2025 年 06 月 24 日 沪深300 及创业板指数近1年走势 数据来源：聚源 昨日涨跌幅前五行业 行业名称 涨跌幅(%) 计算机 2.251 国防军工 1.971 煤炭 1.683 银行 1.220 环保 1.203 数据来源：聚源 开源晨会 0624 ——晨会纪要 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】工业生产仍有韧性——宏观经济专题-20250623 行业公司 【农林牧渔】消费逐步进入淡季，短期鸡价或有压力——行业点评报告-20250623 【电子】半导体材料跟踪点评：盛合晶微进入辅导验收阶段，关注先进封装材料 投资机会——行业点评报告-20250623 【化工】固态电池产业化进展加速，高性能材料产业化先行——行业点评报告 -20250623 【社服】即时零售 618 大促表现亮眼，5 月茶咖头部品牌开店+店效双高增——行 业周报-20250622 【传媒】AI 模型、端侧齐发力，关注中报及内容新品带来的弹性——行业周报 -20250622 【医药：众生药业(002317.SZ)】夯实中药根基，创新转型乘风破浪 ...

医药生物/中药Ⅱ 众生药业（002317.SZ） 夯实中药根基，创新转型乘风破浪未来可期 2025 年 06 月 22 日 投资评级：买入（首次） | 日期 | 2025/6/20 | | --- | --- | | 当前股价(元) | 15.89 | | 一年最高最低(元) | 18.45/9.85 | | 总市值(亿元) | 135.31 | | 流通市值(亿元) | 121.02 | | 总股本(亿股) | 8.52 | | 流通股本(亿股) | 7.62 | | 近 3 个月换手率(%) | 372.25 | 股价走势图 -20% 0% 20% 40% 60% 80% 2024-06 2024-10 2025-02 众生药业 沪深300 数据来源：聚源 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790123110015 夯实中药根基，创新引领发展 众生药业从 1979 年的石龙制药厂起步，于 2001 年正式改制，2009 年在深交所 成功上市，是一家集药品研发、生产和销售为一体的中 ...

Core Viewpoint - The company reported a significant decline in performance for 2024, with a revenue of 2.467 billion yuan, down 5.48% year-on-year, and a net loss of 299 million yuan, marking a drastic shift from a profit of 263 million yuan in the previous year [1][4][10] Revenue and Profitability - The company's revenue has been on a downward trend since 2022, with figures of 2.676 billion yuan in 2022, 2.611 billion yuan in 2023, and 2.467 billion yuan in 2024 [2] - The traditional Chinese medicine segment generated 1.318 billion yuan, accounting for 53.93% of total revenue, while chemical drugs contributed 899 million yuan, or 36.81% [2] - The average price of the core product, Compound XueShuanTong series, dropped by 52% after entering national procurement, leading to a revenue decrease of approximately 120 million yuan despite an 18% increase in sales volume [3] Business Segments - The company is undergoing a transformation from traditional Chinese medicine to an innovative pharmaceutical company, focusing on three main business areas: traditional Chinese medicine, chemical drugs, and innovative drugs [1][10] - The chemical generic drug sector is being refined, with six products approved in 2024, while the raw materials and intermediates segment saw a revenue drop of 26.98% to 30.49 million yuan [3][5] R&D and Innovation - The company has a strong commitment to R&D, with a research expense ratio of 10.68% in 2024, despite a decrease from 12.5% in 2023 [8] - The company has halted several clinical projects, resulting in a one-time impairment loss of 207 million yuan, reflecting a focus on core pipelines [8][9] - The innovative drug RAY1225 is projected to generate significant sales in the diabetes and obesity management market, with estimated contributions of 1.369 billion yuan for diabetes and 700 million yuan for weight management by 2033 [9] Asset Management and Impairment - The company recorded an asset impairment loss of 547 million yuan in 2024, primarily due to goodwill impairment related to subsidiaries and R&D projects [6][7] - The goodwill value at the end of 2024 was 318 million yuan, significantly reduced from 530 million yuan in 2023, indicating challenges in integrating acquired assets [6][7] Market Position and Future Outlook - The company is positioned in a critical transition phase, aiming to redefine its industry status and enhance its innovative capabilities [1][10] - The next 2-3 years are crucial for the company to validate its innovative drug commercialization capabilities, with potential risks if core projects face obstacles [10]