海正药业2026年第一季度业绩快报：净利润大增83%，业务结构优化推动业绩提升

浙江海正药业股份有限公司发布2026年第一季度业绩快报

主要财务数据亮点

营业总收入：23.90亿元，同比下降9.17%。主要受浙江省医药工业有限公司100%股权转让影响，自2026年3月起该子公司不再纳入合并报表，导致营业收入规模减少。
医药制剂业务增长：剔除医药经销业务后，公司核心医药制剂产品营业收入为19.34亿元，同比增长8.38%，显示公司主营业务表现强劲。
盈利能力显著提升：营业利润48,353万元，同比增加93.05%；利润总额48,246万元，同比增加93.46%；归属于上市公司股东的净利润35,569万元，同比增加83.13%。基本每股收益为0.31元，同比增长82.35%。
扣除非经常性损益后净利润：23,578万元，同比增长29.43%。
加权平均净资产收益率：4.05%，较上年同期增加1.75个百分点。
资产状况：总资产138.13亿元，较期初下降8.23%；归属于上市公司股东的所有者权益为89.48亿元，同比增长3.96%；每股净资产为7.46元，同比增长3.90%。

经营业绩分析

公司在2026年第一季度稳步推进年度经营计划，持续优化业务结构，并加强生产管理与协同运营。虽然总收入因剥离医药工业公司而有所下降，但核心医药制剂产品销售实现持续增长，显示主营业务发展趋势良好。

公司盈利能力大幅提升，主要得益于两方面：一是对外转让浙江省医药工业有限公司100%股权，带来了大量非经常性损益；二是医药制剂产品销售持续增长以及精益生产和工艺优化措施带来的降本增效效应。扣除非经常性损益后，公司净利润仍实现较大幅度增长，显示其主营业务盈利能力增强。

对股东和投资者的重要提示

重大非经常性损益：公司通过出售浙江省医药工业有限公司全部股权获得大量非经常性损益，这对本期利润有显著推动作用，属于一次性事项，未来季度业绩可能回归正常水平。
主营业务增长：剔除一次性影响后，医药制剂产品销售持续增长，显示公司核心业务具备良好的增长潜力。
资产结构变化：资产总额下降，主要因剥离子公司，但归属于上市公司股东的所有者权益有所提升，每股净资产也增加。
数据为初步核算：所有财务数据均为初步核算，未经审计，最终数据以正式披露的季度报告为准，投资者需关注后续报告可能的数据变化。

可能影响股价的因素

一次性出售子公司带来业绩大幅提升，短期内可能提振股价，但未来季度业绩需关注主营业务表现。
核心医药制剂产品收入持续增长，若能保持，长期有望推动公司估值提升。
资产结构变动及净资产提升，有助于增强公司资本实力。

风险提示

公司目前不存在影响业绩快报内容准确性的重大不确定因素，但本公告所载数据为初步核算，未经审计，最终数据以正式季度报告为准。投资者需注意业绩快报的非经常性损益对本期业绩的影响及未来业绩可持续性。

免责声明：本文所述内容根据浙江海正药业股份有限公司2026年第一季度业绩快报整理，仅供投资参考。所有财务数据为初步核算，具体以公司正式披露的季度报告为准。投资者需自行判断并承担投资风险。

Zhejiang Hisun Pharmaceutical Co., Ltd. Releases 2026 Q1 Earnings Flash Report

Key Financial Highlights

Total Revenue: RMB 2.39 billion, down 9.17% year-on-year, mainly due to the 100% equity transfer of Zhejiang Pharmaceutical Industry Co., Ltd., which is no longer consolidated from March 2026, thus reducing the reported revenue.
Core Pharma Business Growth: Excluding pharma distribution, core pharmaceutical product revenue was RMB 1.934 billion, up 8.38% year-on-year, demonstrating strong underlying business performance.
Significant Profit Increase: Operating profit was RMB 483.53 million, up 93.05%; total profit RMB 482.46 million, up 93.46%; net profit attributable to shareholders RMB 355.69 million, up 83.13%. Basic EPS reached RMB 0.31, up 82.35%.
Net Profit Excluding Non-Recurring Items: RMB 235.78 million, up 29.43% year-on-year.
Weighted Average ROE: 4.05%, up 1.75 percentage points compared to last year.
Asset Position: Total assets at RMB 13.812 billion, down 8.23% from the start of the period; equity attributable to shareholders at RMB 8.948 billion, up 3.96%; net asset per share at RMB 7.46, up 3.90%.

Business Performance Analysis

In Q1 2026, the company steadily advanced its business plan, optimized its business structure, and strengthened production and operational coordination. Despite the drop in total revenue due to divestment, the core pharmaceutical formulation business achieved sustained growth, signaling healthy underlying operations.

Profitability surged, driven by two factors: first, the one-off gain from the sale of Zhejiang Pharmaceutical Industry Co., Ltd., which generated substantial non-recurring income; second, strong sales growth of pharmaceutical products and ongoing efficiency gains from lean production and process optimization. Even after excluding non-recurring items, net profit saw significant improvement, confirming enhanced core profitability.

Important Notes for Shareholders and Investors

Major Non-Recurring Gain: The substantial profit surge is mainly due to the 100% stake sale in Zhejiang Pharmaceutical Industry Co., Ltd., a one-off event. Future quarters’ earnings may return to normal levels.
Core Business Growth: Excluding one-off factors, pharmaceutical formulation sales continued to rise, indicating robust growth potential.
Asset Structure Change: Total assets declined due to divestment, while shareholder equity and net asset per share improved.
Preliminary, Unaudited Data: All data are preliminary and unaudited. Final figures will be disclosed in the official Q1 report, and investors should monitor for any changes.

Price-Sensitive Factors

The one-off sale of the subsidiary delivers a sharp profit boost, likely to lift share price in the short term, but future earnings will depend on core business performance.
Continued growth in pharmaceutical formulation revenue could drive long-term valuation if sustained.
Improved asset structure and net assets per share strengthen the company’s capital base.

Risk Warning

There are no major uncertainties affecting the accuracy of this flash report, but all financial data are preliminary and unaudited. Final data will be disclosed in the official Q1 report. Investors should be aware of the impact of non-recurring gains on current results and consider the sustainability of future earnings.

Disclaimer: The contents of this article are compiled from Zhejiang Hisun Pharmaceutical Co., Ltd.’s 2026 Q1 earnings flash report and are for reference only. All financial data are preliminary and unaudited. Please refer to the company’s formal Q1 report for final figures. Investors are responsible for their own investment decisions and risks.