医药产业运行数据专题：院内外承压，局部恢复 20251020 摘要 2025 年 1-7 月全国财政卫生健康支出同比增长 5.3%，达 12,000 亿元 以上，较疫情前 2019 年同期增长 13.9%，表明政府对卫生健康领域支 持力度加大。 2025 年医药工业增加值增速低于全国工业平均水平，但逐月改善，7 月 份同比增长 2.4%。收入端承压，利润受出口和反内卷影响波动，总体 有恢复迹象，未来有望向上发展。 2025 年院外零售市场承压，中西药品社零增速仅为 1.2%，低于社零总 额增速。实体药店规模同比下降，中西药品需求相对刚性，医疗器械销 售改善，保健品下滑，行业监管趋严加剧竞争。 2025 年院内诊疗量放缓甚至下滑，住院人次下降明显。医疗设备招标 及医疗器械进出口受到影响，需持续关注。 2025 年上半年医疗器械出口表现较好，内窥镜、核磁共振设备和导管 插管类产品出口增长显著。但手套等产品受关税影响较大，出口下滑。 Q&A 今年医保基金的收入和支出情况如何？ 今年（2025 年）医保基金的收入保持了稳健增长。1-7 月份累计收入增速为 6.9%，7 月单月也表现出稳健增长，达到对打水平。从城镇职工 ...

1 | | 很高，公司是三家全国性麻精药品批发企业之一，并在 15 个省 | | --- | --- | | | 市拥有区域性批发资格，销售网络覆盖全国 31 个省市及自治区， | | | 其中在四川、重庆、贵州、青海、西藏等 5 个地区具有麻精药品 | | | 经销优势。上半年公司麻精药品实现销售 17.36 亿元，同比增加 | | | 19.07%。 | | | 4、公司财务费用下降明显的原因？ | | | 答：公司持续加强对财务费用的管控，今年以来公司融资成 | | | 本下降趋势明显，上半年财务费用同比下降 1.65 亿元，同比降 | | | 幅为 30.35%。财务费用率创五年同期新低，预计未来还有进一 | | | 步下降空间。 | | | 5、公司与通用技术集团内部协同情况如何？ | | | 答：公司加速推进与通用技术集团旗下医疗机构的协同发 | | | 展，报告期内在全国 22 个省开户 104 家，其中 89 家为等级医院， | | | 同时公司在 2025 年 8 月底，与通用健康、中国医药签订战略合 | | | 作协议。三方将整合资源渠道优势，通过优化供应链全流程管理， | | | 实现药 ...

Group 1: Market Value Management - The company considers market value management a key task for the year, focusing on improving operational management and utilizing various methods such as information disclosure, cash dividends, and share buybacks to enhance market value [2][3] - A market value management system was established in June 2025, with a share buyback plan approved by the shareholders in July, allowing for a buyback of between 80 million to 100 million yuan [3] - On August 14, 2025, the company executed its first share buyback, acquiring 3,762,300 shares for a total payment of 19,999,259.00 yuan (excluding transaction fees) [3] Group 2: Business Expansion and Projects - As of mid-2025, the company has launched 199 SPD projects across 23 provinces in China, with plans to initiate new projects as needed [3] - The company currently operates 205 DTP pharmacies, including 192 direct-operated and 13 franchised, with plans to further develop this business segment [4] Group 3: Competitive Strategy - The company aims to build a differentiated competitive system focusing on "strengthening barriers, enhancing value, and exploring growth," leveraging its state-owned enterprise background for synergy in the pharmaceutical commercial sector [4] - Strategies include enhancing logistics through smart delivery methods and expanding into high-growth niche markets such as medical devices and DTP pharmacies [4] Group 4: Research and Development - The company's R&D primarily focuses on generic drugs, adhering to international standards, with four products already approved and three in commercial production [4]

风险提示：投资有风险，入市需谨慎。 来源:金融界 消息面上，公司副总经理叶彤因退休离任。半年报显示，公司在北京区域医疗直销方面优化了配送流 程，在麻精药品业务方面开展了覆盖6000家医疗机构的培训活动。工业板块方面，子公司国瑞药业部分 产品受集采影响收入和利润双降。 资金流向方面，当日主力资金净流出1711.97万元，占流通市值的0.1%。近五日主力资金累计净流入 2901.82万元，占流通市值的0.17%。 国药股份最新股价为30.15元，较前一交易日上涨0.14元。盘中最高触及30.27元，最低下探29.93元，成 交量为83459手，成交金额达2.51亿元。 该公司属于医药商业板块，业务涵盖药品分销、医药零售、医药工业、口腔学术服务及医药物流等领 域。上半年实现营业收入256.34亿元，同比增长3.54%，但归母净利润为9.49亿元，同比下降5.19%。 ...

Group 1 - The core viewpoint of the articles emphasizes the ongoing efforts of law enforcement agencies in China to combat drug-related crimes and enhance drug prevention education, particularly focusing on new psychoactive substances and the abuse of drugs among youth [1][2][3] Group 2 - In 2024, law enforcement agencies have intensified their crackdown on drug-related crimes, resulting in the resolution of 38,000 drug cases and the seizure of 28.1 tons of various drugs from January 2024 to January 2025 [1] - The authorities have implemented a comprehensive approach to control the spread of new psychoactive substances, with 46 new substances and 4 narcotic drugs added to the regulatory list in 2024, alongside 11,000 cases related to narcotic drugs being resolved [1] - A special operation targeting the abuse of "e-cigarettes" containing the drug etonitazene has been launched, leading to the dismantling of several manufacturing sites [1] Group 3 - The police have focused on controlling the source of drug production by enhancing the regulation of precursor chemicals, with 151 cases of drug production materials being resolved and 1,427.4 tons of such materials seized in 2024 [2] - New regulations have been introduced to monitor and manage precursor chemicals, including the addition of 7 new regulated chemicals and 24 chemicals subject to export controls [2] - International cooperation in drug control has been strengthened through various platforms, leading to significant achievements in combating drug trafficking and capturing major drug-related fugitives [2] Group 4 - Innovative drug prevention education initiatives have been launched, particularly targeting youth, with over 91.22 million students participating in a national drug knowledge competition [3] - The authorities are enhancing the management of drug users through various support measures, including psychological counseling, family support, and vocational training, to aid in their rehabilitation and reintegration into society [3]