说明： 湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2025-090 湖南方盛制药股份有限公司 2025年前三季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司行业信息披露指引第六号——医药制造》的 相关规定，湖南方盛制药股份有限公司（以下简称"公司"）现 将 2025 年前三季度主要经营数据披露如下（单位：元，人民币）： | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成本 | 毛利 率% | 营业收 入比上 | 营业成 本比上 | 毛利率比上年增减 | | | | | | 年增减 | 年增减 | | | 工业小计 | 1,155,172,695.85 | 299,438,278.53 | 74.08 | -6.75% | 2.51% | 减少 2.34 个 ...

Core Viewpoint - The company reported its mid-year results for 2025, showing a decline in revenue but an increase in net profit, indicating a strong performance in specific segments despite overall challenges [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 834 million yuan, a year-on-year decrease of 8.35% [1]. - The net profit attributable to shareholders reached 169 million yuan, reflecting a year-on-year increase of 23.67% [1]. - The net profit excluding non-recurring items was 141 million yuan, up 27.79% year-on-year [1]. Group 2: Business Segments - The pharmaceutical industrial segment generated 768 million yuan in revenue, down 8.20% year-on-year [1]. - Cardiovascular drugs saw revenue of 276 million yuan, marking a growth of 16.05% year-on-year, with strong sales of key products [1]. - The company successfully expanded its market for traditional Chinese medicine (TCM) innovative drugs, with significant progress in products like pediatric cough granules and bone health tablets [1]. Group 3: Future Outlook - The company has established a product cluster primarily focused on TCM innovative drugs, supplemented by chemical drugs and early-stage innovative drugs [2]. - Revenue growth projections for 2025-2027 are estimated at 3.3%, 11.5%, and 11.7%, respectively, while net profit growth is expected at 20.2%, 20.3%, and 20.0% [2]. - The investment rating is maintained at "Buy-A" with a target price of 13.97 yuan over the next six months [2].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.97 CNY, compared to the current stock price of 11.37 CNY [4]. Core Insights - The company reported a revenue of 834 million CNY in H1 2025, a year-on-year decrease of 8.35%, while the net profit attributable to shareholders increased by 23.67% to 169 million CNY [1]. - The growth in net profit is attributed to the strong performance of cardiovascular drugs, which saw a revenue increase of 16.05% to 276 million CNY, driven by a 20% increase in sales of specific products [2]. - The company is successfully expanding its market for innovative traditional Chinese medicine (TCM) products, with significant coverage achieved in public medical institutions [3]. Financial Performance - In H1 2025, the company's main pharmaceutical business generated 768 million CNY in revenue, a decrease of 8.20% year-on-year [2]. - The company expects revenue growth rates of 3.3%, 11.5%, and 11.7% for 2025 to 2027, with net profit growth rates of 20.2%, 20.3%, and 20.0% respectively [7]. - The projected earnings per share (EPS) for 2025 is 0.70 CNY, with a price-to-earnings (P/E) ratio of 16.3 [9]. Market Expansion and Innovation - The company has made significant progress in the market expansion of its innovative TCM products, with over 1,800 public medical institutions covered for its children's cough syrup and over 1,500 for its bone health product [3]. - The approval of a new TCM product for treating frequent tension-type headaches is expected to provide a new profit growth point if it is included in the national basic medical insurance directory [3][7].

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 说明： 1、主营业务分行业情况中，"医疗业务及其他"为子公司永州方盛天鸿肿瘤医院 有限公司医疗服务业务收入、子公司重庆筱熊猫药业股份有限公司和湖南方盛锐新药业 有限公司（分别于 2024 年 4 月、6 月后不再纳入合并范围）医药销售业务收入、子公司 广东暨大基因药物工程研究中心有限公司的医药技术服务收入、子公司云南芙雅生物科 技有限公司植物提取产品收入； 证券代码：603998 证券简称：方盛制药 公告编号：2025-077 湖南方盛制药股份有限公司 2025年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司行业信息披露指引第六号——医药制造》的 相关规定，湖南方盛制药股份有限公司（以下简称"公司"）现 将 2025 年上半年度主要经营数据披露如下（单位：元，人民币）： | | | ...