浙江海正药业股份有限公司2025年年度报告详细解读

一、业绩概览与分红方案

浙江海正药业股份有限公司（600267.SH）发布了2025年年度报告，全年实现营业收入105.50亿元，同比增长2.03%。归属于上市公司股东的净利润为5.41亿元，同比下降10.06%。扣除非经常性损益后净利润为5.87亿元，同比增长36.11%，显示主营业务盈利能力持续改善。公司计划每股派发现金红利0.21元（含税），合计派发现金红利2.43亿元（含税），现金分红及回购金额合计3.11亿元，占归母净利润的57.56%。本年度不送股、不以公积金转增股本。

二、行业及公司经营亮点

• 行业环境： 医药制造业在政策支持下，行业结构优化升级加快。2025年卫生健康支出同比增长5.7%，创新药获批数量创新高，集采模式向“质量优先、性价比兼顾”转变，医药行业集中度提升。
• 主营业务聚焦： 公司完成浙江省医药工业有限公司100%股权转让，聚焦医药工业核心优势领域，提升整体利润率和资源配置效率。
• 医药制剂业务： 医院销售部专注心脑血管及代谢、综合药物、肿瘤药物三大领域，产品已广泛服务于三级医院，并积极向县域和基层医疗机构下沉。公司创新“三高共管”慢病管理模式，推动“医学科普视频矩阵项目”及“海心汇”心脑血管生态联盟，助力《健康中国2030》目标实现。
• 集采业务： 依托垂直一体化生产能力，全流程参与市场竞争，提升集采市场份额和品牌影响力。
• 多元销售渠道： 拥有电商、药店、出口制剂、招商代理等多元渠道，电商团队全面覆盖主流平台，出口制剂由美国子公司承接，布局全球市场。
• 原料药及动物药： 原料药业务50年技术积累，年发酵能力17,000立方，合成2,300立方，产品出口70+国家。动物药布局宠物、猪健康、反刍、国际业务，是国内领先品牌。
• 医药商业与新兴业务： 医药经销网络广泛，与全球制药巨头深度合作。新兴业务涵盖合成生物学、保健品、美妆、医美等新领域，IOMA美妆品牌持续推进。

三、公司财务数据及股东结构

• 资产与收益： 2025年总资产150.52亿元，归属于股东的净资产86.07亿元。
• 现金流： 经营活动现金流净额20.32亿元，保持充裕。
• 季度表现： 各季度营业收入均约26亿元，归母净利润分别为1.94亿、1.05亿、1.62亿、0.80亿元，显示公司业绩分布较为均衡。
• 股东及控制权： 截至年末普通股股东共50,992户，控股股东为浙江海正集团有限公司（持股26.76%），实际控制人为台州市椒江区国有资本运营集团有限公司，国有背景明显。

四、重要事项和潜在影响

• 利润下滑原因： 本期归母净利润下降，主因2024年因可转债回售事项确认大额非经常性收益，而2025年未有类似事项；扣非净利润大幅增长说明主营业务盈利能力持续提升。
• 公司积极应对集采压力，创新药、特色药准入加速，研发和市场推广持续发力，有望提升未来业绩。
• 暂无退市风险及其他重大不利事项。

五、投资者须知及市场敏感信息

• 业绩持续增长、净利润结构优化、分红回报提升，均为利好信号。
• 医药行业政策利好、公司聚焦主业、拓展新兴业务，有望提升公司估值与市场关注度。
• 需关注行业集采政策变化、创新药市场推广进展及新业务布局成效，这些因素对公司未来业绩和股价有较大影响。

六、结论

浙江海正药业2025年报告显示，公司主营业务稳健增长，盈利能力持续改善，分红回报较高。公司在医药制剂、原料药、动物药及新兴业务等多元发展，政策红利与创新药准入加速为未来发展提供动力。建议投资者持续关注公司创新药推广、集采政策进展及新业务变现能力。

免责声明：本文仅供参考，不构成任何投资建议。投资有风险，入市需谨慎。

English Version

Zhejiang Hisun Pharmaceutical Co., Ltd. 2025 Annual Report In-depth Analysis

1. Overview of Performance and Dividend Plan

Zhejiang Hisun Pharmaceutical (600267.SH) announced its 2025 annual results, with total revenue of RMB 10.55 billion, up 2.03% year-on-year. Net profit attributable to shareholders was RMB 541 million, down 10.06% year-on-year. After deducting non-recurring items, net profit was RMB 587 million, up 36.11% year-on-year, reflecting significant improvement in core business profitability. The company proposes a cash dividend of RMB 0.21 (tax inclusive) per share, totaling RMB 243 million, with total cash dividends and buybacks accounting for 57.56% of net profit. No bonus shares or capital reserve conversions this year.

2. Industry and Business Highlights

• Industry Environment: The pharmaceutical manufacturing sector has benefited from supportive policies, with increased healthcare spending and an accelerated shift toward high-value, innovation-driven products. Industry concentration is rising.
• Business Focus: The company completed the transfer of 100% equity in Zhejiang Pharmaceutical Industrial Co., concentrating on core pharmaceutical manufacturing to boost profitability and resource efficiency.
• Pharmaceutical Formulations: The hospital sales division covers cardiovascular & metabolic, infectious, and oncology drugs. Products are widely used in tertiary hospitals and are expanding to lower-tier facilities. The company leads in chronic disease management innovation and patient education.
• Centralized Procurement: Leveraging vertical integration, the company actively participates in national procurement, ensuring supply and quality.
• Diverse Channels: The company has robust e-commerce, pharmacy, export, and agency channels with its US subsidiary as an export platform and presence on all major e-commerce platforms.
• APIs & Animal Health: Over 50 years of technical experience, annual fermentation capacity of 17,000 m³, products exported to 70+ countries. Animal health business is a domestic leader.
• Commercial & Emerging Businesses: Extensive distribution network and partnerships with global pharma giants. Actively developing synthetic biology, health supplements, medical aesthetics, and cosmetics.

3. Financial Data & Shareholding Structure

• Assets & Profit: 2025 total assets: RMB 15.05 billion; net assets: RMB 8.61 billion.
• Cash Flow: Operating cash flow: RMB 2.03 billion, indicating strong liquidity.
• Quarterly Performance: Quarterly revenue around RMB 2.6 billion each; net profit per quarter ranged from RMB 80 million to RMB 190 million.
• Shareholding: 50,992 shareholders; controlling shareholder Zhejiang Hisun Group (26.76%); actual controller is Taizhou Jiaojiang State-owned Capital Operation Group, highlighting state-owned background.

4. Key Issues and Potential Impact

• Reasons for Net Profit Decline: The year-on-year drop in net profit was due to large non-recurring gains in 2024 not repeated in 2025; the surge in core profit shows improved operating quality.
• Actively Responding to Industry Changes: The company is strengthening its presence in centralized procurement and innovative drugs, which may drive future growth.
• No Delisting Risk: No delisting or major negative events disclosed.

5. Investor Takeaways & Market Sensitivity

• Sustained core profit growth, higher dividend payout, and enhanced business focus are positive signals.
• Sector policy tailwinds, innovation, and new business initiatives may support valuation and market interest.
• Investors should watch for policy shifts in procurement, pace of innovative drug commercialization, and performance in emerging businesses, as these may affect future earnings and share price.

6. Conclusion

Hisun Pharmaceutical’s 2025 results show solid growth in core business, higher profitability, and attractive shareholder returns. Multi-pronged development in pharmaceuticals, APIs, animal health, and emerging sectors, along with policy support, positions the company for further growth. Investors are advised to track progress in innovative drugs, procurement policy, and the monetization of new initiatives.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investment involves risk. Please exercise caution.

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