8月27日晚，人福医药(600079)披露2025年半年报，实现营业收入120.64亿元，归母净利润11.55亿元， 同比增长3.92%;归母扣非净利润11.3亿元，同比增长3.81%。 报告期内，医药商业板块继续面临行业性挑战。数据显示，第十批国家集采涉及62个品种，平均降幅超 60%，带量采购常态化持续压缩流通环节利润。湖北人福坚持区域医疗综合服务商定位，加快发展专业 药房(DTP)和院边店等新业态，并借助物流自动化和信息透明化实现降本增效。 在巩固现有业务优势的同时，人福医药持续夯实医药细分市场的竞争力。 业绩显示，公司营业收入同比减少6.2%，主要是医药行业支付端结构性改革影响以及公司落实「归核 聚焦」工作、持续优化业务结构所致。不过，公司通过精细化管理、薪酬体系优化、控制负债规模并降 低融资成本等方式，实现归母净利润以及扣非净利润双增。 上半年，人福医药各医药工业子公司持续培育重点品种，核心业务保持稳定增长。在麻醉药领域，宜昌 人福持续推进多科室临床应用工作，注射用盐酸瑞芬太尼、注射用苯磺酸瑞马唑仑等产品实现较快增 长。 业绩显示，人福医药已在湖北武汉、美国圣路易斯和纽约、德国亚琛等地设立研发中心， ...

（原标题：人福医药：2025年上半年归母净利润与扣非净利润实现双增） 经济观察网 程久龙 实习生 刘轩宇 8月27日晚间，人福医药（600079.SH）披露了2025半年度业绩报 告。报告期内，公司实现营业收入120.64亿元，归属于上市公司股东的净利润11.55亿元，同比增长 3.92%，归属于上市公司股东的扣非净利润11.30亿元，较上年同期增长3.81%。 财报显示，公司营业收入较上年同期减少6.20%，主要系医药行业支付端结构性改革影响以及公司落 实"归核聚焦"工作，持续优化业务结构所致。在此背景下，公司通过精细化管理、薪酬体系优化、控制 负债规模并降低融资成本等方式，实现归母净利润以及扣非净利润双增。 核心业务稳健发展 财报显示，报告期内，人福医药各医药工业子公司持续培育重点品种，核心业务保持稳定增长。在麻醉 药领域，宜昌人福作为亚洲最大的麻醉药品定点研发生产基地，持续推进多科室临床应用工作。其注射 用盐酸瑞芬太尼、注射用苯磺酸瑞马唑仑、盐酸羟考酮缓释片等产品实现较快增长，进一步巩固其市场 领先地位。 创新研发与全球布局双轮驱动 在巩固现有业务优势的同时，人福医药也正积极谋划未来发展新蓝图。报告期内 ...

8月27日晚，人福医药（600079）披露2025年半年报，实现营业收入120.64亿元，归母净利润11.55亿 元，同比增长3.92%；归母扣非净利润11.3亿元，同比增长3.81%。 此外，公司重点推进的生物药研发也取得进展。治疗用生物制品1类新药重组质粒-肝细胞生长因子注射 液已完成生产现场核查及临床核查，临近上市。同时，HWS116注射液、CXJM-66注射液等多个一类新 药项目获批临床。 财报显示，公司营业收入同比减少6.2%，主要是医药行业支付端结构性改革影响以及公司落实"归核聚 焦"工作、持续优化业务结构所致。不过，公司通过精细化管理、薪酬体系优化、控制负债规模并降低 融资成本等方式，实现归母净利润以及扣非净利润双增。 在国际化布局方面，人福医药已形成美国、欧洲、非洲三大市场协同发展的格局。因当地竞争激烈以及 关税影响，美国仿制药业务面临一定压力；Paion Pharma立足德国，积极布局欧洲创新药商业化；宜昌 人福也有多个产品在德国、法国获批上市。 上半年，人福医药各医药工业子公司持续培育重点品种，核心业务保持稳定增长。在麻醉药领域，宜昌 人福持续推进多科室临床应用工作，注射用盐酸瑞芬太尼、注 ...

本报讯 （记者李万晨曦）8月27日晚间，人福医药集团股份公司（以下简称"人福医药"）披露了2025半年度业绩报告。报 告期内，公司实现营业收入120.64亿元，归属于上市公司股东的净利润11.55亿元，同比增长3.92%，归属于上市公司股东的扣 非净利润11.30亿元，较上年同期增长3.81%。 子公司湖北葛店人福药业有限责任公司是两性健康激素类药物国内龙头企业，其黄体酮原料药全球市场份额第一，非那雄 胺、布地奈德等原料药市场占有率领先；制剂产品线中，复方米非司酮片为全国独家品种，近年来醋酸阿比特龙片、地诺孕素 片等产品相继上市，公司积极推进两性健康激素类药品的全产业链布局。新生产基地投入运营导致固定资产折旧增加，利润端 阶段性承压，随着产能释放及新产品拓展，盈利能力有望快速恢复。 在特色药物领域，子公司新疆维吾尔药业有限责任公司依托12个全国独家医保品种和4个国家中药保护品种，积极应对医 保控费带来的影响。子公司武汉人福药业有限责任公司则加快推进人尿源蛋白产品的开发及仿制药一致性评价，以应对集采带 来的价格压力，为未来增长积蓄力量。 创新研发与全球布局双轮驱动 夯实长期发展基础 在巩固现有业务优势的同时，人 ...

人福医药集团股份公司2025 年半年度报告 公司代码：600079 公司简称：人福医药 人福医药集团股份公司 二〇二五年八月 人福医药集团股份公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人杜文涛、主管会计工作负责人杜文涛及会计机构负责人（会计主管人员）何华 琴声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的前瞻性陈述不构成公司对投资者的实质承诺，敬请广大投资者注意投资风 险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的风险，具体内容详见本报告"第三 ...

Core Viewpoint - The management changes at Renfu Pharmaceutical following the acquisition by China Merchants Group highlight the company's urgent need to improve performance amid declining profits and ongoing asset optimization efforts [2][5][6]. Management Changes - Several original executives of Renfu Pharmaceutical have resigned since the acquisition by China Merchants Group, including board members and vice presidents [2][5]. - Du Wentao has been appointed as the new president, previously serving as vice president and president of the core subsidiary Yichang Renfu [2]. Financial Performance - Renfu Pharmaceutical's net profit has decreased from 2.484 billion yuan in 2022 to 1.33 billion yuan in 2024, reflecting a significant decline [2][5]. - The company's revenue for 2024 was 25.435 billion yuan, a year-on-year increase of 3.71%, while net profit decreased by 37.7% [5]. Asset Optimization - The company has been actively selling non-core assets to improve its financial position, with a reduction in the asset-liability ratio from 44.49% at the beginning of 2024 to 43.32% by year-end [2][5]. - Renfu Pharmaceutical has implemented a "core focus" strategy since 2017, divesting from various non-core businesses [6][7]. Subsidiary Performance - Yichang Renfu, a key subsidiary, reported revenue of 8.702 billion yuan and a net profit of 2.703 billion yuan in 2024, indicating strong performance compared to other subsidiaries [6]. - Other subsidiaries, such as Hubei Renfu and Sanxia Pharmaceutical, reported losses, with Hubei Renfu's net profit at -0.3 million yuan [6]. Investment and Future Outlook - The company plans to continue its asset optimization and focus on developing competitive and synergistic business areas [7]. - Renfu Pharmaceutical's indirect investment in Jinghong Technology is facing challenges, with the company at risk of delisting due to failure to disclose financial reports [8].

Core Viewpoint - Multiple listed companies in the optical valley, including YF Communication, Renfu Pharmaceutical, Changfei Fiber, Huagong Technology, and Dameng Data, have reported steady growth in their 2024 annual reports and 2025 Q1 reports, driven by technological innovation and expansion into emerging businesses [1]. YF Communication - In 2024, YF Communication achieved revenue of 28.549 billion yuan, a year-on-year increase of 39.05%, with a net profit growth of 74.06% in Q4 [2]. - The company’s optical communication and computing businesses performed exceptionally well, with the FTTR project seeing an 800% increase in contract scale and computing business revenue nearing 6 billion yuan, reflecting a compound annual growth rate of over 100% over two years [4]. - In Q1 2025, the net profit attributable to shareholders grew by 33.08%, with plans to explore new application areas such as computing and marine networks [4]. Renfu Pharmaceutical - In 2024, Renfu Pharmaceutical reported revenue of 25.435 billion yuan and a net profit of 1.33 billion yuan, maintaining steady growth [5]. - The company invested over 1.471 billion yuan in R&D, accelerating the development of innovative drug projects and obtaining approvals for nearly 20 new products [7]. - In Q1 2025, the net profit increased by 11.09%, indicating a recovery in profitability [7]. Changfei Fiber - In 2024, Changfei Fiber recorded revenue of 12.197 billion yuan and a net profit of 676 million yuan, with optical communication-related revenue reaching 11.917 billion yuan and a gross margin of 27.78% [8]. - The company achieved significant advancements in 800G ultra-high-speed optical transmission and developed a disruptive air-core fiber technology, improving signal transmission speed by approximately 47% [10]. - In Q1 2025, the net profit attributable to shareholders surged by 161.91% [10]. Huagong Technology - In 2024, Huagong Technology's revenue was 11.709 billion yuan, with a net profit of 1.221 billion yuan, reflecting year-on-year growth of 13.57% and 21.17% respectively [12]. - The company has seen rapid penetration in the photovoltaic energy storage and power battery application sectors, with significant growth in orders from the shipbuilding industry [12]. - In Q1 2025, Huagong Technology continued its growth trend, with revenue of 3.355 billion yuan, up 52.28%, and a net profit of 410 million yuan, up 40.88% [14]. Dameng Data - In 2024, Dameng Data achieved revenue of 1.044 billion yuan, a year-on-year increase of 31.49%, with a net profit growth of 22.22% [15]. - The company reported a record high gross margin of 99.69% on software product licensing revenue of 894 million yuan [15]. - In Q1 2025, Dameng Data's revenue grew by 55.61%, with a non-net profit increase of 87.92% [17].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's core business shows stable growth, driven by both R&D and restructuring efforts [8] - In 2024, the company achieved total revenue of 25.435 billion yuan, a year-on-year increase of 3.71%, while the net profit attributable to shareholders was 1.330 billion yuan, a decrease of 37.70% [8] - The company is focusing on core products and accelerating R&D innovation, with over 500 projects in the pipeline, including more than 60 innovative drug projects [8] Financial Performance Summary - Total revenue forecast for 2024 is 25.435 billion yuan, with a projected growth rate of 3.71% [8] - The net profit attributable to shareholders is expected to be 1.330 billion yuan in 2024, with a significant decrease of 37.70% [8] - The earnings per share (EPS) for 2024 is projected at 0.81 yuan, with a P/E ratio of 25.56 [8] - The company’s R&D expenses for 2024 are estimated at 1.471 billion yuan, reflecting a slight increase of 0.59% [8] - The company’s core anesthetic business is expected to grow steadily, with net profit forecasts for 2025 and 2026 adjusted to 2.224 billion yuan and 2.653 billion yuan, respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a significant increase in stock price over the next 6-12 months [5]. Core Insights - The company reported a revenue of 25.435 billion RMB for 2024, reflecting a year-on-year growth of 3.71%. However, the net profit attributable to shareholders decreased by 37.70% to 1.33 billion RMB [2]. - The company plans to achieve over 27 billion RMB in revenue for 2025, with a focus on becoming a leader in the pharmaceutical niche market [3]. - The company has a robust pipeline with over 500 projects under research, including more than 60 innovative drug projects, supporting long-term growth [3]. - The major shareholder,招商生科, is restructuring its debt and has increased its stake in the company, indicating confidence in its future [4]. Summary by Sections Performance Overview - In Q1 2025, the company reported a revenue of 6.137 billion RMB, a decrease of 3.61% year-on-year, while net profit attributable to shareholders increased by 11.09% to 540 million RMB [2]. Business Strategy - The company aims to achieve a revenue of over 27 billion RMB in 2025, with a comprehensive gross profit margin exceeding 45% [3]. - The company is committed to optimizing its asset-liability structure and controlling expenses effectively [3]. Research and Development - The company allocated approximately 1.471 billion RMB for R&D in 2024, representing about 10.36% of its pharmaceutical revenue [3]. - The company received approvals for nearly 20 new products in 2024, enhancing its innovative product offerings [3]. Financial Forecast - The company is projected to generate revenues of 27.2 billion RMB in 2025, with a year-on-year growth of 6.9%, and net profit is expected to rise to 2.3 billion RMB, reflecting a growth of 70% [5]. - The report outlines a gradual increase in revenue and net profit for the years 2025 to 2027, with expected revenues of 29.2 billion RMB and 31.42 billion RMB in 2026 and 2027, respectively [10].