事件： 1）公司发布2025 年中报， 2025H1 公司实现营收418.35 亿元（yoy+1.93%），实现归母净利润 25.16 亿元（yoy-1.31%），实现扣非归母净利润22.06 亿元（yoy-5.78%）；其中2025Q2 公司实现营收 193.61 亿元（yoy+6.99%），实现归母净利润6.95 亿元（yoy+17.48%），实现扣非归母净利润5.31 亿元 （yoy+4.68%）。2）公司发布《2025 年中期利润分配方案公告》，公司拟向全体股东每股派发现金红 利人民币0.40 元（含税），合计拟派发现金红利人民币6.50 亿元，占上半年归母净利润25.85%。 大健康表现较好，大南药有所承压。2025H1 公司实现营收418.35 亿元（yoy+1.93%），分产品来看， 2025H1 大商业/大健康/大南药分别实现营收290.00/70.23/52.41 亿元，分别同比 +4.25%/+7.42%/-15.23%，大南药中的中成药/ 化学药分别实现营收32.46/19.94 亿元， 分别同比下滑 20.12%/5.85%。大健康方面，公司强化王老吉凉茶传统渠道终端网点覆盖，推进四大 ...

Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [6] Core Views - The company has shown stable fundamental performance but faces challenges due to insufficient demand, intensified industry competition, and ongoing policy impacts, leading to a decline in some business operations [1][5] - The company is expanding its overseas market presence, with successful registrations of traditional Chinese medicine products in regions like Macau and Saudi Arabia [4] - The health product segment has seen growth, with a focus on innovative marketing strategies to capture market share in the ready-to-drink beverage sector [3] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 41.835 billion yuan, a year-on-year increase of 1.93%, while the net profit attributable to shareholders was 2.516 billion yuan, a decrease of 1.31% [1] - The company's revenue forecast for 2025-2026 has been revised down from 88.223 billion yuan to 78.013 billion yuan and from 95.710 billion yuan to 81.185 billion yuan, respectively [5] - The net profit forecast for 2025-2026 has also been adjusted down from 5.015 billion yuan to 3.065 billion yuan and from 5.545 billion yuan to 3.299 billion yuan, respectively [5] Segment Performance - The traditional Chinese medicine segment reported a revenue of 5.241 billion yuan in the first half of 2025, a decline of 15.23%, while the gross margin was 49.71% [2] - The health product segment generated revenue of 7.023 billion yuan, reflecting a year-on-year increase of 7.42%, with a gross margin of 44.67% [3]

证券研究报告 | 公司动态点评 2025 年 08 月 19 日 白云山（00874.HK） 25Q2 收入利润双增，中期分红延续 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 75,515 | 74,993 | 77,589 | 81,396 | 84,733 | | 增长率 yoy（%） | 6.7 | -0.7 | 3.5 | 4.9 | 4.1 | | 归母净利润（百万元） | 4,056 | 2,835 | 3,071 | 3,566 | 3,980 | | 增长率 yoy（%） | 2.2 | -30.1 | 8.3 | 16.1 | 11.6 | | ROE（%） | 11.6 | 7.9 | 8.1 | 8.7 | 8.9 | | EPS 最新摊薄（元） | 2.49 | 1.74 | 1.89 | 2.19 | 2.45 | | P/E（倍） | 10.7 | 15.4 | 14.2 | 12.2 | 11.0 | | P/B（倍） | ...