证券研究报告 | 公司点评 | 中药Ⅱ 业绩拐点将至，看好下半年催化落地 ——康缘药业 2025 年半年报点评 投资要点 ❑ 风险提示：创新药管线进展与销售不及预期风险、集采影响超预期风险 财务摘要 | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 3897.67 | 3352.13 | 3647.16 | 4017.54 | | (+/-) (%) | -19.86% | -14.00% | 8.80% | 10.16% | | 归母净利润 | 391.86 | 335.05 | 378.11 | 423.15 | | (+/-) (%) | -15.58% | -14.50% | 12.85% | 11.91% | | 每股收益(元) | 0.69 | 0.59 | 0.67 | 0.75 | | P/E | 24.88 | 29.10 | 25.78 | 23.04 | 资料来源：浙商证券研究所 康缘药业(600557) 报告日期：2025 年 08 月 28 ...

报告期内，中药新药方面，公司已获得玉女煎颗粒（用于胃热阴虚证）药品注册证书；淫羊藿总黄酮胶囊新增血管性痴呆适应症、固本消疹颗粒（用于慢性自发性荨麻疹卫表不固证）、连参更年 化药1类创新药方面，氟诺哌齐片（DC20，治疗阿尔茨海默病）完成Ⅱ期临床数据统计；喹诺利辛片（DC042，治疗良性前列腺增生）、SIPI-2011片（治疗室性心律失常）、WXSH0493片（治 生物药1类创新药方面，三靶点（GLP-1R/GIPR/GCGR）长效减重（降糖）融合蛋白（ZX2021注射液）、双靶点（GLP-1R/GIPR）长效降糖（减重）融合蛋白（ZX2010注射液）、重组人神经 近日，康缘药业发布2025年半年报。披露公司上半年营收下滑27.29%至16.42亿元，归属净利减少40.12%至1.42亿元。 ...

8月27日，江苏康缘药业股份有限公司(康缘药业，股票代码：600557.SH)发布2025年半年度报告。报告 显示，上半年公司实现2025年上半年实现营业收入16.42亿元，归属于上市公司股东的净利润为1.42亿 元，归属于上市公司股东的扣除非经常性损益的净利润为1.2亿元。 化药生物药：聚焦重大疾病，核心品种进入关键节点 在"两翼"板块，康缘药业在化药1类创新药与生物药1类创新药领域均取得阶段性进展，聚焦心脑血管、 神经、代谢、自免等未被满足的临床需求领域。 今年上半年，尽管经历外部环境复杂、医药行业政策调整及部分药品终端需求波动，公司在研发端持续 发力，以"现代中药为主体，化药、生物药协同发展"的"一体两翼"研发格局成效，中药创新药成果加速 落地，化药与生物药管线稳步推进，为长期发展奠定坚实基础。 中药创新：多领域品种突破，临床进展稳步推进 作为康缘药业的核心业务板块，中药研发在报告期内呈现"获批+临床"双线突破的态势。截至报告期 末，公司已获得药品生产批件214个，其中50个为独家品种，中药产品仍是公司主要利润来源。 报告期内，公司中药新药研发成果尤为亮眼，玉女煎颗粒成功获批药品注册证书，进一步丰富了公 ...

Group 1 - Jinchengxin signed a mining production contract with Western Mining for approximately 377 million yuan [1] - Weishinkang's subsidiary received a drug registration certificate for compound amino acid injection (18AA-Ⅸ) [1] - Kangyuan Pharmaceutical obtained a drug registration certificate for Yunu Jian granules [2] Group 2 - Zongheng Communication reported a net profit of 3.42 million yuan in Q1 2025, turning from loss to profit [3] - Phoenix Holdings achieved a net profit of 1.39 million yuan in Q1 2025, also turning from loss to profit [3] - Dayuan Pump Industry reported a net profit of 39.21 million yuan in Q1 2025, a decrease of 3.95% year-on-year [5] Group 3 - Shuo Beid reported a net profit of 14.53 million yuan in Q1 2025, an increase of 276.05% year-on-year [7] - Tongde Chemical reported a net profit of 10.31 million yuan in Q1 2025, a decrease of 51.51% year-on-year [8] - Vanadium Titanium Co. reported a net loss of 98 million yuan in Q1 2025, a decline of 40.84% in revenue [9] Group 4 - Xineng Taishan reported a net profit of 16.23 million yuan in Q1 2025, turning from loss to profit [10] - Andavil reported a net profit of 13.83 million yuan in 2024, a decrease of 87.82% year-on-year [12] - Xingyuan Environment reported a net loss of 302 million yuan in 2024, a reduction in loss by 69.46% [14] Group 5 - China Rare Earth reported a net loss of 287 million yuan in 2024, turning from profit to loss [15] - Zhejiang Huaye reported a net profit of 92.94 million yuan in 2024, an increase of 32.21% year-on-year [16] - Mengjie Co. reported a net profit of 24.88 million yuan in 2024, an increase of 10.99% year-on-year [18] Group 6 - Tongde Chemical reported a net loss of 71.99 million yuan in 2024, turning from profit to loss [19] - Rongsheng Development reported a net loss of 8.44 billion yuan in 2024, turning from profit to loss [21] - Sanwei Communication reported a net loss of 27.1 million yuan in 2024, turning from profit to loss [22] Group 7 - Wankang Technology reported a net loss of 16.3 million yuan in 2024, turning from profit to loss [24] - Huitian New Materials reported a net profit of 1.02 billion yuan in 2024, a decrease of 65.91% year-on-year [25] - Luzhou Laojiao reported a net profit of 13.47 billion yuan in 2024, an increase of 1.71% year-on-year [27] Group 8 - Haiyuan Composite reported a net loss of 16 million yuan in 2024 [29] - Hongchuan Wisdom reported a net profit of 15.8 million yuan in 2024, a decrease of 46.57% year-on-year [30] - Gree Electric reported a net profit of 32.18 billion yuan in 2024, an increase of 10.91% year-on-year [30]