class A non-prescription drugs, causing anxiety among pharmacy owners who fear they cannot compete with the lower operational costs of these machines [1][9]. - The self-service machines can operate with significantly lower costs, estimated at a few thousand yuan annually, compared to the nearly 20,000 yuan monthly labor costs for traditional pharmacies [1][12]. Industry Concerns - Pharmacy owners express worries that self-service machines could lead to unsafe medication practices, as they may bypass the necessary checks by licensed pharmacists [10][11]. - The lack of regulatory clarity on how prescription medications will be dispensed through these machines adds to the uncertainty and fear of potential misuse [9][10]. Cost and Competition - The operational cost disparity between traditional pharmacies and self-service machines is stark, with traditional pharmacies facing high labor and rental costs, while self-service machines require minimal investment [12][17]. - The ability to deploy multiple self-service machines quickly gives them a competitive edge over traditional pharmacies, which require significant investment and time to establish [18][20]. Market Dynamics - The self-service machine model could disrupt the traditional pharmacy market, as it allows e-commerce platforms to dominate both the distribution and sales of medications [22]. - Some pharmacy owners have attempted to implement self-service machines but found them unprofitable due to low sales volumes and high operational costs [21][23]. Future Implications - The potential widespread adoption of self-service machines could render traditional pharmacies less competitive, leading to significant changes in the retail pharmacy landscape [20][27]. - Industry experts suggest that while self-service machines can enhance convenience and efficiency, strict regulations and safety measures must be in place to protect consumers [11][27].

Core Viewpoint - The introduction of self-service medicine dispensing machines is causing significant concern among traditional pharmacy owners, as these machines can potentially sell prescription drugs without the need for licensed pharmacists, leading to competitive disadvantages for brick-and-mortar stores [1][11][14]. Summary by Relevant Sections Self-Service Machines and Regulations - A draft regulation in A City allows self-service machines to dispense prescription and Class A non-prescription drugs, raising alarms among pharmacy owners about competition from e-commerce platforms [1][11]. - The self-service machines can operate at a fraction of the cost of traditional pharmacies, with estimates suggesting annual operating costs of only a few thousand yuan compared to nearly 20,000 yuan for a single pharmacy's labor costs [1][18]. Market Dynamics and Competition - The self-service machines are seen as a threat to traditional pharmacies, which are already struggling with high operational costs, including rent and staffing [22][25]. - The ability to set up multiple machines quickly and at low cost gives e-commerce platforms a significant advantage over traditional pharmacies, which require substantial investment to open new locations [23][26]. Safety and Regulatory Concerns - Experts express concerns about the safety of dispensing prescription drugs without the oversight of licensed pharmacists, as the machines could bypass necessary checks and balances [11][14][17]. - Current regulations in other cities, like Beijing, restrict self-service machines to non-prescription drugs, highlighting the need for careful consideration of safety and compliance [10][11]. Financial Viability of Self-Service Machines - Some pharmacy owners have attempted to implement self-service machines but found them unprofitable, with revenues failing to cover costs associated with the machines [26][27]. - The high initial investment and ongoing operational costs of self-service machines make them less appealing compared to traditional staffing solutions in densely populated areas [31]. Future Implications for the Industry - If the self-service machine model proves successful in A City, it could significantly disrupt the traditional retail pharmacy landscape, making it difficult for them to compete [24][25]. - The industry must find a balance between innovation and safety, ensuring that the introduction of self-service machines does not compromise patient care [25][31].

Core Viewpoint - HCM's stock opened up by 2.08% on August 15, with a market capitalization of $2.826 billion, despite a year-over-year revenue decline of 9.16% to $27.8 million, while net profit surged by 1663.32% to $455 million as of June 30, 2025 [1][1][1] Group 1: Financial Performance - As of June 30, 2025, HCM reported total revenue of $27.8 million, a decrease of 9.16% year-over-year [1] - The company achieved a net profit of $455 million, reflecting a significant increase of 1663.32% compared to the previous year [1] Group 2: Company Overview - HCM is recognized as one of China's first innovative pharmaceutical research and development companies focused on the global market [1] - Over the past 20 years, the company has established a comprehensive and integrated R&D innovation platform with world-class discovery and development capabilities [1] - HCM has successfully launched three self-discovered anti-tumor candidate drugs in China, with the first drug also approved in the United States [1] - The company has built a profitable commercial platform in China for the production, marketing, and distribution of its innovative oncology drugs, prescription drugs, and consumer healthcare products [1] - HCM is listed on the NASDAQ Global Select Market, Hong Kong Stock Exchange, and London Stock Exchange's AIM market [1]

Group 1: U.S.-China Trade Relations - Trump's willingness to visit China is contingent on reaching a favorable agreement, indicating a fluctuating stance on U.S.-China relations [1][3] - Ongoing trade negotiations have seen three rounds of discussions, with persistent disagreements on issues like agricultural procurement and market access [3] - The U.S. has tightened export restrictions on NVIDIA's H20 chips to China, raising questions about the sincerity of U.S. negotiations [3] Group 2: Tariff Implications - Trump announced plans to impose tariffs on approximately $120 billion worth of Chinese imports, with rates as high as 250% on certain products like chips and pharmaceuticals [3][4] - The pharmaceutical sector is a key target, as 35% of U.S. prescription drug imports come from China, and high tariffs could significantly increase costs [4] - The unilateral imposition of tariffs contradicts existing agreements, such as the U.S.-EU Digital Products Tariff Reduction Agreement, which includes many of the products targeted by Trump's tariffs [7] Group 3: Global Trade Dynamics - Concerns over U.S. trade policy uncertainty have risen, with the EU Trade Representative's office expressing dissatisfaction and indicating a reevaluation of trade agreements with the U.S. [7] - Japanese companies are advised to reduce reliance on U.S. supply chains, while South Korean firms like Samsung are shifting production back to Korea due to tariff concerns [7] - China's countermeasures against U.S. tariffs have led to a significant decrease in imports from the U.S. and an increase in exports to Belt and Road Initiative countries, showcasing a successful diversification strategy [9]