（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 ...

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 ...

专注达日均费用约20 元，据此计算，市场空间巨大。从运营质量上看，公司上半年经营情况良好。非 洛地平缓释片在2023 年第八批集采未能中标后，去年上半年OTC 渠道仍有一定销售，去年下半年开 始，该品种的影响进一步出清。 以渗透泵控释技术为核心，公司产业化优势明显，是国内为数不多的第一类精神药品和麻醉药品定点生 产企业。公司以渗透泵控释技术为代表的缓控释制剂技术为核心，建立了由配方技术、制剂评价技术、 制剂工程化技术与关键设备技术四大部分组成的渗透泵控释技术平台，并不断提升渗透泵制剂产品开发 与产业化能力，形成公司在缓控释制剂技术产业化方面的特色优势。已经上市缓控释制剂产品包括盐酸 羟考酮缓释片（10mg、40mg）、盐酸哌甲酯缓释片、硝苯地平控释片、甲磺酸多沙唑嗪缓释片、帕利 哌酮缓释片、非洛地平缓释片、盐酸曲美他嗪缓释片、盐酸文拉法辛缓释片等。同时，公司拥有益气和 胃胶囊、葛酮通络胶囊、虎地肠溶胶囊、坤宁颗粒、丹皮酚软膏、克痤隐酮凝胶、金珍滴眼液等中药特 色品种。公司是国内为数不多的第一类精神药品和麻醉药品定点生产企业，另有部分精麻药品立项获 批，并开展前期研究工作。通过并购诺瑞特，充分运用其长效注射纳米 ...

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 investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to maintain its leading position in the anesthesia and analgesia field, with steady growth from its core subsidiary, Yichang Renfu. The approval of new products and a rich R&D pipeline lay a solid foundation for long-term growth. The entry of China Merchants Group is anticipated to inject new momentum into the company's development, optimize governance, and bring about industrial synergies [1][12][11]. Financial Performance - In 2024, the company achieved operating revenue of 25.435 billion yuan, a year-on-year increase of 3.71%. The net profit attributable to shareholders was 1.33 billion yuan, a year-on-year decrease of 37.70%. The decline in profit was primarily due to increased sales, management, and financial expenses totaling 441 million yuan, credit impairment losses of 283 million yuan, and asset impairment losses of 394 million yuan, including a goodwill impairment of 202 million yuan related to Beijing Barui Medical [1][2]. - For Q1 2025, the company reported operating revenue of 6.137 billion yuan, a year-on-year decrease of 3.61%, but the net profit attributable to shareholders increased by 11.09% to 540 million yuan, indicating significant improvement in profitability [2]. Growth Potential - The growth of Yichang Renfu is driven by the launch of new products, with 2024 revenue reaching 8.702 billion yuan (up 7.97% year-on-year) and net profit of 2.703 billion yuan (up 11.30% year-on-year). Other subsidiaries also showed positive growth, with Epic Pharma achieving a revenue increase of 27.83% [3][4]. - The company plans to achieve operating revenue of over 27 billion yuan in 2025, with a gross profit margin exceeding 45%. The expansion of its pipeline in anesthesia products and the exploration of new application scenarios are expected to sustain revenue growth in the medium to long term [4][12]. Profitability and Debt Servicing Ability - In Q1 2025, the company's profitability showed recovery, with a sales gross margin of 48.56%, an increase of 2.16 percentage points year-on-year. The net profit margin after deducting non-recurring items was 8.65%, up 1.36 percentage points year-on-year. The asset-liability ratio continued to improve, reaching 43.32% at the end of 2024, down from 44.49% at the beginning of the year [5][10]. Shareholder Confidence - The restructuring of the controlling shareholder is progressing smoothly, with China Merchants Bio-Science increasing its stake, reflecting confidence in the company's future. The controlling shareholder is expected to hold 23.70% of the voting rights, which is anticipated to enhance governance and development momentum [11][12].

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]

Group 1: Financial Performance - The pharmaceutical industrial segment achieved a revenue of 1.2 billion CNY, a year-on-year increase of 18.92% [1] - Overall revenue declined due to underperformance in other segments [1] - The company's net profit for Q1 2025 was 38.25 million CNY, a year-on-year increase of 25.94% [8] Group 2: Sales and Revenue Models - The distribution model accounted for 90.08% of total revenue, a slight increase of 1.11% year-on-year; direct sales dropped significantly by 97.70% to 0.61% [2] - The decline in direct sales was attributed to the divestment of the pharmaceutical commercial subsidiary, which had a high direct sales ratio [2] Group 3: Research and Development - R&D expenditure for 2024 is projected at approximately 91.78 million CNY, an increase of 8.03% from the previous year [3] - The company is focusing on high-end controlled-release formulations and has made significant progress in developing new products [4] Group 4: Strategic Development - The company plans to accelerate the development of its controlled substances pipeline and optimize production capacity to reduce costs [3] - Future investments will focus on the controlled substances sector, with multiple products currently under research [4] Group 5: Market Position and Competition - The company ranks in the top 20 for net profit growth among publicly listed biopharmaceutical companies for Q1 2025 [6] - Core competitive advantages include over 20 years of experience in complex formulations, a complete supply chain, and unique product offerings in the market [7] Group 6: Financial Management - Management expenses increased by 31.64% and financial expenses surged by 93.13% due to changes in the consolidation scope and decreased interest income [4] - The company maintains a low debt ratio and strong cash flow, with financial expenses remaining relatively low [4] Group 7: Dividend Policy - The company plans to distribute a cash dividend of 3 CNY per 10 shares for the 2024 fiscal year, with a total of 5 CNY per 10 shares distributed cumulatively [10]

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].