登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 为推动公司高质量发展，更好回报投资者，津药达仁堂集团股份有限公司（以下简称"公司"）深入贯彻 落实国务院《关于进一步提高上市公司质量的意见》，积极响应上海证券交易所《关于开展沪市公 司"提质增效重回报"专项行动倡议》，制定2024年度"提质增效重回报"行动方案，公司持续聚焦主业， 提升新质生产力，规范治理，回报股东，加强投资者沟通工作。现将公司2024年度"提质增效重回报"行 动方案落实情况暨2025年度"提质增效重回报"行动方案报告如下： 一、聚焦核心工业，聚力核心主业 2024年至今，公司持续聚焦资源于中成药工业板块，聚能主品，不断提升品牌力、产品力、服务力。 2025年上半年，公司工业主营收入26.45亿元，同比增长0.87%，其中速效救心丸销售额（含税）11.28 亿元，同比增长5.45%；清咽滴丸销售额（含税）2.89亿元，同比增长52.28%。公司以"达仁堂"主品牌 统领市场工作"一路向C"，持续走向全国，走入消费者心 ...

达仁堂主要从事中药及西药的生产与销售，旗下拥有达仁堂、隆顺榕等多个老字号品牌。公司核心产品 包括速效救心丸、清咽滴丸等中成药品种。 公司2025年半年报显示，上半年营业收入同比下降33.15%至26.51亿元。其中中成药业务收入24.25亿 元，同比下降20.81%；西药业务收入4.68亿元，同比下降24.86%。公司归母净利润19.28亿元，同比增 长193.08%，但扣非净利润同比下降5.93%至5.96亿元。 达仁堂股价报45.77元，较前一交易日下跌1.65%。盘中最高触及46.49元，最低下探至44.96元，成交金 额达6.98亿元。 风险提示：以上内容仅供参考，不构成任何投资建议。市场有风险，投资需谨慎。 ...

Group 1 - The report highlights that Kaiyin Technology achieved a year-on-year increase in net profit of 11.75% in the first half of 2025, despite a slight decline in revenue [3][4] - The company reported a revenue of 5.66 billion yuan in H1 2025, with a net profit of 0.47 billion yuan, indicating a strong performance in profitability [4][5] - The company is increasing its R&D investment, with a total of 71.41 million yuan in H1 2025, which is expected to support the launch of innovative products [5] Group 2 - Dingyang Technology reported a revenue of 2.79 billion yuan in H1 2025, representing a year-on-year growth of 24.61%, and a net profit of 0.77 billion yuan, up 31.54% [6][7] - The company’s high-end products saw a revenue increase of 71.92%, with high-end products now accounting for 30% of total revenue [7][8] - The overall gross margin for Dingyang Technology was 60.06%, with a net margin increase to 27.57% [8] Group 3 - Baiya Co. achieved a revenue of 17.64 billion yuan in H1 2025, a 15.12% increase year-on-year, with a net profit of 1.88 billion yuan, up 4.64% [9][10] - The company is focusing on optimizing its product structure and expanding its offline channels, which have shown steady growth despite challenges in online sales [10][11] - The gross margin for Baiya Co. was 53.24%, with a net margin of 10.66% [11][12] Group 4 - Darentang reported a revenue of 26.51 billion yuan in H1 2025, a decrease of 33.15%, but a significant net profit increase of 193.08% to 19.28 billion yuan due to asset transfers [13][14] - The company’s core product sales, particularly the fast-acting heart-saving pill, showed robust growth, with sales reaching 11.28 billion yuan [14][15] - Darentang is actively expanding its retail presence and promoting new retail strategies to drive growth [15] Group 5 - The automotive industry saw a 14.7% year-on-year increase in passenger car wholesale sales in July 2025, with a total of 228.7 million units sold [17][19] - The new Wanjie M7 model is set to launch in September 2025, indicating ongoing innovation in the automotive sector [18][19] - The report suggests a positive outlook for the automotive sector, driven by policies supporting vehicle upgrades and a shift towards high-end and intelligent vehicles [20] Group 6 - Beite Technology reported a revenue of 11.13 billion yuan in H1 2025, a 15% increase year-on-year, with a net profit of 0.55 billion yuan, up 45% [22][23] - The company is focusing on cost reduction and efficiency improvements, which have positively impacted its profitability [23][24] - Beite Technology is expanding its global production capacity, particularly in the robotics sector, which is expected to contribute significantly to future growth [24][25] Group 7 - Geely Automobile achieved a revenue of 150.28 billion yuan in H1 2025, a 26.5% increase, with a core net profit of 66.6 billion yuan, up 101.7% [26][27] - The company is launching several new models in the second half of 2025, which is expected to boost sales further [28][29] - Geely's strategy includes integrating its resources with Zeekr to enhance operational efficiency and reduce costs [29][30] Group 8 - Jingfeng Mingyuan reported a revenue of 7.31 billion yuan in H1 2025, with a net profit of 15.76 million yuan, marking a significant turnaround [32][33] - The company’s high-performance computing power supply and motor drive chips have seen substantial growth, contributing to improved profitability [33][34] - Jingfeng Mingyuan is planning to acquire Yichong Technology to enhance its product offerings and market competitiveness [35][36] Group 9 - China Hongqiao reported a revenue of 81.04 billion yuan in H1 2025, a 10.1% increase, with a net profit of 12.36 billion yuan, up 35% [39][40] - The growth in revenue is attributed to increased sales and prices of aluminum and alumina products [40][41] - The company plans to repurchase shares worth at least 3 billion HKD, reflecting confidence in its long-term prospects [41][42]

2025 年 08 月 18 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 赵宁宁 S0350523040002 zhaonn@ghzq.com.cn [Table_Title] 核心产品收入增长稳健，看好公司长期成长性 ——达仁堂（600329）2025 年中报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/08/15 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 达仁堂 | 26.7% | 52.7% | 49.0% | | 沪深 300 | 4.6% | 7.6% | 25.7% | | 市场数据 | | | 2025/08/15 | | 当前价格（元） | | | 44.30 | | 52 周价格区间（元） | | | 26.16-46.00 | | 总市值（百万） | | | 34,115.18 | | 流通市值（百万） | | | 25,122.06 | | 总股本（万股） | | | 77,009.44 | | 流通股本（万股） | | | 56,708.94 | | 日均成交额（百万） | | | ...

证券研究报告 | 公司动态点评 2025 年 08 月 18 日 达仁堂（600329.SH） 2025H1 内生利润表现亮眼，提质增效步入新阶段 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,222 | 7,307 | 4,890 | 5,390 | 5,863 | | 增长率 yoy（%） | -0.3 | -11.1 | -33.1 | 10.2 | 8.8 | | 归母净利润（百万元） | 987 | 2,229 | 2,162 | 985 | 1,029 | | 增长率 yoy（%） | 14.5 | 125.9 | -3.0 | -54.4 | 4.4 | | ROE（%） | 14.6 | 28.2 | 24.0 | 10.9 | 11.3 | | EPS 最新摊薄（元） | 1.28 | 2.89 | 2.81 | 1.28 | 1.34 | | P/E（倍） | 34.9 | 15.5 | 15.9 | 35.0 | 33.5 | | ...

8月15日主力资金净流出3894.88万元，占流通市值0.16%。近五日主力资金累计净流入1675.55万元，占 流通市值0.07%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 达仁堂8月15日报收44.30元，较前一交易日下跌0.45元，跌幅1.01%。盘中最高触及45.00元，最低下探 42.85元，成交金额达6.45亿元。 公司隶属于中药行业，以现代中药为核心业务，拥有速效救心丸、京万红软膏等国宝级中药品种。业务 涵盖中药材种植、药品研发制造及零售等领域，形成完整医药产业链。目前拥有599个药品批准文号， 营销网络覆盖全国并拓展国际市场。 消息面上，达仁堂8月14日披露的半年报显示，2025年上半年实现营业收入26.51亿元，归属于上市公司 股东的净利润19.28亿元，同比增长193.08%。业绩增长主要来源于转让中美天津史克制药12%股权实现 的13.08亿元税后净收益。核心产品速效救心丸销售额达11.28亿元，同比增长5.45%；清咽滴丸销售额 2.89亿元，同比增长52.28%。 ...

同时，公司加速拓展新零售版图，按照"内容即货架"的思路，集团以B2C、O2O双轮驱动开辟增长新路 径，打通线上投放和线下引流链路,提高产品可及性，提高流量转化率。报告期，公司启动O2O"风火 轮"计划，依托美团等平台优化服务，及时满足百姓需求。电商旗舰店不断升级，上新玄归滴丸、舒脑 欣滴丸、华山参滴丸、养胃片、小儿健肾片、童宝乐片等8个独家产品和1个大健康品，GMV不断突 破。 中证报中证网讯（王珞）8月14日晚间，达仁堂（600329）（600329）发布2025年半年度报告。报告期 内，公司实现营业收入26.51亿元；实现归属于上市公司股东的净利润19.28亿元，同比增长193.08%， 主要为转让中美天津史克制药有限公司12%的股权实现税后净收益13.08亿元；基本每股收益2.50元。 在国际业务方面，多地注册工作有序推进，公司进一步拓展国际市场准入，今年已取得9个产品国际注 册证书。为提高渠道的管控，已上线境外电商平台。由单一订单合作向长期战略合作转变，发挥品牌优 势与渠道资源共创发展。 达仁堂介绍，公司以现代中药统领经营发展，打造了特色鲜明的医药工业矩阵，以达仁堂、隆顺榕、乐 仁堂、六中药、京万红等 ...

Core Viewpoint - High temperatures and humidity can adversely affect various pharmaceutical forms, leading to reduced efficacy and increased risk of adverse reactions [1][3][5] Group 1: Impact of High Temperature on Different Drug Forms - Tablets, capsules, and liquid formulations are particularly susceptible to moisture absorption, which can lead to degradation [3][5] - Gelatin-based capsules can soften and leak when exposed to high temperatures, necessitating storage in original packaging to avoid light exposure [3][5] - Liquid formulations, such as eye drops and nasal sprays, should not be used beyond one month after opening due to bacterial growth risks in high-temperature environments [3][5] Group 2: Special Storage Recommendations - Certain drug types, such as live bacterial preparations, must be stored in refrigeration (2-8°C) to maintain their efficacy [7][9] - Biological products containing proteins and active substances also require refrigeration and should not be placed near the fridge walls or door due to temperature fluctuations [9] - Emergency medications like nitroglycerin are sensitive to light, heat, and moisture, and should be carried in a bag rather than a pocket, with a replacement recommended every six months [11] Group 3: Drugs That Should Not Be Refrigerated - Some medications, such as syrups and ointments, are adversely affected by cold and humidity, which can lead to crystallization and reduced effectiveness [11] - High humidity in refrigerators can cause hygroscopic drugs to clump, affecting their efficacy [11] - Common household medications like topical ointments and aerosol sprays should not be stored in cold environments [11]

Core Viewpoint - The company Daren Tang announced the transfer of its equity stakes in Tianjin Shike, resulting in a significant financial gain and a strategic shift towards focusing on its core business operations [1][3]. Group 1: Transaction Details - Daren Tang transferred 4.6% and 7.4% stakes in Tianjin Shike to Helion (China) and Haleon CH SARL, respectively, for a total transaction price of approximately 1.623 billion RMB [1]. - The transaction price reflects a 35% premium on the asset valuation, leading to an estimated investment income of about 1.54 billion RMB for Daren Tang [1]. - Post-transaction, Daren Tang will no longer hold any equity in Tianjin Shike [1]. Group 2: Financial Impact - The transaction is expected to increase Daren Tang's net profit by 1.3 billion RMB after tax, positively impacting its 2025 net profit outlook [1]. - In the previous year, Daren Tang had also sold a 13% stake in Tianjin Shike, generating a profit of 1.759 billion RMB, which contributed to a 125.94% year-on-year increase in net profit [1]. - Despite the profit from the stake sale, Daren Tang's non-recurring net profit declined by 21.62% year-on-year, marking the first negative growth in seven years [1]. Group 3: Company Performance - Daren Tang's revenue has been declining for two consecutive years, with only one core product, Qingyan Diban, showing sales growth of 37.06% in 2024 [3]. - Other products, including Jingwanhong Ointment and Zilong Jinjian, experienced significant sales declines, with some products seeing over 10% drop in sales volume [3]. - The company aims to utilize the funds from the transaction for business expansion, including strategic acquisitions, R&D projects, and market development [3]. Group 4: Tianjin Shike's Performance - Tianjin Shike reported a revenue of 3.582 billion RMB and a net profit of 982 million RMB in 2023, with projected revenues of 3.559 billion RMB and net profits of 711 million RMB for 2024 [2]. - Tianjin Shike's strong performance has been a significant contributor to Daren Tang's overall profits, accounting for 30% of its total profit in 2023 [3].