事件：公司发布2025 年半年报，25H1 实现营业收入19.49 亿元，同比增长1.11%；归母净利润3.43 亿 元，同比增长10.04%；扣非归母净利润3.22 亿元，同比增长4.24%。25Q2 实现营业收入9.8 亿元，同比 增长0.74%；归母净利润1.39 亿元，同比增长22.23%；扣非归母净利润1.27 亿元，同比增长9.65%。 二季度业绩增长亮眼，经营现金流优异。分板块来看，25H1，医药工业实现营收12.18亿元（同比 +4.98%），医药商业实现营收5.97 亿元（同比-13.67%），医疗服务实现营收2.08 亿元（同比 +15.63%）。期间费用率略有提升，25H1 期间费用率27.69%（yoy+0.73pct），其中销售费用率23.38% （yoy-0.02 pct），管理费用率3.41%（ yoy+0.10 pct ） ， 财务费用率-1.01% （ yoy+0.51pct ） ， 研发 费用率1.91%（yoy+0.14pct）。经营现金流显著增长，25H1 公司经营现金流量净额为3.11 亿元（同比 +37.94%）。 治痔产品保持稳健增长，品牌与渠道建设持续优化。25 ...

证券研究报告 医药生物 | 中药Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 03 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 孙洁玲 SAC：S1350524120004 sunjieling@huayuanstock.com 投资要点： | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 3,137 | 3,728 | 4,035 | 4,632 | 5,324 | | 同比增长率（%） | -11.20% | 18.85% | 8.24% | 14.79% | 14.96% | | 归母净利润（百万元） | 443 | 528 | 635 | 735 | 852 | | 同比增长率（%） | -7.38% | 19.14% | 20.15% | 15.79% | 15.92% | | 每股收益（元/股） | 1.03 ...

Core Viewpoint - The company has demonstrated steady growth in the first half of 2025 despite challenges in the pharmaceutical industry, achieving a revenue of 1.949 billion yuan and a net profit of 343 million yuan, reflecting a year-on-year increase of 1.11% and 10.04% respectively [4]. Company Overview - Total assets at the end of the reporting period reached approximately 5.633 billion yuan, an increase of 8.70% compared to the previous year [2]. - The net assets attributable to shareholders increased by 1.86% to approximately 4.142 billion yuan [2]. - The company reported a basic earnings per share of 0.80 yuan, up 11.11% from the previous year [2]. Financial Performance - The total revenue for the first half of 2025 was 1.949 billion yuan, a slight increase of 1.11% from 1.928 billion yuan in the same period last year [2][4]. - The total profit amounted to 420 million yuan, representing an 8.36% increase from 388 million yuan year-on-year [2]. - The net profit attributable to shareholders was 343 million yuan, up 10.04% from 312 million yuan in the previous year [2][4]. Market Strategy and Operations - The company has focused on enhancing communication and cooperation with retail channels, leading to improved efficiency in channel collaboration [5]. - The retail terminal has seen significant growth in key chains and product categories, with a notable increase in the output of terminal products [5]. - The company has expanded its product line in the anorectal health sector, launching new products and enhancing user experience [5][6]. Product Development - The company has successfully launched functional probiotics and is actively developing projects related to intestinal and anorectal microecology [6]. - The ophthalmic product line has been enriched with the registration of sodium hyaluronate eye drops, and the company is advancing the production and market launch [6]. - The company is also expanding its presence in the beauty and skincare market, with significant growth in its beauty product line [6]. Challenges and Adaptations - The pharmaceutical industry is facing structural adjustments, prompting the company to optimize its store structure and enhance the health promotion functions of pharmacies [7]. - The company is exploring online business expansion and optimizing product structure to improve profitability [7]. - The company has initiated health-related public welfare activities to enhance brand visibility and consumer engagement [7].

Core Viewpoint - The company has demonstrated resilient growth in a challenging macroeconomic environment, achieving revenue of 1.949 billion yuan and a net profit of 343 million yuan in the first half of 2025, reflecting year-on-year increases of 1.11% and 10.04% respectively [1][3]. Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 1.949 billion yuan, a year-on-year increase of 1.11% [1][3]. - The net profit attributable to shareholders reached 343 million yuan, marking a 10.04% increase compared to the previous year [1][3]. - The company's net profit excluding non-recurring items was 322 million yuan, which is a 4.24% increase year-on-year [1][3]. Group 2: Business Strategy and Market Position - The company is enhancing its pharmaceutical operating capabilities by optimizing its distributor structure and expanding product offerings, resulting in a 4.51% increase in revenue from the parent company [2]. - The company is actively cultivating new growth drivers in ophthalmology and dermatology, with significant progress in product registration and market expansion [3]. - The company is leveraging its strengths in the anorectal market to extend into health-related products, including the launch of new hygiene products [2]. Group 3: Operational Adjustments - The company is adapting to policy changes in the healthcare sector, focusing on optimizing its medical project structure and expanding non-insured business revenues [4]. - The company is restructuring its retail pharmacy operations to enhance health promotion functions and exploring online business opportunities [4]. - The company is increasing brand marketing efforts through various promotional activities and partnerships to enhance market presence [5].

2025 年 08 月 29 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 赵宁宁 S0350523040002 zhaonn@ghzq.com.cn [Table_Title] 治痔产品保持增长态势，看好湿厕纸业务延伸 ——马应龙（600993）2025 年中报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/08/28 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 马应龙 | -0.4% | -3.1% | 5.1% | | 沪深 300 | 7.9% | 16.4% | 35.8% | | 市场数据 | | | 2025/08/28 | | 当前价格（元） | | | 27.50 | | 52 周价格区间（元） | 21.33-31.46 | | --- | --- | | 总市值（百万） | 11,853.98 | | 流通市值（百万） | 11,833.44 | | 总股本（万股） | 43,105.39 | | 流通股本（万股） | 43,030.70 | | 日均成交额（百万） | 185.25 | | ...

Core Viewpoint - The company has achieved significant growth in its financial performance, with a focus on enhancing operational efficiency and expanding its market presence in the pharmaceutical industry. Group 1: Financial Performance - The net profit attributable to the parent company reached 528 million yuan, representing a year-on-year increase of 19.14%, while the net profit excluding non-recurring gains and losses was 511 million yuan, up 44.98% year-on-year [2]. - The main business revenue from the pharmaceutical industry was 2.161 billion yuan, reflecting a year-on-year growth of 17.82% [3]. - The medical service segment reported a revenue of 449 million yuan, marking a year-on-year increase of 30.15% [9]. Group 2: Business Strategy and Operations - The company is consolidating its core advantages in the anorectal field and has launched a new series of sanitary wet wipes targeting anal care, enhancing its competitive edge [4]. - The company has strengthened its brand marketing through various channels, including content marketing and strategic partnerships, to expand its market reach [5]. - The company is focusing on optimizing its research and development structure, particularly in strategic areas such as anorectal, ophthalmology, and dermatology, with multiple projects making progress [6]. Group 3: Governance and Compliance - The board of directors has held six meetings during the reporting period, reviewing 23 proposals, including regular reports and profit distribution [10]. - The independent directors have actively fulfilled their responsibilities, ensuring compliance with relevant laws and regulations while maintaining the interests of all shareholders [23][24]. - The supervisory board has conducted effective oversight of the company's operations, financial status, and compliance with internal controls [20][21]. Group 4: Future Outlook - The pharmaceutical industry is expected to face stricter regulations and price governance, necessitating adjustments in market and pricing strategies [14]. - The retail pharmacy sector is undergoing transformation, with opportunities arising from the government's focus on enhancing health promotion functions [15]. - The company aims to continue its focus on the health and wellness market, leveraging advancements in artificial intelligence to enhance operational efficiency and service innovation [16][18].