恩威医药（301331）（301331）日前披露中报显示，公司上半年实现营业总收入4.49亿元，同比上升 15.73%，归母净利润达到3834.42万元，同比大幅增长113.8%，盈利能力显著提升。 在医药工业整体弱复苏背景下，公司经营业绩呈现出中药企业特有的强劲发展韧性。这份成绩单不仅印 证了公司深耕中药领域的战略成效，更凸显了其品牌优势、创新突围与价值增长的逻辑进入兑现期。 必须看到，公司核心大单品"洁尔阴洗液"长期在城市实体药店妇科炎症类中成药市场份额稳居第一， 2025年以来仍保持市场优势，体现出难以撼动的强大市场认可度与品牌影响力。 研发方面，公司继续保持较高投入强度，持续推动相关药品的一致性评价及Ⅲ期临床前的研发投入，推 动产品向高质量、高标准方向转型，提升市场认可度。 当前，公司拥有21个独家品种，包括山麦健脾口服液、金栀洁龈含漱液等，显示出较强的产品差异化能 力。 今年上半年，尽管面临尽管成本端较大的传导压力，但公司妇科板块毛利率仍保持在58.31%的高水 平，且营业收入同比继续实现两位数增长，表明该板块具备极强定价能力与市场掌控力。 与此同时，公司已经构建起涵盖女士护理、男士护理、内衣洗液及 ...

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 812.13 million yuan, a year-on-year increase of 3.43% [7] - The net profit attributable to shareholders was 37.50 million yuan, showing a decline compared to the previous year due to non-operating factors [7] - The company aims for a revenue target of 1 billion yuan and plans to double its net profit in 2025 [5] Group 2: Sales and Profit Margins - The gross margin for online sales is approximately 60%, while offline sales have a gross margin of around 50% [2] - The company is focusing on expanding its online sales, which require higher promotional expenses [2] Group 3: Strategic Initiatives - External mergers and acquisitions are a key strategy for future growth, with the company actively monitoring potential targets [3] - The company has successfully restructured Henan Xinxin Pharmaceutical, adding 125 products to its portfolio, including 4 exclusive items [3] - Plans to launch 30 new non-pharmaceutical personal care products in 2025, targeting various consumer segments [6] Group 4: Product Development and Market Expansion - The company is prioritizing the launch of key products from Henan Xinxin Pharmaceutical, with the first batch including antiviral oral liquids and heat-clearing detoxification oral liquids [5] - The company aims to cultivate 8 to 10 products with annual sales exceeding 100 million yuan, ensuring long-term sustainable growth [6] - Continuous collaboration with hospitals and research institutions to enhance the value of core products like Jier Yin Wash [3][7]

Fundraising Overview - The company raised a total of RMB 522.69 million through the issuance of 17,540,000 shares at a price of RMB 29.80 per share, with a net amount of RMB 442.95 million after deducting issuance costs [2][3] - Prior to the funds being in place, the company had already invested RMB 156.71 million from self-raised funds into projects and paid RMB 20.53 million in issuance costs [3] - As of December 31, 2023, the company had accumulated interest income and cash management product returns of RMB 5.48 million, with a total of RMB 169.18 million remaining in the fundraising account [4] Fund Utilization - In the reporting period, the company invested RMB 47.08 million in fundraising projects and permanently supplemented working capital with RMB 11.37 million [5] - By December 31, 2024, the total direct investment in fundraising projects reached RMB 66.09 million, with RMB 156.71 million used to replace self-raised funds [5][6] - The company has established a management system for fundraising, ensuring funds are stored in dedicated accounts and used according to strict approval procedures [6][28] Internal Control Evaluation - The company conducted an internal control evaluation as of December 31, 2024, concluding that there were no significant defects in financial reporting controls [13][41] - The internal control framework includes governance structures, risk assessment, and control activities across various operational areas, ensuring compliance with relevant laws and regulations [14][24][28] - The company has established a robust internal audit function to monitor compliance and effectiveness of internal controls [36] Profit Distribution Proposal - The board of directors approved a profit distribution proposal for 2024, recommending a cash dividend of RMB 1.80 per share, totaling approximately RMB 18.19 million [53][55] - The proposal is in line with the company's profit distribution policy and aims to provide reasonable returns to shareholders while ensuring the company's sustainable development [55][57] - The company has maintained a strong cash dividend history, exceeding the average net profit over the past three years [56]