前瞻布局大健康赛道，培育第二增长曲线 在坚守中药创新主阵地的同时，维康药业敏锐捕捉市场趋势，将产业布局延伸至空间广阔的中药大健康 领域，着力培育新的业绩增长点。 公司充分利用浙江龙泉"中华灵芝第一乡"的独特产地资源，将"灵芝孢子粉（破壁）"产品作为大健康板 块的战略核心进行打造。通过建立"无污染、无添加、无公害"的高标准种植体系，并应用低温物理超微 破壁技术，实现了98%以上的高破壁率，显著提升了产品的生物利用度与吸收效果，从源头和工艺上构 建了差异化的竞争壁垒。 在中药行业逐步走向高质量发展的趋势下，企业的核心竞争力愈发体现在其持续的产品创新与前瞻性的 产业布局。 近日，维康药业（300878）产品二冬汤颗粒获得药品注册证书，该药品主要用于润肺清胃，针对烦渴不 止、小便频数等症状，成为公司研发创新成果落地的又一重要标志。此次获批不仅丰富了公司的产品矩 阵，也凸显了其以研发为引擎、深耕中药主业并积极拓展大健康赛道的战略定力。 研发创新构筑坚实护城河 支撑维康药业不断推出新产品的，是其多年来构筑的体系化研发创新平台。公司相继建立了省级高新技 术企业研究开发中心、省级企业技术中心、省级企业研究院，并设立了浙江省院 ...

Core Insights - The pharmaceutical industry is becoming increasingly competitive, with companies that possess core technological capabilities and innovative layouts emerging as leaders [1] - Weikang Pharmaceutical has focused on traditional Chinese medicine and has strengthened its R&D system, showcasing strong growth potential in the traditional medicine and health industry [1] Financial Performance - In the first three quarters of the year, Weikang Pharmaceutical reported revenue of 151 million yuan and a net profit attributable to shareholders of -124 million yuan [1] - The company is facing challenges due to a slowdown in the overall pharmaceutical retail industry, but it is optimizing its business structure by divesting from retail operations to focus on traditional Chinese medicine innovation [1] R&D and Innovation - R&D is the core engine of Weikang Pharmaceutical's development, with multiple high-level research platforms established, including provincial-level high-tech enterprise R&D centers and a Nobel Prize workstation [2] - The company has notable products such as Silver Yellow Drops and Yuhpingfeng Drops, which have gained market recognition, and it is advancing its new drug "Huangjia Soft Liver Granules" into Phase III clinical trials [2] Market Expansion and Strategy - Weikang Pharmaceutical is actively expanding into the health sector by developing and promoting products like Ganoderma spore powder, leveraging its production advantages [3] - The company employs a dual-channel strategy of online and offline marketing, collaborating with well-known pharmacy chains to enhance brand influence and market penetration [3] Long-term Growth Outlook - Despite short-term pressures from business restructuring, Weikang Pharmaceutical is building a clearer and more resilient growth path, aiming to solidify its core competitiveness in the traditional Chinese medicine and health industry [4] - The company is expected to return to stable growth and create sustainable value for investors and society through R&D-driven and industry-coordinated efforts [4]

Core Viewpoint - Weikang Pharmaceutical (300878) reported a revenue of 115 million yuan and a net profit of -64 million yuan for the first half of 2025, attributing the performance decline to reduced sales and the impact of subsidiary disposals from the previous year [1] Group 1: Financial Performance - In the first half of 2025, Weikang Pharmaceutical achieved a revenue of 115 million yuan, with a net profit of -64 million yuan [1] - The decline in performance is linked to a general slowdown in the pharmaceutical retail industry and the company's decision to optimize its business structure by divesting its wholly-owned subsidiary engaged in pharmaceutical retail [1] Group 2: R&D and Innovation - R&D capability is a core driver of Weikang Pharmaceutical's development, with the company appointing Nobel Prize winner Michael Levitt as chief scientist to enhance its R&D capabilities and international presence [2] - The company has established several high-level R&D platforms, including provincial high-tech enterprise research centers and expert workstations, to build a leading innovation system [2] - As of the report date, Weikang's Yipingfeng pill has received provincial high-tech product certification, and several other products have been recognized as provincial industrial new products [2] Group 3: Market Strategy and Product Development - Weikang Pharmaceutical is actively expanding into the traditional Chinese medicine health sector, particularly focusing on the market layout of Ganoderma lucidum spore powder and related products [2] - The company has established a high-standard quality system in its cultivation processes, achieving a 98% ultra-high breaking rate through low-temperature physical ultra-micro breaking technology, enhancing the bioavailability of active ingredients [3] - Weikang has engaged in strategic collaborations with well-known pharmacy enterprises to enhance brand market influence and terminal cooperation capabilities, laying a solid foundation for its second growth curve [3]

Core Viewpoint - Zhejiang Weikang Pharmaceutical Co., Ltd. reported a revenue of 115 million yuan and a net profit of -64 million yuan for the first half of 2025, attributing the performance decline to reduced sales and the previous year's subsidiary disposal [1] Group 1: Financial Performance - The company experienced a revenue of 115 million yuan and a net profit of -64 million yuan in the first half of 2025 [1] - The decline in performance is linked to a slowdown in the pharmaceutical retail industry and a strategic decision to optimize the business structure by divesting its wholly-owned subsidiary engaged in pharmaceutical retail [1] Group 2: R&D and Innovation - R&D capability is a core driving force for the company's development, with the appointment of Nobel Prize winner Michael Levitt as chief scientist to enhance R&D and internationalization [2] - The company has established several high-level R&D platforms, including provincial high-tech enterprise R&D centers and expert workstations, to build a leading innovation system [2] - The company’s products, such as Yipingfeng Granules and Fengliao Gastrointestinal Dispersible Tablets, have received provincial recognition, indicating effective market competitiveness [2] Group 3: Market Strategy and Product Development - The company is actively expanding into the traditional Chinese medicine health sector, focusing on the market layout of Ganoderma lucidum spore powder and developing a product line for future growth [2] - Utilizing the advantages of being located in "the first town of Ganoderma lucidum" in Longquan, Zhejiang, the company has established a high-standard quality system for cultivation [3] - The company has implemented a dual-channel sales strategy, combining online and offline efforts to enhance market penetration and sales volume [3] - Strategic partnerships with well-known pharmacy enterprises have been formed to enhance brand influence and terminal cooperation capabilities [3]