登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300016 证券简称：北陆药业 公告编号：2025-094 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否具有表决权差异安排 □是 √否 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company is expected to overcome operational bottlenecks and improve profitability, moving towards becoming a comprehensive supplier of contrast agents [1][7]. - The management efficiency has improved significantly under the current chairman, with revenue per employee increasing from 550,000 RMB in 2015 to 1,340,000 RMB in 2025 [7][19]. - The company is entering a phase of increased production capacity for iodine contrast agents, with capital expenditures (CAPEX) peak passed and utilization rates expected to rise [7][19]. - The domestic and international demand for contrast agents is expanding, with the company positioned as a key supplier in the iodine contrast agent market [7][27]. Financial Data and Projections - The company is projected to achieve a net profit of 0.7 billion RMB in 2025, 2.3 billion RMB in 2026, and 3.5 billion RMB in 2027, with corresponding price-to-earnings (PE) ratios of 58, 18, and 11 [8][75]. - Revenue is expected to grow from 2.196 billion RMB in 2023 to 3.516 billion RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 15% [8][85]. - The company’s operating profit is forecasted to recover from a loss of 0.054 billion RMB in 2024 to a profit of 0.277 billion RMB in 2026 [8][85]. Market Dynamics - The global market for contrast agents is projected to grow at a compound annual growth rate (CAGR) of 6.8%, with iodine contrast agent demand expected to double in the next decade [7][31]. - The supply of iodine is constrained, with major producers unable to significantly increase output, maintaining a tight balance between supply and demand [22][27]. - The company is positioned as a leading supplier in the iodine contrast agent market, with a comprehensive product range and established customer relationships [7][34]. Production Capacity and Expansion - The company has completed the construction of over 2,400 tons of raw material capacity, with approximately 1,800 tons certified under major quality systems [7][37]. - The company plans to utilize funds from a recent capital increase to expand production capacity for non-ionic CT contrast agents and iodine compounds [37][38]. Competitive Position - The company has a significant market share in iodine contrast agents, with a focus on expanding its product offerings and enhancing its competitive edge through strategic investments [7][34]. - The domestic procurement policies are expected to benefit the company, as it has a strong cost and scale advantage in raw materials [7][57]. International Expansion - The company is leveraging its international platform, IMAX, to enhance its global presence, with sales revenue from overseas operations increasing by 60% year-on-year [72]. - The company anticipates completing EU-GMP certification for its Shanghai facility in 2025, facilitating further international market penetration [72][75].