登录新浪财经APP 搜索【信披】查看更多考评等级 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。 为推动公司高质量发展，更好回报投资者，津药达仁堂集团股份有限公司（以下简称"公司"）深入贯彻 落实国务院《关于进一步提高上市公司质量的意见》，积极响应上海证券交易所《关于开展沪市公 司"提质增效重回报"专项行动倡议》，制定2024年度"提质增效重回报"行动方案，公司持续聚焦主业， 提升新质生产力，规范治理，回报股东，加强投资者沟通工作。现将公司2024年度"提质增效重回报"行 动方案落实情况暨2025年度"提质增效重回报"行动方案报告如下： 一、聚焦核心工业，聚力核心主业 2024年至今，公司持续聚焦资源于中成药工业板块，聚能主品，不断提升品牌力、产品力、服务力。 2025年上半年，公司工业主营收入26.45亿元，同比增长0.87%，其中速效救心丸销售额（含税）11.28 亿元，同比增长5.45%；清咽滴丸销售额（含税）2.89亿元，同比增长52.28%。公司以"达仁堂"主品牌 统领市场工作"一路向C"，持续走向全国，走入消费者心 ...

达仁堂主要从事中药及西药的生产与销售，旗下拥有达仁堂、隆顺榕等多个老字号品牌。公司核心产品 包括速效救心丸、清咽滴丸等中成药品种。 公司2025年半年报显示，上半年营业收入同比下降33.15%至26.51亿元。其中中成药业务收入24.25亿 元，同比下降20.81%；西药业务收入4.68亿元，同比下降24.86%。公司归母净利润19.28亿元，同比增 长193.08%，但扣非净利润同比下降5.93%至5.96亿元。 达仁堂股价报45.77元，较前一交易日下跌1.65%。盘中最高触及46.49元，最低下探至44.96元，成交金 额达6.98亿元。 风险提示：以上内容仅供参考，不构成任何投资建议。市场有风险，投资需谨慎。 ...

Group 1 - The report highlights that Kaiyin Technology achieved a year-on-year increase in net profit of 11.75% in the first half of 2025, despite a slight decline in revenue [3][4] - The company reported a revenue of 5.66 billion yuan in H1 2025, with a net profit of 0.47 billion yuan, indicating a strong performance in profitability [4][5] - The company is increasing its R&D investment, with a total of 71.41 million yuan in H1 2025, which is expected to support the launch of innovative products [5] Group 2 - Dingyang Technology reported a revenue of 2.79 billion yuan in H1 2025, representing a year-on-year growth of 24.61%, and a net profit of 0.77 billion yuan, up 31.54% [6][7] - The company’s high-end products saw a revenue increase of 71.92%, with high-end products now accounting for 30% of total revenue [7][8] - The overall gross margin for Dingyang Technology was 60.06%, with a net margin increase to 27.57% [8] Group 3 - Baiya Co. achieved a revenue of 17.64 billion yuan in H1 2025, a 15.12% increase year-on-year, with a net profit of 1.88 billion yuan, up 4.64% [9][10] - The company is focusing on optimizing its product structure and expanding its offline channels, which have shown steady growth despite challenges in online sales [10][11] - The gross margin for Baiya Co. was 53.24%, with a net margin of 10.66% [11][12] Group 4 - Darentang reported a revenue of 26.51 billion yuan in H1 2025, a decrease of 33.15%, but a significant net profit increase of 193.08% to 19.28 billion yuan due to asset transfers [13][14] - The company’s core product sales, particularly the fast-acting heart-saving pill, showed robust growth, with sales reaching 11.28 billion yuan [14][15] - Darentang is actively expanding its retail presence and promoting new retail strategies to drive growth [15] Group 5 - The automotive industry saw a 14.7% year-on-year increase in passenger car wholesale sales in July 2025, with a total of 228.7 million units sold [17][19] - The new Wanjie M7 model is set to launch in September 2025, indicating ongoing innovation in the automotive sector [18][19] - The report suggests a positive outlook for the automotive sector, driven by policies supporting vehicle upgrades and a shift towards high-end and intelligent vehicles [20] Group 6 - Beite Technology reported a revenue of 11.13 billion yuan in H1 2025, a 15% increase year-on-year, with a net profit of 0.55 billion yuan, up 45% [22][23] - The company is focusing on cost reduction and efficiency improvements, which have positively impacted its profitability [23][24] - Beite Technology is expanding its global production capacity, particularly in the robotics sector, which is expected to contribute significantly to future growth [24][25] Group 7 - Geely Automobile achieved a revenue of 150.28 billion yuan in H1 2025, a 26.5% increase, with a core net profit of 66.6 billion yuan, up 101.7% [26][27] - The company is launching several new models in the second half of 2025, which is expected to boost sales further [28][29] - Geely's strategy includes integrating its resources with Zeekr to enhance operational efficiency and reduce costs [29][30] Group 8 - Jingfeng Mingyuan reported a revenue of 7.31 billion yuan in H1 2025, with a net profit of 15.76 million yuan, marking a significant turnaround [32][33] - The company’s high-performance computing power supply and motor drive chips have seen substantial growth, contributing to improved profitability [33][34] - Jingfeng Mingyuan is planning to acquire Yichong Technology to enhance its product offerings and market competitiveness [35][36] Group 9 - China Hongqiao reported a revenue of 81.04 billion yuan in H1 2025, a 10.1% increase, with a net profit of 12.36 billion yuan, up 35% [39][40] - The growth in revenue is attributed to increased sales and prices of aluminum and alumina products [40][41] - The company plans to repurchase shares worth at least 3 billion HKD, reflecting confidence in its long-term prospects [41][42]

2025 年 08 月 18 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 赵宁宁 S0350523040002 zhaonn@ghzq.com.cn [Table_Title] 核心产品收入增长稳健，看好公司长期成长性 ——达仁堂（600329）2025 年中报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/08/15 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 达仁堂 | 26.7% | 52.7% | 49.0% | | 沪深 300 | 4.6% | 7.6% | 25.7% | | 市场数据 | | | 2025/08/15 | | 当前价格（元） | | | 44.30 | | 52 周价格区间（元） | | | 26.16-46.00 | | 总市值（百万） | | | 34,115.18 | | 流通市值（百万） | | | 25,122.06 | | 总股本（万股） | | | 77,009.44 | | 流通股本（万股） | | | 56,708.94 | | 日均成交额（百万） | | | ...

证券研究报告 | 公司动态点评 2025 年 08 月 18 日 达仁堂（600329.SH） 2025H1 内生利润表现亮眼，提质增效步入新阶段 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,222 | 7,307 | 4,890 | 5,390 | 5,863 | | 增长率 yoy（%） | -0.3 | -11.1 | -33.1 | 10.2 | 8.8 | | 归母净利润（百万元） | 987 | 2,229 | 2,162 | 985 | 1,029 | | 增长率 yoy（%） | 14.5 | 125.9 | -3.0 | -54.4 | 4.4 | | ROE（%） | 14.6 | 28.2 | 24.0 | 10.9 | 11.3 | | EPS 最新摊薄（元） | 1.28 | 2.89 | 2.81 | 1.28 | 1.34 | | P/E（倍） | 34.9 | 15.5 | 15.9 | 35.0 | 33.5 | | ...

8月15日主力资金净流出3894.88万元，占流通市值0.16%。近五日主力资金累计净流入1675.55万元，占 流通市值0.07%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 达仁堂8月15日报收44.30元，较前一交易日下跌0.45元，跌幅1.01%。盘中最高触及45.00元，最低下探 42.85元，成交金额达6.45亿元。 公司隶属于中药行业，以现代中药为核心业务，拥有速效救心丸、京万红软膏等国宝级中药品种。业务 涵盖中药材种植、药品研发制造及零售等领域，形成完整医药产业链。目前拥有599个药品批准文号， 营销网络覆盖全国并拓展国际市场。 消息面上，达仁堂8月14日披露的半年报显示，2025年上半年实现营业收入26.51亿元，归属于上市公司 股东的净利润19.28亿元，同比增长193.08%。业绩增长主要来源于转让中美天津史克制药12%股权实现 的13.08亿元税后净收益。核心产品速效救心丸销售额达11.28亿元，同比增长5.45%；清咽滴丸销售额 2.89亿元，同比增长52.28%。 ...

同时，公司加速拓展新零售版图，按照"内容即货架"的思路，集团以B2C、O2O双轮驱动开辟增长新路 径，打通线上投放和线下引流链路,提高产品可及性，提高流量转化率。报告期，公司启动O2O"风火 轮"计划，依托美团等平台优化服务，及时满足百姓需求。电商旗舰店不断升级，上新玄归滴丸、舒脑 欣滴丸、华山参滴丸、养胃片、小儿健肾片、童宝乐片等8个独家产品和1个大健康品，GMV不断突 破。 中证报中证网讯（王珞）8月14日晚间，达仁堂（600329）（600329）发布2025年半年度报告。报告期 内，公司实现营业收入26.51亿元；实现归属于上市公司股东的净利润19.28亿元，同比增长193.08%， 主要为转让中美天津史克制药有限公司12%的股权实现税后净收益13.08亿元；基本每股收益2.50元。 在国际业务方面，多地注册工作有序推进，公司进一步拓展国际市场准入，今年已取得9个产品国际注 册证书。为提高渠道的管控，已上线境外电商平台。由单一订单合作向长期战略合作转变，发挥品牌优 势与渠道资源共创发展。 达仁堂介绍，公司以现代中药统领经营发展，打造了特色鲜明的医药工业矩阵，以达仁堂、隆顺榕、乐 仁堂、六中药、京万红等 ...

Group 1 - The article discusses the humorous and relatable experiences of individuals, particularly focusing on pets and their behaviors [12][22][44] - It highlights the challenges and amusing situations that arise from pet ownership, such as managing their diets and behaviors [26][27][68] - The content includes anecdotes about the unexpected reactions of pets and their interactions with humans, showcasing the bond between them [19][21][37] Group 2 - The article also touches on the design and functionality of certain products, specifically mentioning the packaging of a medication that is user-friendly in emergencies [55][56][61] - It emphasizes the importance of thoughtful design in products that cater to urgent needs, reflecting on consumer experiences and expectations [57][58][60] - The discussion includes various opinions on product design, highlighting the balance between practicality and user needs [59][62][64]

Core Viewpoint - The company DaRenTang is experiencing significant fluctuations in its financial performance, primarily due to the sale of its stake in Tianjin Shike, which has historically been a major source of profit. However, the company is facing challenges with declining revenue and quality control issues in its core business operations [1][4][9]. Financial Performance - DaRenTang expects a net profit attributable to shareholders of 1.84 billion to 2 billion yuan for the first half of 2025, representing a year-on-year increase of 180% to 204% [1]. - The net profit excluding non-recurring gains is projected to be 560 million to 620 million yuan, reflecting a decrease of 12% to 2% year-on-year [1]. - The substantial increase in net profit is mainly due to the sale of its stake in Tianjin Shike, which generated a post-tax profit of 1.31 billion yuan [1][5]. Stake Sale Details - DaRenTang sold 13% of its stake in Tianjin Shike to Haleon (China) for 1.759 billion yuan, completing the transaction by the end of December 2024 [2]. - In April 2025, the company announced the sale of an additional 4.6% and 7.4% stakes in Tianjin Shike for 622 million yuan and 1 billion yuan, respectively, completing the transactions by June 2025 [3]. Revenue Decline - The company has reported a continuous decline in revenue over the past two years, with revenues of 8.222 billion yuan, 7.307 billion yuan, and 1.455 billion yuan for 2023, 2024, and the first quarter of 2025, respectively, indicating year-on-year declines of 0.33%, 11.14%, and 30.22% [6]. - In 2024, the net profit excluding non-recurring gains fell by 21.62% to 746 million yuan, with both major business segments experiencing revenue declines [6]. Product Performance - Among the top ten products, eight experienced varying degrees of sales decline in 2024, with significant drops in sales volume for key products such as Jingwanhong Ointment and Qingfei Xiaoyan Wan [7]. - The inventory levels for several products surged dramatically, indicating potential overproduction or reduced demand [7]. Quality Control Issues - DaRenTang has faced multiple regulatory penalties related to drug production quality and compliance issues, including fines and warnings from authorities such as the FDA [9]. - The company has received numerous consumer complaints regarding product quality and service, highlighting ongoing challenges in maintaining standards [9]. Strategic Adjustments - In response to declining performance, DaRenTang has divested from its commercial business by transferring its stake in Tianjin Zhongxin Pharmaceutical Co., Ltd. to focus on core operations [8].

Group 1 - The article highlights the serious issue of healthcare fraud in Shanghai, particularly involving illegal resale of medications acquired through the medical insurance system [1][2] - In 2025, Shanghai authorities dismantled seven healthcare fraud rings, arresting over 130 suspects and involving more than 14 million yuan in fraudulent activities [2] - A specific case involved a network where medications were purchased at significantly reduced prices (as low as 10 yuan) from insured individuals and then resold at higher prices, creating a comprehensive illegal supply chain [3][4] Group 2 - The fraud operations often targeted elderly individuals, with perpetrators posing as second-hand goods collectors to encourage them to sell their prescribed medications [6][8] - Two private Chinese medicine clinics were found to have engaged in fraudulent practices, including excessive billing for services not rendered and manipulation of medication records [10][11] - A significant fraud ring led by a figure named Yan was uncovered, with over 50,000 fraudulent claims amounting to more than 12 million yuan in total [12]