（编辑 袁冠琳） 证券日报网讯 佛慈制药8月28日发布公告，在公司回答调研者提问时表示，2025年上半年公司销量排在 前列的产品主要是六味地黄丸、二陈丸、逍遥丸、归脾丸、八珍丸、安宫牛黄丸、参茸固本还少丸等， 其中二陈丸、安宫牛黄丸、参茸固本还少丸等产品推广效果较好。未来公司将持续推进大单品开发战 略，巩固并提升六味地黄丸系列等传统浓缩丸产品的市场占有率，加大对参茸固本还少丸、复方黄芪健 脾口服液等独家品种以及二陈丸、安宫牛黄丸、八珍丸、安神补心丸等市场需求较大产品的销售。 ...

Financial Performance - In the first half of 2025, the company's revenue reached 3,010.46 million CNY, with a net profit attributable to shareholders of 42.9 million CNY, and a net cash flow from operating activities of 1,788.09 million CNY, achieving a year-on-year growth of 364.33% [2][4] - The overall gross margin for the first half of 2025 increased to 39.93%, up by 5.32% compared to the same period last year [3][7] Sales Channels and Market Strategy - The company maintained over 60% sales from commercial chains, approximately 20% from medical channels, and around 20% from online and other channels, with overall sales performance remaining stable compared to the previous year [4] - The company is leveraging e-commerce platforms like JD and Tmall to enhance market share and develop potential markets [4] Product Development and Innovation - The company is focusing on the secondary development of four unique products, including the Ren Shen Gu Ben Wan and Fu Fang Huang Qi Jian Pi Oral Liquid, aiming to enhance their market competitiveness through technological upgrades [6] - Major products with strong sales in the first half of 2025 include Liu Wei Di Huang Wan, Er Chen Wan, and An Gong Niu Huang Wan, with plans to continue promoting these key products [5] International Expansion - The company has exported products to 32 countries and regions, including the USA, Canada, and Australia, and has achieved significant international certifications, including TGA and PIC/S [8] - Future plans include increasing international market share through brand collaboration and channel sharing [8] Cost Management and Future Planning - The decrease in sales expenses is attributed to a decline in revenue and effective cost control measures implemented by the company [8] - The company is actively developing its "14th Five-Year Plan," focusing on marketing breakthroughs, brand building, and innovation in research and development [8]

Core Insights - The rising prices of traditional Chinese medicine (TCM) herbs are causing significant concern among patients, with many unable to afford necessary treatments [1][2][3] - The increase in prices is attributed to higher cultivation costs, multiple layers of pricing in the distribution chain, and speculative capital inflating prices [1][4][6] - Experts suggest that a collaborative approach involving government, enterprises, and the industry is essential to bring prices back to a reasonable level [1][7] Price Trends - Prices of various TCM products have doubled or even tripled in recent years, with specific examples such as the price of Compound Suanzaoren Capsules rising from 49.9 yuan in 2017 to 80 yuan, and in some cities reaching 150 yuan [2] - The price of traditional herbs like Bai Shao and Bai Shu has surged from 30-40 yuan per kilogram in 2022 to around 200-300 yuan in 2023 [2] - The price of herbs like Chan Tui has increased from approximately 600 yuan per kilogram five years ago to around 2000 yuan currently [2] Cost Factors - The increase in TCM herb prices is primarily due to rising labor and agricultural input costs, with the cost of cultivating Angelica Sinensis (Dang Gui) increasing from 2000 yuan to 3000 yuan per acre [4][6] - Extreme weather conditions, such as droughts, have also contributed to price hikes, with the price of Party Ginseng rising from 70 yuan to 110 yuan per kilogram [4] Distribution Challenges - The distribution chain for TCM is lengthy, involving multiple stakeholders, which leads to significant markups at each stage [5][6] - The high cost of raw materials is not easily passed down to consumers, as the prices of finished products remain elevated despite some reductions in raw material costs [6] Policy Recommendations - Experts recommend enhancing price regulation mechanisms to stabilize TCM herb prices and improve transparency in the market [7][8] - Suggestions include promoting mechanized and standardized cultivation practices, establishing direct supply chains from producers to retailers, and creating a comprehensive traceability system for TCM products [7][8]

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]