2025.06. 20 本文字数：2029，阅读时长大约3分钟 作者 | 第一财经 王媛丽 短短两个半月内，永安药业（002365.SZ）股价从9元飙升至28元，累计涨幅超200%。 截至6月19日收盘，永安药业市盈率（TTM）高达261倍，远超医药制造业平均市盈率32倍，但支撑 这波行情的牛磺酸价格，已从5月的2.5万元/吨的峰值回落至1.6万元/吨。 目前，永安药业仍面临主营业务"失血"和新业务能否持续的双重挑战。2022年-2024年，该公司营收 累计下跌42.6%，今年一季度续亏400多万元。 2个月股价暴涨200% 自4月启动行情以来，永安药业经历了三波涨势，股价从不足9元一路涨至最高时的29.19元，累计最 高涨幅高达224%。在经历了新一轮上涨后，永安药业6月19日跌停，报收25.44元/股。 市场次轮炒作永安药业的核心逻辑，围绕牛磺酸"供需缺口"展开。2025年4月，美国食品药品监督管 理局（FDA）要求婴幼儿奶粉和宠物食品必须添加牛磺酸。中国作为全球90%产能的供应方，因国内 环保限产和海外同行企业停产，进一步加剧供应紧张。 永安药业2024年报称，该公司现有牛磺酸生产能力5.8万吨/年，占 ...

Core Viewpoint - Yong'an Pharmaceutical's stock price surged over 200% in just two and a half months, driven by speculation around taurine supply shortages, despite facing significant operational challenges and declining revenues [1][2][6]. Stock Performance - The stock price rose from under 9 yuan to a peak of 29.19 yuan, marking a maximum increase of 224% [2]. - As of June 19, the stock closed at 25.44 yuan after experiencing a trading halt [2]. - The company's price-to-earnings ratio (TTM) reached 261, significantly higher than the industry average of 32 [1]. Taurine Market Dynamics - The speculation around taurine was fueled by a projected supply gap due to regulatory changes in the U.S. requiring taurine in infant formula and pet food by April 2025 [2]. - Yong'an Pharmaceutical holds approximately 50% of the taurine market share with a production capacity of 58,000 tons per year, primarily exporting 60.23% of its revenue overseas [2][7]. - Despite rumors of taurine prices skyrocketing, actual prices peaked at 25,000 yuan per ton in early May before dropping to 16,000 yuan per ton [7]. Financial Performance - Yong'an Pharmaceutical's revenue is projected to decline by 42.6% from 2022 to 2024, with a drop from 1.462 billion yuan to 839 million yuan [7]. - The company reported a net loss of over 4 million yuan in the first quarter of 2025, a 115.23% year-on-year decline [7]. - The taurine segment, which constitutes 75.67% of total revenue, saw a 4.14% decline in revenue for 2024, despite a 16.32% increase in sales volume [7]. Management and Operational Challenges - The company is facing dual challenges of declining core business and uncertainty regarding new ventures [1][6]. - The chairman, Chen Yong, was placed under investigation, leading to a temporary stock price drop [4][9]. - Despite the turmoil, the company is attempting to pivot towards health products, with its subsidiary launching a solid functional beverage that gained traction in online sales [8][9]. Market Sentiment and Speculation - The stock's dramatic rise was largely driven by speculative trading, with significant participation from retail investors and various trading firms [4]. - The market's reaction to management changes and operational challenges indicates a potential disconnect between stock performance and underlying business fundamentals [6][9].

有投资者在互动平台向永安药业（002365）提问，公司新开发的易加能牛磺酸功能饮料产品除了线上销 售外，今后是否有计划进行线下销售？永安药业回复，子公司永安康健易加能产品目前已开始在部分地 区连锁药房铺货并进行终端推广。 ...

金十数据6月13日讯，永安药业在互动易表示，公司产品主要聚焦以牛磺酸为核心的健康产业链构建， 易加能品牌目前采用大单品策略，除现有产品外，公司会围绕牛磺酸的生理功能打造系列不同功能的产 品，比如抗疲劳、护肝、缓解眼部疲劳、增强记忆力、增强免疫力等等。 永安药业：公司会围绕牛磺酸的生理功能打造不同功能的产品 ...

这次监管出手，先从摸排线索开始，要把这些"黑嘴"揪出来，这说明官方对这种乱象是零容忍的。多个部门 一起行动，加大对造谣者的处罚力度，起到很好震慑作用。 不仅有 利于资本市场的长期稳定发展，还能保护投资者免受虚假信息误导，降低投资风险，增强投资者对资 本市场的信心。 02 新消费势不可挡 消费方向再度走强，珠宝首饰、美容护理等领涨，食品饮料、旅游酒店等细分同步走强。 消息面上，随着情绪经济、盲盒经济在消费市场掀起热潮，国内潮玩板块的领军企业——泡泡玛特（ 0 9992.HK) ，正经历"高光时刻"，今日盘中涨逾 6% 再创历史新高。 有地方证监局向辖区各公司下发通知，摸排涉股市"小作文"线索、案例及建议，旨在更好地推动整治涉辖区 资本市场网络"黑嘴"伤企乱象，共同营造风清气正的资本市场舆论环境。 近年来，股市 "小作文" 现象屡禁不止，且随着社交媒体发展和 AI 技术应用，其传播速度更快、隐蔽性更 强、危害更大。"小作文" 内容主要涉及宏观经济政策、行业政策、特定上市公司等不实信息，与非法荐股、 操纵市场等违法行为相互交织。 市场全天震荡反弹，创业板指领涨，两市成交额约沪深两市全天成交额 1. 15 万亿，较上 ...

A股三大指数今日集体调整，截至收盘，沪指跌0.02%，深成指跌0.26%，创业板指跌0.31%，北证50指数跌1.39%。全市场成交额10339亿元，较 上日放量98亿元。全市场近3500只个股飘绿。 板块题材上，可控核聚变、大消费、无人驾驶板块领涨；宠物经济、互联网电商板块跌幅居前。 盘面上，可控核聚变概念持续活跃，融发核电4连板，利柏特、合锻智能、雪人股份涨停 值得注意的是，高位股午后调整，利君股份、宜宾纸业跌停。 01 可控核聚变概念掀起涨停潮 核电，可控核聚变概念延续强势，概念股纷纷涨停；融发核电4连板，雪人股份，利柏特，长城电工，汇金通等全部涨停 | 会稽山 | | | | | | --- | --- | --- | --- | --- | | 601579 已收盘 05-28 15:00:00 北京 | | | | | | 4.53万人加自选 > 25.81 +2.35 +10.02% CN 融 通 L | | | | | | 高 25.81 总市值 123.75亿 | 开 25.81 量 57.57万手 | | | | | 低 24.68 市盈TTM 62.58 | 换 12.01% 额 14. ...

今天，A股三大指数集体回调。截至收盘，上证指数下跌0.18%，深证成指、创业板指数分别下跌 0.61%、0.68%。 沪深两市成交额仅有9989亿元，较昨日小幅缩量110亿元。整个市场共有2637只个股上涨，2576只个股 下跌。 继昨天收出十字星后，上证指数今天收出了小阴线，加上跌破了20日均线，这意味着最近两天的调整大 概率是中继形态。 目前，上证指数没有发出调整结束的信号。成交缩量，行情有一种食之无味、弃之可惜的感觉。 资金层面，近期，富国基金、嘉实基金、工银瑞信基金旗下的中证诚通国企数字经济ETF陆续募集成 立。 3只ETF最新披露的上市交易公告书显示，北京诚通金控投资有限公司（以下简称诚通金控）分别认购 了3只ETF各2亿元，合计6亿元，均位列第一大持有人。 公开资料显示，诚通金控由央企中国诚通控股集团有限公司（以下简称中国诚通）100%控股。 中国诚通是国务院国资委监管的中央企业，是国资委首批建设规范董事会试点企业、首家国有资产经营 公司试点企业和中央企业国有资本运营公司试点单位。 4月7日，中国诚通表示，作为国务院国资委资本运营平台，坚定看好中国资本市场发展前景，后续将进 一步发挥国有资本运营公 ...

A股的"泡泡玛特们"涨疯了。 近期A股市场持续地量运行。 今天（5月27日），A股市场成交额继续缩量，仅1.02万亿元。从交易风格来看，当前热点主要集中在重组、新消费两大方 向，而红利板块则稳健上扬，科技股持续低迷。 盘面上，新消费题材继续领涨，相关板块涨幅普遍靠前，纺织服饰涨超1%，美容护理、农林牧渔、轻工制造等逆市走强。 个股方面，中旗股份、格力博等多只个股"20cm"涨停，黄河旋风、百利电气、明牌珠宝等个股涨停。明牌珠宝、金枫酒 业、青岛金王等10余只个股均属于新消费题材。下跌股方面，滨海能源成为唯一跌停的非ST股，另外纬德信息、绿的谐波 等个股跌超8%。 绿的谐波大跌超8% 绿的谐波大幅下挫主要因为大股东减持。 5月26日晚间，绿的谐波发布公告称，公司控股股东、实际控制人左晶和左昱昱计划通过集中竞价交易和大宗交易方式，分 别减持不超过274.82万股，即不超过总股本的1.5%，合计减持不超3%公司股份。减持期间为2025年6月19日至9月18日。 资料显示，绿的谐波是一家专业从事精密传动装置研发、设计、生产和销售的高新技术企业，产品包括谐波减速器、行星 滚柱丝杠及精密零部件、机电一体化产品、智能自动化 ...

Core Viewpoint - The pharmaceutical sector in A-shares has shown significant performance in 2025, with many stocks experiencing substantial price increases, despite a recent pullback in the market [1][2]. Group 1: Market Performance - As of May 26, the A-share market saw the Shanghai Composite Index drop by 0.05% to 3346.84 points, with the Shenzhen Component Index down 0.41% and the ChiNext Index down 0.8% [1]. - The biopharmaceutical sector has had a strong year, with five stocks rising over 100% and 35 stocks increasing by more than 50% since the beginning of 2025 [1][2]. Group 2: Individual Stock Performance - Notable performers include Yong'an Pharmaceutical, which has seen a price increase of 171.34%, and other companies like Yipin Pharmaceutical and Sanofi National Health, with increases of 169.87% and 138.47%, respectively [3][4]. - The Wind data indicates that the Wande Innovation Drug Index and the Pharmaceutical and Biological Index have risen by 11.21% and 3.17%, respectively, outperforming major indices like the Shanghai Composite and CSI 300 [2]. Group 3: Factors Driving Stock Prices - Yong'an Pharmaceutical's stock price surge is attributed to rising international prices of taurine and strong sales performance of its functional beverage brand "Yijianeng" on e-commerce platforms [5]. - The recent authorization deal between Sanofi Pharmaceutical and Pfizer for a breakthrough PD-1/VEGF bispecific antibody has also driven stock prices, with potential total transaction value exceeding $6 billion [9]. - The acceleration of innovative drug development and the increasing focus on AI in healthcare are contributing factors to the rising stock prices of several pharmaceutical companies [10]. Group 4: Future Outlook - Analysts are optimistic about the investment opportunities in innovative drugs for the second half of 2025, citing the international competitiveness of China's innovative drug development [12]. - The pharmaceutical industry is expected to benefit from ongoing innovation, demographic trends, and favorable policy environments, with a focus on innovative drugs and consumer recovery [12].

Core Viewpoint - The surge in taurine prices and the popularity of functional beverages have significantly driven the stock price of Yong'an Pharmaceutical, which has seen a remarkable increase in recent weeks [2][9]. Group 1: Taurine Market Dynamics - Yong'an Pharmaceutical, the largest taurine producer globally, is projected to achieve approximately 635 million yuan in revenue from taurine raw materials in 2024, accounting for 75.69% of total revenue [7]. - Recent international taurine prices have exceeded $10 per kilogram, driven by trade war price expectations and U.S. regulations mandating taurine in infant formula and pet food [7][8]. - The global demand for taurine is estimated at 160,000 tons annually, while current production capacity is only 140,000 tons, resulting in a shortfall of about 20,000 tons [8]. Group 2: Functional Beverage Market Entry - Yong'an Pharmaceutical has successfully entered the functional beverage market, contributing to its recent stock price surge [9]. - The company's solid functional beverage brand, Yijianeng, has achieved significant sales, ranking first in popularity on various e-commerce platforms [10]. - The functional beverage market in China is projected to grow to 166.5 billion yuan by 2024, with a compound annual growth rate of 8.3% from 2019 to 2024, indicating substantial growth potential [10][11]. Group 3: Strategic Initiatives - The company has focused on the anti-fatigue market for its functional beverage offerings, with plans to launch its self-branded products by the end of 2024 [11]. - Yong'an Pharmaceutical is actively involved in the research, development, and production of taurine-based functional foods and health products [11].