营收稳健，利润同比明显改善。公司1H25 实现收入44.6 亿元（同比-0.6%），归母净利润0.7 亿元（同 比+15.1%），扣非后归母净利润0.7 亿元（同比-0.8%）；2Q25 营收21.6 亿元（同比-0.4%，环 比-5.7%），归母净利润0.4 亿元（同比+265.9%，环比+15.9%），扣非后归母净利润0.3 亿元（同比 +123.9%，环比+10.2%）。利润大幅增长主因去年同期政策影响致低基数，及公司强化租金、人工费以 及配送费、分部管理费等前后台费用全面管控，扭转门店费用结构、控费增效成果逐步体现。 评论： 收入呈现结构性差异，处方药及中药材承压。1H25 医药零售业务实现收入40.2亿元（同比-0.4%），毛 利率35.0%（同比+0.1pct），分产品看，处方药收入14.7亿元（同比-6.7%）、毛利率30.4% （+3.7pct），非处方药收入17.6 亿元（同比+3.9%）、毛利率35.4%（-3.4pct），中药材收入1.5 亿元 （同比-11.7%）、毛利率46.4%（同比-0.6pct）、医疗器械收入3.3 亿元（同比+5.1%）、毛利率46.9% （同比-1.4pct ...

安徽股托中心2022年5月发布的文章显示，精诚徽药时任总经理透露，2016年，公司投入5000万元，对 厂房和生产线设备进行了技术改造。改造之前，精诚徽药年产量能做到6000万，改造以后单班的产值能 做到三个亿，如果分双班24小时全开的话，能做到六个亿。 江中药业（600750）9月26日晚间宣布，公司董事会审议通过议案，同意公司作为意向受让方以公开摘 牌方式收购安徽省精诚徽药药业有限公司(下称"精诚徽药")70%股权。交易对应的成交价格不高于 7078.393万元。 江中药业产品分类为非处方药、处方药、健康消费品等。公司称，精诚徽药主要从事中成药的研发、生 产和销售，聚焦中药补益类OTC产品，核心品种为六味地黄口服液、脑力静糖浆及脑力静胶囊。此次收 购将为公司补充中药补益类品种、丰富OTC产品矩阵。 企查查显示，精诚徽药成立于2013年11月，注册资本5100万元。股权方面，安徽配天投资集团(下称"配 天集团")持有精诚徽药100%股权；配天集团为蚌埠投资集团全资子公司。 精诚徽药前身为建于1968年的蚌埠中药厂。公司主营中药饮片和中成药，是集研发、生产和销售为一体 的综合性现代制药企业。2015年，精诚徽 ...

Group 1 - The article discusses the health implications of the autumn equinox, emphasizing the need for public awareness regarding seasonal health issues and preventive measures [1] - Traditional Chinese medicine offers remedies for common autumn ailments such as colds, coughs, allergic rhinitis, and diarrhea, highlighting the importance of addressing both dryness and humidity during this season [2] - Cardiovascular patients are advised to take precautions against temperature fluctuations, including dynamic warming strategies and monitoring blood pressure, to mitigate risks associated with heart conditions [3] Group 2 - The article stresses the importance of distinguishing between prescription and over-the-counter medications, advising caution in their use, especially during the high incidence of seasonal illnesses [4] - Experts recommend consulting healthcare professionals before purchasing prescription medications and emphasize the risks of self-medicating with antibiotics for viral infections [4]

专家提示：不要自行购买和使用处方药 中新网北京9月22日电 (记者 李纯)北京大学人民医院主任药师张海英22日在北京表示，公众不要自行购 买和使用处方药，即使知道自己的症状，也要由医生明确诊断后开具处方，并且严格按照处方上的用法 用量和疗程使用。 这位专家提示，公众不要自行购买和使用处方药，即使知道自己的症状，也要由医生明确诊断后开具处 方，并且严格按照处方上的用法用量和疗程使用。她举例说，一些人感冒之后会自行使用抗生素，但是 很多感冒是由病毒引起，使用抗生素不仅没有效果，还会产生药物的耐药性问题。"用药要安全为先， 不要擅自用药。"(完) 来源：中国新闻网 编辑：张嘉怡 广告等商务合作，请点击这里 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 张海英提示，处方药必须严格遵循医嘱，按照处方上的用法用量、疗程来使用，不能自行调整。 张海英介绍说，非处方药是不需要经过医生处方就可以自行购买和使用的一类药品，常见的有治疗感 冒、头痛、发烧、咳嗽的药物，还有一些外用药物、维生素类药物。这类药物的安 ...

Core Viewpoint - The pharmaceutical retail industry is undergoing a structural transformation, moving from extensive growth driven by scale expansion to a focus on quality optimization and efficiency improvement in 2025 [1][5]. Group 1: Performance Overview - In the first half of 2025, six major listed pharmacy chains showed a polarized performance, with Dazhenglin and Shuyupingmin achieving both revenue and net profit growth, while Laobaixing and Yixintang experienced declines [1][3]. - Dazhenglin reported the highest revenue among the chains at 13.522 billion yuan, a year-on-year increase of 1.33%, and a net profit of 798 million yuan, up 21.38% [2][3]. - Shuyupingmin's revenue and net profit were 4.881 billion yuan and 36.25 million yuan, respectively, reflecting increases of 1.30% and 49.83% [3]. - Laobaixing and Yixintang saw revenue declines of 1.51% and 4.20%, with net profits dropping by 20.86% and 11.44% respectively [4][3]. Group 2: Store Expansion Trends - Dazhenglin continued to expand its store count, adding 280 stores, although this growth rate has significantly slowed compared to previous years [1][7]. - Yixintang and Jianzhijia experienced net decreases in store numbers, with Yixintang losing 126 stores and Jianzhijia losing 22 [7]. - The overall trend indicates a shift from rapid expansion to focusing on the efficiency of existing stores, with many chains emphasizing the importance of franchise models for growth [7][8]. Group 3: Strategic Shifts and Innovations - The industry is moving towards diversification and specialization, with companies like Yixintang planning to develop 30% specialized pharmacies and 70% multi-category stores [8][9]. - Shuyupingmin is focusing on high-potential product categories and optimizing its product range while exploring various store formats [9]. - The implementation of O2O (Online to Offline) strategies is gaining traction, with significant sales contributions from O2O channels across multiple chains [10][11]. Group 4: Digital Transformation and AI Integration - Companies are increasingly adopting digital transformation strategies, with AI becoming a focal point for enhancing operational efficiency and customer service [11][12]. - Laobaixing has initiated AI development as a key strategic project, deploying various AI assistants to improve business operations [11][12]. - Dazhenglin has integrated AI tools to provide intelligent customer service and data analysis, enhancing its operational capabilities [12][13].

Core Insights - The company reported a revenue of 2.141 billion yuan for the first half of 2025, a year-on-year decrease of 5.79%, while the net profit attributable to shareholders was 522 million yuan, an increase of 5.80% [1] - The company has seen a significant increase in profitability, with a net profit margin of 26.41% in Q2 2025, up by 1.03 percentage points year-on-year [3] Sales Performance - Over the first half of 2025, the company's over-the-counter (OTC) drug products generated revenue of 1.550 billion yuan, a decline of 10.14%, but with a gross margin of 76.14%, which increased by 1.09 percentage points [2] - Prescription drug products achieved revenue of 360 million yuan, reflecting a year-on-year growth of 7.44%, with a gross margin of 43.05%, up by 1.21 percentage points [2] - Health consumer products and others saw revenue of 228 million yuan, a growth of 17.35%, although the gross margin decreased by 2.04 percentage points to 38.82% [2] Profitability and Dividends - The company maintained a gross margin of 64.60% in Q2 2025, despite a year-on-year decrease of 4.79 percentage points, while the sales expense ratio improved by 10.15 percentage points to 24.72% [3] - The company declared an interim dividend of 5 yuan per 10 shares (tax included), amounting to 317 million yuan, which represents 60.78% of the net profit attributable to shareholders for the first half of 2025 [3] Investment Outlook - The company is projected to achieve revenues of 4.902 billion yuan, 5.409 billion yuan, and 5.956 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 10.52%, 10.34%, and 10.11% respectively [4] - The net profit attributable to shareholders is expected to be 891 million yuan, 1.004 billion yuan, and 1.136 billion yuan for the same period, with growth rates of 12.98%, 12.80%, and 13.10% respectively [4]

Financial Performance - The company reported a net profit of 72.38 million yuan for the first half of 2025, a year-on-year increase of 15.11% [1] - Total revenue for the same period was 4.457 billion yuan, a decrease of 0.64% compared to the previous year [1] - The gross profit margin was 35.69%, down 0.54% year-on-year, while the net profit margin increased by 19.81% to 1.63% [1] - Operating cash flow per share increased by 91.53% to 3.56 yuan [1] Business Model and Strategy - The company relies heavily on marketing-driven performance, with a historical median ROIC of 13.69% since its listing [3] - The company is actively working to reduce its dependence on medical insurance revenue, which accounted for 40% of total revenue in the first half of 2025, down 4% year-on-year [6] - The company is focusing on expanding non-medical insurance business and enhancing its differentiated operating model [6] Product and Revenue Structure - The revenue structure for prescription drugs decreased by 2.31%, while non-prescription drug revenue increased by 1.77% [7] - The company has seen growth in sales of health foods, personal care products, medical devices, and convenience items, contributing to a 1.94% increase in overall non-drug sales [7] - Inventory turnover efficiency has improved, with inventory value decreasing by 5.99 billion yuan compared to the beginning of the period [7] Fund Holdings - The largest fund holding the company’s shares is the Rongtong Health Industry Flexible Allocation Mixed A/B, with a current scale of 2.074 billion yuan [5] - The fund has seen a 43.67% increase in value over the past year [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 中國，上海 2025 年 8 月 25 日 於本公告日期，執行董事為連萬勇先生及孫京林先生；非執行董事為趙炳祥先生、陳啟宇先生、祖敬先 生、邢永剛先生、陳玉卿先生、文德鏞先生及馮蓉麗女士；獨立非執行董事為李培育先生、吳德龍先生、 俞衛鋒先生、石晟昊先生及陳威如先生。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據香港公司條例註冊為非香港公司。 海外監管公告 国药控股股份有限公司 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 公司债券中期报告 以下公告的中文原稿將由國藥控股股份有限公司於 2025 年 8 月 25 日於上海證券交易所網站 (http://www.sse.com.cn)發佈，僅供參閲。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 （2025 年） 二〇二五年八月 0 国药控股股份有限公司公司债券中期报告（202 ...

Group 1 - The overall market size of retail pharmacies in China reached 923.3 billion yuan in 2023, with a CAGR of 7.7% from 2019 to 2023 [1][6] - The number of retail pharmacies has been continuously increasing, totaling 667,000 in 2023, with an average service population per store of approximately 2,114, which is declining [1][6] - The online pharmacy segment has shown significant growth, contributing 78% to the overall sales growth of pharmacies in 2023, with online sales accounting for 33% of total pharmacy sales [9][10] Group 2 - The retail pharmacy market in Yunnan is characterized by high concentration and regional imbalance, with a chain rate of 57.16% [1][23] - Local chain enterprises like Yixin Tang and Jianzhijia are leveraging local resources for deep penetration and are expected to accelerate their expansion outside the province [1][27] - The expansion of Yunnan's leading pharmacy chains outside the province is evident, with Yixin Tang's share of in-province stores decreasing from 59.46% in 2020 to 48.49% in 2024 [27][28] Group 3 - The importance of retail pharmacies has been increasing due to various policies promoting the separation of medicine and healthcare, with the pharmacy channel expected to see accelerated prescription sales [2][29] - The implementation of outpatient coordination is crucial for reducing unnecessary hospital resource occupation and enhancing patient convenience [2][39] - The expected increase in prescription outflow could lead to a market increment of over 1 billion yuan from 2025 to 2027 [2][59] Group 4 - Companies that excel in professional services, diversified operations, and omnichannel strategies are likely to achieve better competitive differentiation and find new growth avenues [3][65] - The online sales channel is becoming increasingly important, with O2O sales expected to rise significantly, potentially reaching 1,444 billion yuan by 2030 [66] - The development of self-owned brands and non-pharmaceutical products can help pharmacies reduce reliance on insurance funds and improve profit margins [62][64]

Group 1 - The World Health Organization found that personal behavior and lifestyle factors account for 60% of health impacts, emphasizing the importance of individuals taking responsibility for their own health [1] - The International Self-Care Day, celebrated on July 24, has gained positive responses from nearly 40 countries and regions, promoting self-care awareness and practices [2] - Non-prescription drugs are highlighted as essential tools for self-care, providing safety and convenience for families in health management [1][2] Group 2 - Various stakeholders, including government policies, industry initiatives, and public awareness campaigns, are collaboratively working towards achieving the "Healthy China" goal [2] - Medical experts shared practical health knowledge during the event, focusing on children's health and the importance of preventive care [3] - The event received support from multiple health-related organizations, indicating a strong collaborative effort in promoting health literacy and self-care practices [3]