化学制药 仙琚制药（002332.SZ） 证券研究报告/公司点评报告 2025 年 09 月 03 日 | 评级： | 买入（维持） | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：祝嘉琦 | | | 营业收入（百万元） | | 4,123 | 4,001 | 3,986 | 4,452 | 5,158 | | | | 增长率 yoy% | | | -5.85% | -2.98% | -0.36% | 11.70% | 15.85% | | 执业证书编号：S0740519040001 | | 归母净利润（百万元） | | | 563 | 397 | 632 | 708 | 828 | | Email：zhujq@zts.com.cn | | 增长率 yoy% | | | -24.86% | -29.46% | 59.10% | 12.07% | 16.97% ...

业绩承压，期待制剂新产品带来增长动能 仙琚制药(002332) 证券研究报告 化学制药 / 公司点评 / 2025.09.01 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 10.63 | | 流通股本(亿股) | 9.85 | | 每股净资产(元) | 6.07 | | 总股本(亿股) | 9.89 | 最近 12 月市场表现 -23% -11% 1% 13% 26% 38% 仙琚制药 沪深300 分析师 华挺 SAC 证书编号：S0160523010002 huating@ctsec.com 数据来源：wind 数据，财通证券研究所（以 2025 年 08 月 29 日收盘价计算） 请阅读最后一页的重要声明！ ❖ 事件：公司发布 2025 年半年度报告，2025 年上半年，公司实现营收 18.69 亿元（-12.56%）；实现归母净利 3.08 亿元(-9.26%)；2Q2025 公司实现 收入 8.61 亿元(-21.72%)；实现归母净利 1.64 亿元（-12.89 %）。 ❖ 原料药价格下行叠加制剂集采 ...

（原标题：央企接棒、高管大换血，人福医药上半年净利止跌） 日前，人福医药发布了其正式被央企招商局集团控股后的首份半年报。 报告期内，人福医药实现营业收入120.64亿元，同比减少6.20%；实现归母净利润11.55亿元，同比增长 3.92%，止住了连续2年下跌的趋势；实现归母扣非净利润11.30亿元，同比增长3.81%。 对于业绩的变动，人福医药指出，营收降低主要是系医药行业支付端结构性改革影响以及公司落实"归 核聚焦"工作，持续优化业务结构所致。 与此同时，其又通过精细化管理、薪酬体系优化、控制负债规模并降低融资成本等方式，实现归母净利 润的增长。以薪酬体系优化为例，报告期末，公司应付职工薪酬1.61亿元，同比大幅下降53.21%。 今年上半年，人福医药核心业务保持稳健发展。其中，宜昌人福麻醉药品国内市场份额超过 60%，多 个产品市场占有率稳居全国首位。报告期内，宜昌人福神经系统用药实现营业收入约39亿元，同比增长 约4%，注射用盐酸瑞芬太尼等产品销售额同比增长超10%。 葛店人福持续拓展甾体激素药品管线，报告期内黄体酮软胶囊、甲泼尼龙片等制剂新品种获批上市。目 前，葛店人福的黄体酮原料药全球市场份额第一 ...

（企业公告） 公告介绍，子公司宜昌人福是亚洲最大的麻醉药品定点研发生产基地，也是全球最全的芬太尼系列产品 商业化生产企业，麻醉药品国内市场份额超过60%，多个麻醉、精神类核心产品市场占有率稳居全国首 位，已在50多个国家和地区进行药品注册和销售。 子公司葛店人福是两性健康激素类药物国内龙头企业，其黄体酮原料药全球市场份额第一，非那雄胺、 布地奈德等原料药市场占有率领先，现已在60多个国家和地区进行原料药产品的注册和销售；制剂产品 线中，复方米非司酮片为全国独家品种，近年来醋酸阿比特龙片、地诺孕素片、黄体酮软胶囊、屈螺酮 炔雌醇片等产品相继上市，该企业正在积极推进两性健康激素类药品的全产业链布局。 近日，人福医药发布2025年半年报。披露公司上半年营收下滑6.2%至120.64亿元，归属净利增长3.92% 至11.55亿元。 ...

Core Viewpoint - The company reported a slight increase in net profit despite a decrease in revenue, indicating effective management strategies amidst industry challenges [1][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.064 billion yuan and a net profit attributable to shareholders of 1.155 billion yuan, representing a year-on-year growth of 3.92% [1]. - The company's operating revenue decreased by 6.2% year-on-year, primarily due to structural reforms in the pharmaceutical payment sector and the implementation of a "core focus" strategy [1]. - The net profit and net profit after deducting non-recurring items both increased, demonstrating the effectiveness of cost control and management optimization [1]. Group 2: Business Development - The company continues to cultivate key products in its pharmaceutical industrial subsidiaries, with stable growth in core business areas [1]. - In the anesthetics sector, the company has made significant progress in clinical applications, with products like injectable fentanyl and remimazolam showing rapid growth [1]. - The company holds the largest global market share for progesterone raw materials and leads in market share for other raw materials like finasteride and budesonide [1]. Group 3: R&D and Innovation - The company has established R&D centers in multiple locations, including Wuhan, St. Louis, New York, and Aachen, with a research team exceeding 2,000 people [3]. - In the first half of 2025, R&D expenses exceeded 700 million yuan, with 14 new products approved across various therapeutic areas [3]. - The company is transitioning from a focus on generic drugs to innovative drug development, with significant progress in biopharmaceuticals [3]. Group 4: Market Strategy - The company is adapting to industry challenges by expanding into e-commerce and OTC channels, particularly in the specialty drug sector [2]. - The pharmaceutical commercial sector continues to face challenges due to national procurement policies, which have significantly reduced profits in the distribution chain [2]. - The company is enhancing its regional medical service capabilities and developing new business models like professional pharmacies and hospital-side stores [2]. Group 5: Financial Health - The company's asset-liability ratio decreased from 43.32% at the beginning of the reporting period to 43.00%, supporting its innovation and international expansion efforts [4].

Group 1 - China Energy Construction won a major coal-fired power project with a bid amount of approximately 14.586 billion yuan, involving six 660 MW supercritical coal-fired generating units and supporting environmental facilities, with a total construction period of about 36.5 months [1] - Taiji Industry plans to repurchase company shares with a total amount not less than 1 billion yuan and not exceeding 1.2 billion yuan, with a maximum repurchase price of 10.38 yuan per share [1] - Youxun Technology won a project from State Grid with a bid amount of approximately 176 million yuan, accounting for 17.44% of the company's audited revenue for 2024 [2] Group 2 - Daili New Materials established an investment fund with a total subscribed capital of 163.3 million yuan, with Daili contributing 10 million yuan, accounting for 6.12% of the fund [4] - Wanyi Technology received a government subsidy of 2.3475 million yuan, which has been confirmed and classified according to relevant accounting standards [6] - Anke Biotech received a drug registration certificate for Acetate Atosiban Injection, which is used for treating preterm labor [7] Group 3 - Renfu Pharmaceutical received a drug registration certificate for Progesterone Soft Capsules, which are used to treat functional disorders caused by progesterone deficiency [9] - Linyang Energy is a recommended candidate for a major contract with State Grid, with a total expected bid amount of approximately 165 million yuan [11] - Hongtian Technology plans to invest 200 million to 300 million yuan to establish a wholly-owned subsidiary in Gansu Province [28] Group 4 - Hunan Xiang Electric received a total of 40 million yuan in government subsidies, which accounts for 16.07% of the company's audited net profit for 2024 [44] - Nengke Technology plans to repurchase shares with a total amount not less than 10 million yuan and not exceeding 20 million yuan, with a maximum repurchase price of 43.00 yuan per share [46] - Xiamen XGMA received 10 million yuan in historical debt repayment, which is expected to increase the company's net profit for 2025 by 3.186 million yuan [48]

Core Viewpoint - The announcement highlights that Renfu Pharmaceutical's subsidiary, Wuhan Jiulong Renfu Pharmaceutical Co., has received approval for the registration certificate of Progesterone Soft Capsules from the National Medical Products Administration, indicating a significant development in the company's product pipeline [1] Group 1: Company Developments - Renfu Pharmaceutical's subsidiary has received the drug registration certificate for Progesterone Soft Capsules, which are used to treat dysfunctions caused by progesterone deficiency and assist in pregnancy [1] - The company submitted the marketing authorization application for the product in December 2023, which has been accepted [1] - Cumulative R&D investment for this project has reached approximately RMB 29 million [1] Group 2: Market Insights - According to data from Minet, the projected national sales for Progesterone Soft Capsules in 2024 are approximately RMB 372 million [1] - Major competitors in the market include Besins Healthcare S.A., Zhejiang Aisheng Pharmaceutical Co., Ltd., and Zhejiang Medicine Co., Ltd. [1]

Group 1 - Huiyu Pharmaceutical's subsidiary received drug registration certificate for Carboxymethyl Sodium Injection, which is used for treating bleeding diseases in various medical fields [1] - Baihe Co., Ltd. announced a plan for a director to reduce holdings by up to 424,000 shares, representing 0.6625% of the total share capital [1] - Kingood Co., Ltd. received a notification from a global leading automaker for a wheel project, expected to start mass production in 2026 with a lifecycle of 10 years [1][2] Group 2 - Wanhua Chemical plans to repurchase shares worth between 300 million and 500 million yuan, with a maximum repurchase price of 99.36 yuan per share [2] - Warner Pharmaceutical's subsidiary received approval for Acetylcysteine raw material drug, primarily used for treating respiratory diseases [3] - ST Mingcheng plans to publicly transfer 45% equity of its subsidiary, aiming to optimize asset structure [4] Group 3 - Qixia Construction announced a plan to reduce up to 31.5 million shares, accounting for 3% of total share capital [5][6] - Zhejiang Rongtai intends to invest 20 million yuan to establish a wholly-owned subsidiary focused on intelligent robotics [7] - Yuandong Biological received drug registration for Chloral Hydrate Enema, used for sedation and seizure control in children [9] Group 4 - Jiemai Technology's subsidiary signed a strategic cooperation agreement with a solid-state battery company to produce high-safety composite conductive materials [10] - Xianju Pharmaceutical received drug registration for Progesterone Soft Capsules, used for treating functional disorders due to luteal deficiency [11] - Lanhua Kecai's subsidiary reported a temporary production halt, with the resumption date yet to be determined [13] Group 5 - Sinopharm Modern's subsidiary received drug registration for Tocilizumab Tablets, used for treating rheumatoid arthritis and other conditions [15] - Shanghai Bank announced the resignation of its vice president due to organizational adjustments [17] - Shanghai Pharmaceutical's Ephedrine Injection passed the consistency evaluation for generic drugs [19] Group 6 - Rundu Co., Ltd. received drug registration for Amlodipine and Olmesartan Tablets, aimed at treating hypertension [21] - Zhong'an Technology announced that 61 million shares held by its controlling shareholder will be auctioned [23] - Shanghai Washba plans to purchase patent assets and establish two subsidiaries focused on hydrogen energy and solid-state battery technologies [25] Group 7 - Nuo Cheng Jianhua's new drug Tafasitamab received approval for treating relapsed/refractory diffuse large B-cell lymphoma [26] - Benli Technology plans to use up to 200 million yuan of idle funds for cash management and financial investments [28] - Taiji Co., Ltd. intends to use 60 million yuan of idle funds to purchase financial products [29] Group 8 - Haishi Co. announced that its innovative drug Anreke Fen Injection received drug registration for treating postoperative pain [32] - Yulong Co. will have its stock delisted on May 27, 2025, following a decision by the Shanghai Stock Exchange [36] - Weifu High-Tech plans to establish a joint venture with Shanghai Baolong Automotive Technology [38] Group 9 - Xichang Electric Power expects a net profit reduction of approximately 5.4 million yuan due to adjustments in the time-of-use electricity pricing mechanism [39] - Alter signed a contract worth 6.8 billion yen for the development and procurement of large truck EV kits [41] - Zhonglian Heavy Industry plans to acquire controlling stakes in its financing leasing subsidiary through public bidding [42] Group 10 - Sanyou Medical's executive plans to reduce holdings by up to 1.44% of the company's shares [43] - Hangyang Co. plans to establish a subsidiary for large modular cryogenic equipment manufacturing with an estimated investment of 557 million yuan [44] - FAW Fuwi received a notification for a dashboard project from a well-known new energy brand, with total sales expected to reach 1.06 billion yuan [45]