来源：智通财经 受外延并购因素拖累，综合医药集团华润医药（03320.HK）中期业绩利润大幅下滑。今年上半年，华 润医药总营收1318.67亿元、同比增2.50%；归母净利润20.77亿元，同比下滑20.30%。 智通财经记者发现，虽然这家公司收入仍在增长，但背后却暗藏结构性矛盾。 一方面，华润医药制造板块靠并表"输血"，中药和生物药增长对冲化学药萎缩；另一方面分销增速放 缓，零售虽增长11.40%，但因特药占比提升毛利率摊薄至6.10%。从动向上，华润医药采取了外延并 购、增加血制品牌照、加码DTP特药药房网络等行动，但并未阻止利润的大幅走弱。 外延并购拖累 分板块来看，华润医药核心分销业务上半年实现收入1083.30亿元，同比增长2.30%；制药板块收入 248.08亿元，同比增长4.30%；零售板块收入55.15亿元，同比增长11.40%，合计支撑总营收同比微增 2.50%。毛利率则持平在16.30%，其中零售分部毛利率降至6.10%，同比下降0.40个百分点，凸显特药占 比提升对毛利结构的摊薄。 与营收小幅上扬相对照，华润医药利润端显著走低，上半年归母净利润20.77亿元，同比大降20.30%。 利润 ...

Core Viewpoint - The article discusses the administrative penalties imposed on Heilongjiang Sipai Pharmacy for fraudulent activities involving the forgery of prescriptions to illegally obtain medical insurance funds, highlighting the regulatory scrutiny in the pharmaceutical industry and its implications for the company involved [2][3][4]. Group 1: Company Actions and Penalties - Heilongjiang Sipai Pharmacy had its drug operating license revoked by the Harbin Nankai District Market Supervision Administration on July 1, 2025, due to the forgery of prescriptions [3]. - The pharmacy was found to have sold drugs using 7,869 forged prescriptions, with 3,194 of these prescriptions involved in medical insurance settlements, resulting in a fraudulent claim of 19,390,710.95 yuan [4][5]. - The Harbin Medical Security Bureau imposed a fine of 96,953,554.75 yuan on the pharmacy for these violations, marking a significant financial penalty [4][5]. Group 2: Financial Impact on Parent Company - Heilongjiang Sipai Pharmacy is a subsidiary of Sipai Health, which reported a revenue of 4.565 billion yuan in 2024, with a net loss of 362 million yuan [6]. - The specialty pharmacy business, which is crucial for Sipai Health, generated 3.975 billion yuan in revenue in 2024, a decrease of 5.1% year-on-year, accounting for approximately 87% of the company's total revenue [6]. - The company has seen a reduction in the number of specialty pharmacies from 95 at the end of 2023 to 53 by the end of 2024, indicating a significant contraction in its operational footprint [6]. Group 3: Regulatory Environment and Industry Implications - The article highlights the strict regulatory environment surrounding the sale of specialty drugs, which require a rigorous "five determinations" management mechanism to prevent fraud and misuse of medical insurance funds [8]. - The investigation revealed that the pharmacies involved allowed patients to purchase prescription drugs without the necessary prescriptions, undermining the integrity of the healthcare system [9]. - The case reflects broader issues within the pharmaceutical industry regarding compliance with regulations and the potential for significant financial repercussions for companies involved in fraudulent activities [7][8].